Common use of Annuity Withdrawal Clause in Contracts

Annuity Withdrawal. A member retiring with twenty-five years of service may, at the member's option, elect to receive a refund of the member's accumulated contribution including interest on the effective day of their retirement. Effective with the Fiscal Year beginning July 1, 1994, each member shall no longer be credited with two percent (2%) interest on the member contributions. Instead, as of June 30 of each year, the percentage increase or the percentage decrease, if any, in the market value of the reserve for employee contributions since the last annual adjustment and all income on the reserve for employee contributions for the period shall be credited to or deducted from each member’s contribution account, whichever the case may be, which shall be determined by the ratio that each account balance bears to all member contributions in the reserve for employee contributions. The member's pension shall be reduced by an amount which is the actuarial equivalent to the refunded accumulated contribution including interest. The actuarial equivalent amount shall be computed on the basis of the 1971 group annuity, male mortality table and an interest rate equal to the weighted average yield to maturity of the Xxxxxxx Xxxxx corporate and government master bond index, published monthly by Xxxxxxx, Xxxxx, Xxxxxx, Xxxxxx and Xxxxx, Inc. as provided by the actuary firm for the retirement system. Effective July 1, 2011, interest earned on employee pension contribution shall be 3.5% annually on a Fiscal Year basis.

Annuity Withdrawal. A member retiring with twenty-five years of service may, at the member's option, elect to receive a refund of the member's accumulated contribution including interest on the effective day of their retirement. The member's pension shall be reduced by an amount, which is the actuarial equivalent to the refunded accumulated contribution including interest. The actuarial equivalent amount shall be computed on the basis of the 1971 group annuity, male mortality table and an interest rate equal to the weighted average yield to maturity of the Xxxxxxx Xxxxx Corporate and government master bond index, published monthly by Merrill, Lynch, Xxxxxx, Xxxxxx and Xxxxx, Inc. as provided by the actuary firm for the retirement system. Effective with the Fiscal Year fiscal year beginning July 1, 19941995, each member shall no longer be credited with two percent (2%) interest on the member contributions. Instead, as of June 30 of each year, the percentage increase or the percentage decrease, if any, in the market value of the reserve for employee contributions since the last annual adjustment and all income on the reserve for employee contributions for the period shall be credited to or deducted reduced from each member’s 's contribution account, whichever the case may be, which shall be determined by the ratio that each account balance bears to all member contributions in the reserve for employee contributions. The member's pension shall be reduced by an amount which is the actuarial equivalent to the refunded accumulated contribution including interest. The actuarial equivalent amount shall be computed on the basis of the 1971 group annuity, male mortality table and an interest rate equal to the weighted average yield to maturity of the Xxxxxxx Xxxxx corporate and government master bond index, published monthly by Xxxxxxx, Xxxxx, Xxxxxx, Xxxxxx and Xxxxx, Inc. as provided by the actuary firm for the retirement system. Effective July 1, 20112015, the pension interest earned on employee pension contribution member contributions shall be calculated at 3.5% annually on a Fiscal Year basis%.

Annuity Withdrawal. A member retiring with twenty-five years of service may, at the member's option, elect to receive a refund of the member's accumulated contribution including interest on the effective day of their retirement. Effective with the Fiscal Year beginning July 1, 1994, each member shall no longer be credited with two percent (2%) interest on the member contributions. Instead, as of June 30 of each year, the percentage increase or the percentage decrease, if any, in the market value of the reserve for employee contributions since the last annual adjustment and all income on the reserve for employee contributions for the period shall be credited to or deducted from each member’s contribution account, whichever the case may be, which shall be determined by the ratio that each account balance bears to all member contributions in the reserve for employee contributions. The member's pension shall be reduced by an amount which is the actuarial equivalent to the refunded accumulated contribution including interest. The actuarial equivalent amount shall be computed on the basis of the 1971 group annuity, male mortality table and an interest rate equal to the weighted average yield to maturity of the Xxxxxxx Xxxxx corporate and government master bond index, published monthly by Xxxxxxx, Xxxxx, Xxxxxx, Xxxxxx and Xxxxx, Inc. as provided by the actuary firm for the retirement system. Effective July 1, 2011, interest earned on employee pension contribution shall be 3.5% annually on a Fiscal Year basis.

Annuity Withdrawal. A member retiring with twenty-five years of service may, at the member's option, elect to receive a refund of the member's accumulated contribution including interest on the effective day of their retirement. The member's pension shall be reduced by an amount which is the actuarial equivalent to the refunded accumulated contribution including interest. The actuarial equivalent amount shall be computed on the basis of the 1971 group annuity, male mortality table and an interest rate equal to the weighted average yield to maturity of the Xxxxxxx Xxxxx corporate and government master bond index, published monthly by Merrill, Lynch, Xxxxxx, Xxxxxx and Xxxxx, Inc. As provided by the actuary firm for the retirement system. Effective with the Fiscal Year fiscal year beginning July 1, 1994, each member shall no longer be credited with two percent (2%) interest on the member contributions. Instead, as of June 30 of each year, the percentage increase or the percentage decrease, if any, in the market value of the reserve for employee contributions since the last annual adjustment and all income on the reserve for employee contributions for the period shall be credited to or deducted from each member’s 's contribution ARTICLE XXXIII - PENSION (CONTINUED) account, whichever the case may be, which shall be determined by the ratio that each account balance bears to all member contributions in the reserve for employee contributions. The member's pension shall be reduced by an amount which is the actuarial equivalent to the refunded accumulated contribution including interest. The actuarial equivalent amount shall be computed on the basis of the 1971 group annuity, male mortality table and an interest rate equal to the weighted average yield to maturity of the Xxxxxxx Xxxxx corporate and government master bond index, published monthly by Xxxxxxx, Xxxxx, Xxxxxx, Xxxxxx and Xxxxx, Inc. as provided by the actuary firm for the retirement system. Effective July 1November 28, 2011, interest earned on employee pension contribution contributions shall be 3.5% annually on a Fiscal Year basisfor interest credited after November 28, 2011.

Annuity Withdrawal. A member retiring with twenty-five years of service may, at the member's option, elect to receive a refund of the member's accumulated contribution including interest on the effective day of their retirement. Effective with the Fiscal Year beginning July 1, 1994, each member shall no longer be credited with two percent (2%) interest on the member contributions. Instead, as of June 30 of each year, the percentage increase or the percentage decrease, if any, in the market value of the reserve for employee contributions since the last annual adjustment and all income on the reserve for employee contributions for the period shall be credited to or deducted from each member’s contribution account, whichever the case may be, which shall be determined by the ratio that each account balance bears to all member contributions in the reserve for employee contributions. The member's pension shall be reduced by an amount which is the actuarial equivalent to the refunded accumulated contribution including interest. The actuarial equivalent amount shall be computed on the basis of the 1971 group annuity, male mortality table and an interest rate equal to the weighted average yield to maturity of the Xxxxxxx Xxxxx corporate and government master bond index, published monthly by XxxxxxxMerrill, XxxxxLynch, Xxxxxx, Xxxxxx and Xxxxx, Inc. as provided by the actuary firm for the retirement system. Effective July 1, 2011, interest earned on employee pension contribution shall be 3.5% annually on a Fiscal Year basis.

Annuity Withdrawal. A member retiring with twenty-five years of service may, at the member's option, elect to receive a refund of the member's accumulated contribution including interest on the effective day of their retirement. The member's pension shall be reduced by an amount which is the actuarial equivalent to the refunded accumulated contribution including interest. The actuarial equivalent amount shall be computed on the basis of the 1971 group annuity, male mortality table and an interest rate equal to the weighted average yield to maturity of the Xxxxxxx Xxxxx corporate and government master bond index, published monthly by Xxxxxxx, Xxxxx, Xxxxxx, Xxxxxx and Xxxxx, Inc. As provided by the actuary firm for the retirement system. Effective with the Fiscal Year fiscal year beginning July 1, 1994, each member shall no longer be credited with two percent (2%) interest on the member contributions. Instead, as of June 30 of each year, the percentage increase or the percentage decrease, if any, in the market value of the reserve for employee contributions since the last annual adjustment and all income on the reserve for employee contributions for the period shall be credited to or deducted from each member’s 's contribution account, whichever the case may be, which shall be determined by the ratio that each account balance bears to all member contributions in the reserve for employee contributions. The member's pension shall be reduced by an amount which is the actuarial equivalent to the refunded accumulated contribution including interest. The actuarial equivalent amount shall be computed on the basis of the 1971 group annuity, male mortality table and an interest rate equal to the weighted average yield to maturity of the Xxxxxxx Xxxxx corporate and government master bond index, published monthly by Xxxxxxx, Xxxxx, Xxxxxx, Xxxxxx and Xxxxx, Inc. as provided by the actuary firm for the retirement system. Effective July 1, 2011, interest earned on employee pension contribution shall be 3.5% annually on a Fiscal Year basis.