Annuity Withdrawal Option. Effective July 1, 2014, a member who retires may, at the time of retirement, elect to be paid a refund of all or some of their accumulated contributions standing to the member's credit as defined by the Charter of the City of Bay City, Article XXVIII. Accumulated Contribution (as defined in Section 2 (11) of Article XXVIII) is the sum of all amounts deducted from the compensation of a member and credited to a member's individual account in the pension savings plan together with regular interest thereon credited at the beginning of each fiscal year (July 1), provided the member maintains employment through the end of the fiscal year (June 30). Upon election of this refund provision, any pension otherwise payable shall be reduced by an amount which is actuarial equivalent to the refunded amount which already includes interest. See definition above for "Accumulated Contribution". The actuarial equivalent amount shall be determined by the actuaries of the Bay City Police and Fire Retirement System.
Annuity Withdrawal Option. Within thirty (30) days of initial appointment to a bargain- ing unit position, and not thereafter, an Employee may elect the option of voluntary withdrawal of his own accumulated contribu- tions. Failure to elect this option within the specified time will preclude withdrawal of his own accumulated contributions upon retirement. A member who elects this option shall have his contribution to the retirement system increased from 4% to 7.5% of the gross compensation paid him by the City. A member who has elected this option may at time of application for retirement choose to have 0%, 25%, 50%, 75% or 100% of his accumulated contributions returned in a single payment. The member's pension shall then be reduced by the actuarial equivalent of the accumu- lated contributions withdrawn as determined by the City's actu- aries. The accumulated contributions for the member in the Employee's savings fund shall be reduced by the amount of the single payment. In the event a member elects the aforementioned option, upon refund of the Employee's accumulated contributions, the Employee shall receive "regular interest" on his accumulated contribu- tions. "Regular interest" shall be as defined in the Definition section of the Retirement Ordinance, i.e. one (1) per cent per annum, compounded annually. Nothing contained in this Agreement shall be construed to prohibit an Employee who elects this option from electing other applicable options provided in the Retirement Plan. An Employee who exercises the option of voluntary withdrawal of his own accumulated contributions and pays the 7.5% contribu- tion rate required during his membership in Local 1799, shall, upon change in bargaining unit have the option of retaining this benefit regardless of whether or not this benefit is provided by his new bargaining unit. To retain this benefit the Employee shall contribute an additional 3.5% of his gross compensation to the retirement system in cases where the Employee is in a group that does not have the annuity withdrawal option. If the Employ- ee's new group has the annuity withdrawal option the Employee's contribution shall be that as required by his new group. The Employee may also elect to forego his right to an annuity with- drawal option. In such case the Employee forfeits the right to withdraw his own accumulated contributions nor shall he be entitled to a refund of any excess contribution made by him for such option during the period of his entitlement thereto. An Employee who ...
Annuity Withdrawal Option. Within thirty (30) days following the date the member attains the rank of Police Lieutenant, a Police Lieutenant may elect the option of voluntary withdrawal of his own accumulated contributions. Failure to elect this option within the specified time will preclude withdrawal of his own accumulated contributions upon retirement. A member who elects this option shall immediately thereafter have his contribution to the retirement system increased from 4.5% to 8.5% of the compensation paid him by the City. A member who has elected this option may at time of application for retirement choose to have 25%, 50%, 75%, or 100% of his accumulated contributions returned in a single payment. The member’s pension shall then be reduced by the actuarial equivalent of the accumulated contributions withdrawn as determined by the City’s actuaries. The accumulated contributions for the member in the employee’s savings fund shall be reduced by the amount of the single payment. In the event a member elects the aforementioned option, upon refund of the employee’s accumulated contributions, the employee shall receive “Regular Interest” on his accumulated
