Optional Annuity Withdrawal. Any member of the bargaining unit who retires may elect, not less than thirty days or greater than ninety days prior to the effective date of retirement, to be paid the total accumulated contributions (excluding interest, military buy back and CETA buy back contributions) in the reserve for employee's contributions. If a member makes such an election, the retiring member's monthly pension 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 Guarantee Corporation for immediate annuities.
Optional Annuity Withdrawal. Prior to effective date of retirement, member will irrevocably elect to be paid, or not to be paid, the accumulated contribution, herein after referred to as “Annuity”, standing in the member’s credit plus accumulated interest. If the member elects to be paid, the retiring member’s monthly pension shall be reduced by an amount which is the actuarial equivalent of the sums withdrawn; partial withdrawals are not permitted. Interest on contributions shall cease upon date of retirement. A member is paid the accumulated contributions, plus accumulated interest computed, at a rate of 5% per annum after April 1, 2005. Effective October 26, 2021 a member, upon application for a retirement allowance, may elect the Optional Annuity Withdrawal if the System’s records reflect member contributions remitted by such member, which for this purpose, shall include amounts contributed by the Township pursuant to Sect. 8 of this Article through March 31,2022 only. Such members shall receive, upon retirement, a lump sum distribution of 100% of the member contributions plus accumulated interest computed at a rate of 5% per annum. The retirement allowance of a member who elects the Optional Annuity Withdrawal shall be permanently reduced by the actuarial equivalent of the lump distribution described above, paid to such member. The actuarial equivalent shall be calculated using the actuarial assumed rate of return on the date the lump sum is withdrawn as well as the mortality table in effect on the date the lump sum is withdrawn. All calculations of the actuarial equivalent shall be submitted to the Township prior to distribution. 37.4: A member shall be eligible to retire with full benefits with twenty-five (25) years of service.
Optional Annuity Withdrawal. Any member of the bargaining unit who retires may elect, not less than thirty days or greater than ninety days prior to the effective date of retirement, to be paid the total accumulated contributions (excluding interest, military buy back and CETA buy back contributions) in the reserve for employee’s contributions. If a member makes such an election, the retiring member’s monthly pension 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 Guarantee Corporation for immediate annuities. The parties agree that the de facto operation of the Retirement System for the General Employees of the City of Xxxxxx, since at least July 1, 1982, consists of a defined benefit plan, commonly referred to as a pension plan and a defined contribution plan, commonly referred to as an annuity plan which plans have been treated by the parties to this Agreement and the Board of Trustees of the General Retirement System as qualified plans under the provisions of the Internal Revenue Code. The parties will continue the qualified status of the two plans within the Pension Trust Fund and agree to take action which may be required by Internal Revenue Service rules and regulations and the tax laws to maintain qualified plan status of the defined benefit plan (pension plan) and the defined contribution plan (annuity plan) under Section 401(a) or any other applicable Section of the Internal Revenue Code. The parties will request, and cooperate with, the Board of Trustees to apply for qualified plan status determination letters for each (i.e., the pension and annuity) of the plans of the General Retirement System. It is agreed that, other than additional administrative and processing costs which shall be borne by the General Retirement System, the actions required by the City pursuant to this Section shall not result in additional costs to the Employer of the Pension Fund. Effective September 1, 1994, retirees shall have fifty percent (50%) of their total monthly premium for dental insurance deducted from their monthly pension check, provided they elect such coverage. The remainder of the dental insurance premium shall be paid as hereinbefore provided for health insurance. Retirees shall continue to receive all health insurance benefits as currently detailed in Article 21. The City agrees to give employees covered by this con...
Optional Annuity Withdrawal. All officers shall have the right to elect to receive on the effective date of their service retirement a partial or total refund of their accumulated contributions. If an officer makes such an election, the annuity payable under any retirement option shall be reduced proportionately. Such optional annuity withdrawal is intended to give each employee the right to immediately withdraw upon retirement all or part of the employee's accumulated contributions subject to the following provisions:
