Common use of Annuity Withdrawal Option Clause in Contracts

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. Effective July January 1, 20141987, 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 ’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 ’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. Effective July January 1, 20141987, 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.