17
New Rules and Regulations
Adopted for Retiring Employes
The following rules were officially
adopted byf the Public Employés Re
tirement Board, at' a meeting and hear
ing; held in Salem on Friday, August 6,
1948:
Substitute for Rule No. 3. Retirement
benefits shall be paid in equal monthly
payments as of, the last I day of each
month. A member’s retirement allow
ance shall accrue from the effective
date! of his retirement. Should he die
during a calendar month for which he
would have received' a service or dis
ability retirement allowance ; had he
lived that entire month, benefits com
puted to the date of his- deathj on the
basis of 3 0 days constituting a month,
shall be payable to his designated bene--
ficiary or next of kin. Retirement al-
lowancO payable to-a surviving bene
ficiary of a retired member under Op
tions 2 and 3 shalfe^ ^ ^ with the al
lowance payable for the last full cal|i|
endar month of such beneficiary’s life.
Substitute .¡¿for Rule No. 9. Expenses
shall be deducted from, and interest
earnings shall be added to all accounts
annually at the end of each fiscal year
based on thé annual contributions and
on the . balance in each account at the
.end of that fiscal year.
When death, retirement, or w ith
drawal of contributions occurs during
a period for which no distribution of
expense and interest has been made, a
member’^ expense and interest shall be
prorated for such period on the basis
of the last previous annual distribution
rates, with interest added for fullj cal
endar months only. I
Rulé 'Nb. ^ÿ^. A member may not w ith
draw his net contributions to the Pub-
lic Employes* Retirement Fund in lieu
of I a pension unlë’ss he hasfcontributed
to the retirement fu n d for less than ten
years and . has I terminated his public
service and requested a refund of con
tributions prior to reaching his earliest
service retirement age.
. U ntil July 1, 1951 the earliest service
retirement age is 65 (police officers
and firemen, age 6 0). On and after
July 1, 1951 the earliest service retire
ment ‘age is 60 (police officers and
f iremen, age 5 5)
Rule No':. .33. An elected official or
one appointed for a definite term as
fixed by statute or municipal charter,
who is elected, re-elected, appointed or
reappointed, after having reached com
pulsory retirement age, shall be treated
as though he had terminated his public
Top Hal Restaurant
& Ice Cream Parlor
Bill Coon and Lloyd Keene
1275 State Street
Phone 2-9249
Salem, Oregon
FOR
Prompt
AND
Efficient
Prescription
Service
TRY
WILES
DRUG STORE
Court and High Streets
Phone 3-8792
Salem, Oregon