Common use of Annuity Withdrawal Clause in Contracts

Annuity Withdrawal. Upon normal service age, excluding disability or early retirement, members of the bargaining unit shall be entitled to withdraw up to their accumulated contributions (including interest) to the system, provided that they agree to accept an appropriate lesser monthly benefit. Such lesser benefit is to be computed by the Township's actuary using a method intended to prevent such contribution withdrawal from costing the Township or the pension fund any additional monies. For the purpose of this calculation the actuary shall use the then current interest rate for the immediate annuities published by the Pension Benefit Guarantee Corporation and the actuary shall also use the mortality table used for the most recent regular actuarial determination. In the event the PBGC interest rate is no longer published, the current interest rate for the ten (10) year T-Xxxx shall be used. Effective April 1, 1997, the annuity withdrawal option shall be available to employees who leave the employment of the Township and who vest their pensions. The withdrawal will be made at the time the employee begins drawing a pension from the Township.

Annuity Withdrawal. Upon normal service ageretirement (25 years of service), excluding disability or early retirement, members Employees of the bargaining unit shall be entitled to withdraw up to their accumulated contributions (including interest) to the system, provided that they agree to accept an appropriate lesser monthly benefit. Such lesser benefit is to be computed by the Township's ’s actuary using a method intended to prevent such contribution withdrawal from costing the Township or the pension fund any additional monies. For the purpose of this calculation the actuary shall use the then current interest rate for the immediate annuities published by the Pension Benefit Guarantee Corporation and the actuary shall also use the mortality table used for the most recent regular actuarial determination. In the event the PBGC interest rate is no longer published, the current interest rate for the ten (10) year T-T Xxxx shall be used. Effective April 1, 1997, the annuity withdrawal option shall be available to employees who leave the employment of the Township and who vest their pensions. The withdrawal will be made at the time the employee begins drawing a pension from the Township.

Annuity Withdrawal. Upon normal service age, excluding disability or early retirement, members of the bargaining unit shall be entitled to withdraw up to their accumulated contributions (including interest) to the system, provided that they agree to accept an appropriate lesser monthly benefit. Such lesser benefit is to be computed by the Township's actuary using a method intended to prevent such contribution withdrawal from costing the Township or the pension fund any additional monies. monies For the purpose of this calculation the actuary shall use the then current interest rate for the immediate annuities published by the Pension Benefit Guarantee Corporation and the actuary shall also use the mortality table used for the most recent regular actuarial determination. In the event the PBGC interest rate is no longer published, the current interest rate for the ten Ten (10) year T-Xxxx shall be used. Effective April 1, 1997, the annuity withdrawal option shall be available to employees Employees who leave the employment of the Township and who vest their pensions. The withdrawal will be made at the time the employee Employee begins drawing a pension from the Township.