Askov American. [volume] (Askov, Pine County, Minn.) 1914-current, 1937-05-06

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"(b) In case such member shall
make application for a pro rata
retirement annuity based on a
greater number of full years of
contribution than then stand to his
credit on the books of said associa-
ton, the retirement board, in the
manner hereinbefore provided,
shall determine the amount of the
additional accumulated deductions
required under such application
and shall require that such ap-
plicant shall pay into the retire.
ment fund before such greater pro
rata retirement annuity is granted,
all additional accumulated deduc-
tions required, and, in. addition
thereto, such further and addition
al amounts representing accrued
interest payments as may be de-
termined in the manner herein
after set forth, to-wit:
I'm case of one % additional
years credit, an amount equal to
that percentage of the total &C
cumulated deductions required for
one Cd year as may be determined
by multiplying the number of full
years such member has contributed
to the retirement fund by four go
per cent. In case of two Co addi-
| tional years credit, an amount
equal to that percentage of the ad-
ditional accumulated deductions re-
quired as in the case of one Cd ad-
ditiOnal years credit, and in addi-
ton thereto, further amount
equal to two (2%s) per cent of the
total accumulated deductions re-
quired. In like manner for three
CD additional years credit, or more,
an amount equal to that percentage
required as in the case of one Cd
additional years credit. and, in ad-
dition thereto, a further amount
computed on the following percent
age of the total accumulated deduc-
lions required in each instance as
hereinafter set forth, to wit: Three
CD additional years credit, four
go per cent; four 90 additional
years credit, six (6eo) per cent;
five 60 additional years credit,
eight (8eo) per cent; six 60 addi-
tional years credit, ten G0qc0 per
cent; seven CD additional years
credit, twelve Q2eo) per cent; eight
CD additional years credit, four
teen GAO per cent; nine 90 ad-
ditional years credit, sixteen $50
per cent; ten QO additional years
credit, eighteen $50 per cent;
eleven Old additional years credit,
twenty 5000 per cent; twelve (12)
additional years credit, twenty-five
| (229o) per cent; thirteen Q3) addi-
tional years credit, twenty-four
GAO per cent; fourteen Ga ad-
ditional years credit, twenty-siX
$3.50 per cent; fifteen Q5) addi-
tional years credit, twenty-eight
$3.50 per cent. Provided that
after such total amount required of
such member has been determined,
as hereinbefOre set forth, credit
thereon shall be allowed such men,
Der for any amount contributed by
him to the retirement fund through
salary deductions, or otherwise, dur
ing the fractional part of any year
not included in the computation
for such greater pro rata retire
ment annuity. Provided further.
nothing done under the terms of
this act shall create or give any
contract rights to any person, ex-
cept the right to receive back upon
withdrawal from the association,
through separation from the pub
lie service any salary deductions
made or assessments paid here
under.
"AS hereinbefore provided, the
minimum requirements for a retire.
ment annuity for any applicant who
has attained to the age of sixty-five
(65) years, shall be twenty 600
years of contributions to the re-
tlrement fund, or its equivalent,
with an amount representing &C
crued interest earnings, as herein
before set forth. In the case of
any member who becomes eligible
for retirement at any age earlier
than sixty-five (65) years, the said
minimum requirements as to years
Of contributions before any full re-
tlrement annuity or any pro rata
retirement annuity based on a
greater number of years of contri-
buttons than then stand to his
credit on the books of said associa-
ton shall be granted, shall be tWen-
ty (20) years increased by one Cd
year for each year that the said
applicant is under the age of sixty
five (65) years, in accordance with
the following schedule, to wit: Age
sixty-four (64), twenty-one CID
years; age sixty-three (63), twenty
two (22) years; age sixty-two 1922,
tWenty-three (23 years; age sixty
one (61r, twenty-four (24 years;
age sixty 600, twenty-five (2O
years, provided, however, that in
the case of any member who shall
have reached the age of 60 years
on May l, 1887, and who, prior to
June l, 1886, shall have left the
public service and maintained men,
bership by payment of assessments,
the minimum requirements for a
full retirement annuity shall be 20
years, regardless of the attained
age at the time Of any such retire.
ment.
From and after May 1, 1897, no
full retirement annuity or any pro
rata retirement annuity based on
greater number Of years of con-
tributions than the number of
years he shall have been a men,
Der OF said association shall be
granted to any member of said as
ISOLATION who has not attained to
the age Of sixty (6O years, and
with respect to any such members
said retirement board may grant