Common use of Annuity Withdrawal Clause in Contracts

Annuity Withdrawal. Any member employed by the Macomb County Sheriff’s Department in the classification of Deputy who retires on or after January 1, 1984, pursuant to Sections 24, 25 or 31 of this Ordinance may elect, prior to the effective date of retirement but not thereafter, to be paid the accumulated contributions including interest as defined in the Macomb County Employees’ Retirement Ordinance, standing to the member’s credit in the Employee’s Savings Fund. Upon this election and the payment of the accumulated contributions and interest, the retiring member’s monthly straight life retirement allowance shall be reduced by an amount which is the actuarial equivalent of the accumulated contributions paid. The actuarial equivalent shall be determined on the basis of the interest rate established by the Pension Benefit Guaranty Corporation, or, if such a rate is unavailable, by the Macomb County Employees’ Retirement System Ordinance for such annuity withdrawals. Such rates to be adjusted semi-annually on January 1, and July 1, of each year. After such reduction, the member may elect to receive the actuarial equivalent of the reduced allowance in accordance with the provisions of Option A, B or C as described in this Section 26 of the Ordinance.

Annuity Withdrawal. Any member employed by the Macomb County Sheriff’s 's Department in the classification of Deputy Corrections Officer who retires on or after January 1, 1984, pursuant to Sections 24, 25 or 31 of this Ordinance may elect, prior to the effective date of retirement but not thereafter, to be paid the accumulated contributions including interest as defined in the Macomb County Employees’ ' Retirement Ordinance, standing to the member’s 's credit in the Employee’s 's Savings Fund. Upon this election and the payment of the accumulated contributions and interest, the retiring member’s 's monthly straight life retirement allowance shall be reduced by an amount which is the actuarial equivalent of the accumulated contributions paid. The actuarial equivalent shall be determined on the basis of the interest rate established by the Pension Benefit Guaranty Corporation, or, if such a rate is unavailable, by the Macomb County Employees’ ' Retirement System Ordinance for such annuity withdrawals. Such rates to be adjusted semi-annually on January 1, and July 1, of each year. After such reduction, the member may elect to receive the actuarial equivalent of the reduced allowance in accordance with the provisions of Option A, B or C as described in this Section 26 of the Ordinance.

Annuity Withdrawal. Any member employed by of the Macomb County Sheriff’s Department in the classification of Deputy bargaining unit who retires on or after January 1, 1984, pursuant to Sections 24, 25 25, or 31 of this the Macomb County Employees' Retirement Ordinance may elect, prior to the effective date of retirement but not thereafter, to be paid the accumulated contributions including interest as defined in the Macomb County Employees’ ' Retirement Ordinance, standing to the member’s 's credit in the Employee’s Savings Fundemployee's savings fund. Upon this election and the payment of the accumulated contributions and interest, the retiring member’s 's monthly straight life retirement allowance shall be reduced by an amount which is the actuarial equivalent of the accumulated contributions paid. The actuarial equivalent shall be determined on the basis of the interest rate established by the Pension Benefit Guaranty Corporation, or, if such a rate is unavailable, by the Macomb County Employees’ Retirement System Ordinance for such annuity withdrawals. Such rates to be adjusted semi-annually on January 1, and July 1, of each year. After such reduction, reduction the member may elect to receive the actuarial equivalent of the reduced allowance in accordance with the provisions of Option A, B B, or C as described in this Section 26 of the Ordinance.

Annuity Withdrawal. Any member employed by the Macomb County Sheriff’s Department in the classification classifications of Deputy Dispatcher or Dispatcher Leader who retires on or after January 1, 1984, pursuant to Sections 24, 25 or 31 of this Ordinance may elect, prior to the effective date of retirement but not thereafter, to be paid the accumulated contributions including interest as defined in the Macomb County Employees’ Retirement Ordinance, standing to the member’s credit in the Employee’s Savings Fund. Upon this election and the payment of the accumulated contributions and interest, the retiring member’s monthly straight life retirement allowance shall be reduced by an amount which is the actuarial equivalent of the accumulated contributions paid. The actuarial equivalent shall be determined on the basis of the interest rate established by the Pension Benefit Guaranty Corporation, or, if such a rate is unavailable, by the Macomb County Employees’ Retirement System Ordinance for such annuity withdrawals. Such rates to be adjusted semi-annually on January 1, and July 1, of each year. After such reduction, the member may elect to receive the actuarial equivalent of the reduced allowance in accordance with the provisions of Option A, B or C as described in this Section 26 of the Ordinance.