7
ber of years of prior service to his
credit. An employe retired because of
disability has the right to choose the
same optional forms of payment as he
would have had he continued in em
ployment until normal retirement age.
Although an employe choosing one of
these optional forms , of payment will
receive' a lesser income each month
than he would receive on the unmodi
fied plan, he is guaranteeing either a
lump sum payment or continued
monthly payments to his beneficiary
Should he die at an early date. These
optional forms of settlement are most
advantageous to employe - members
who retire because of disability inas
much as in many cases the disability
is caused by an illness so serious that
the employe’s life expectancy is rad
ically shortened. Each employe-mem
ber of the Retirement System should
inform his immediate family Of his
membership in the Retirement System
and of his rights to disability benefits
in case, through sudden illness or acci
dent, he should be unable to make ap
plication on his own behalf. Employers
and payroll clerks should consider this
information as a personnel necessity
and assist a family in procuring proper
forms whenever the occasion arises.
Optional Retirement Payments
Upon retiring at normal retirement
age or at voluntary retirement age, an
employe again has the right to choose
an optional form of monthly payment.
Although each individual member’s
own circumstances must be taken into
consideration, it is certainly advisable
that a retiring employe - investigate
each of the optional forms of settle
ment before making his choice. In or
der to choose an optional form of settle
ment, the employe must so elect before
the end of the month immediately^ fol
lowing his retirement, inasmuch as
such election must be chosen before
the employe’s first check is normally
due. Failure to elect an option within
this period permanently loses for the
member the right to choose an op
tional form of settlement, and monthly
payments will be made on the unmodi
fied plan.
Importance of Personal Records
No retirement benefits, either dis
ability or service retirement, may be
made until an employe has satisfactor
ily established proof of date of birth.
An optional form of settlement in
which a beneficiary is named as joint
survivor requires that adequate proof
of date of birth be furnished for that
beneficiary. There are many cases
where àh employe could furnish the
necessary information at the time of
employment but, due to fire, theft, or
other unfortunate circumstances, loses
thosé documents which would estab
lish proof of date of birth. The retire
ment office therefore strongly recom
mends that each employe submit docu
mentary evidence proving date of birth
at the earliest possible time.
Employe-members of thè Retirement
System should realize that in this sys
tem they are purchasing benefits for
their own retirement and that there is
a lump sum payment due his, bene
ficiary or next of kin should the mem
ber die before reaching retirement age.
Since -most members name a benefic
iary at the time Of completing their
personnel record, it, should be borne in
mind that the Retirement System office
should be notified if this beneficiary is
to be changed because of death, mar
riage, divorce, or any other similar
reason. Unfortunately, some members
have failed to make the necessary
change of beneficiary in the retirement
office, and complications not easily
handled have thus occurred on the
death of the member.
New Pamphlets to Re Issued
Explanatory pamphlets explaining
the Retirement System as amended by
the 1951 session of legislature will be
available in the near future. One copy
of this pamphlet will be available to
each department head who will be no
tified that additional copies will be
available at no charge upon his request.
Needed more than ever is a better
understanding of incentives to produc
tion. When the price control officials
take due account of the need for pre
serving incentives—and when the con
gress also takes this into consideration
in the making of tax rates—there will
be a tfetter chance to restrain all groups
and curb inflationary trends.
—David Lawrence.