Askov American. [volume] (Askov, Pine County, Minn.) 1914-current, 1937-05-06
CHAPTER 51-H. F. No. 472
A RIII,


CHAPTER 51-H. F. No. 472
A BILL
FOR AN ACT to amend Mason's
Minnesota Statutes of 1927, Sec
ton 1442-17, relating to the pay
ment Of retirement allowances to
employees of cities of the State Of
Minnesota having over $4,000 in
habitants.
Be it enacted by the Legislature
Of the State of Minnesota:
Section l.. That Mason's Mime
sofa Statutes Of 1927, Section
1442-17, is hereby amended so as
to read as follows:
"1442-l7. Service allowances to
persons in contributing class-An-
nuity, pension and supplementary
allowance-(a) The service allow
Ance for a present incumbent in
the contributing class shall consist
Of an annuity. a pension and a
supplementary allowance as herein
defined.
(b) The service allowance for a
future entrant In the contributing
class shall consist of an annuity
and pension as herein defined.
(c) The annuity shall be the
actuarial equivalent Of the net ac-
cumulated contributions Of the re-
firing employees, calculated at his
or her age at the date Of retire
Nent.
Cd The pension shall be the
actuarial equivalent Of the ac-
cumllated amount Of such annual
installments as may be now or
hereafter fixed and designated by
law throughout the period OF
service of the retiring employe. not
to exceed Is years, accumulated to
the date of retirement at per cent
compound interest.
(e) The supplementary allowance
shall be the actuarisj equivalent Of
the difference between:
Cd The net accumulated amount
at the time Of retirement Of the
contributions which such employe
would have been required to make
during the period for which credit
Is claimed, had the provisions of this
act been in force throughout such
period, and
CD The net accumulated amount
Of the contributions made and to
be made by the retiring employe
for all periods Of service for the
city subsequent to the adoption Of
this act therein, not exceeding 80
years.
% All members In the contribu-
ting class who, at the time Of re-
tirement, have been in the service
Of the city for fifteen years or over
shall be entitled to a minimum re-
tirement allowance Of $4,000 per
month.
(g) In the event Of the death Of
an employee In the contributing
class while still In the service Of
the city, there shall be paid to the
heirs thereof the net amount to the
credit of said employe at the time
Of his or her death, provided that
said employe shall have fulfilled
all conditions as to age, service and
participation requisite for retire
ment on service pension. In the
absence of heirs OF such employe
that portion of the amount to the
credit Of said employe on which
the pension is to be based as de-
fined in paragraph Cd hereof and
that portion on which the sup
Elementary allowance, if any. is to
be based as defined in paragraph
(e) hereof shall be cancelled and
the city shall be liable for only the
balance of such credits.
(h) Except as otherwise provided
In this act, the service Of each
present incumbent shall be cal
culated from the date in service
from which said employe elects to
claim credit and the amount Of
service Of each future entrant shall
be calculated from the date Of
original appointment. Said service
shall include periods Of service at
different times and service for one
or more departments, branches or
bOct4 Va
ipality. 1t is further provided that
In computing length of service Of
contributing employees for the pur-
pose Of this act, periods Of separa-
tons from the service shall not be
included.
Cd Retirement allowances as
herein provided shall be paid in
monthly installments and checks
shall be issued and mailed to the
last known address of each bene-
ficiary on the first business day Of
the month succeeding the month
In which his or her allowance is
authorized; provided, however, that
where beneficiary is laboring
under legal disabilities said month
ly installments in such cases may
be paid to the duly appointed
guardian"
Section 2. That this act shall
take effect and be in force from
and after its passage.
Approved March 2, 1887.
CHAPTER 52-H. +. No. AL
A BILL