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

assessments, III lieu OF salary de-
auctions or otherwise, and provided
further, that in computing the
period Of past service, employment
by or for any of the governmental
subdivisions as defined and enum-
Grated by this act shall be counted
irrespective of whether or not the
governing body of such govern
mental subdivision has qualified its
public employees for membership in
said association, and provided fur
Their, that no such retirement an
nuity shall, in any event, exceed the
sum of One Thousand Eight Hun
dred ($1,800.0O Dollars per annum
Membership in said association for
any present public employe shall
commence upon the date of the &C
ceptance of the application for
membership by the retirement
board and, in no event, shall said
retirement board grant to any
member any pro rata annuity, as
hereinafter provided for in Section
16 of this act, until and unless four
full years of membership in said
association shall have elapsed, nor
shall said retirement board grant
any pro rata annuity based on a
greater number of years of contri-
buttons to the retirement board
fund than stands to the credit of
such member on the books of said
association, or any full retirement
annuity, as hereinafter provided,
until and unless five full years of
membership have so elapsed"
Section S. Laws 1881, Chapter
BOT, Section 16, as amended by
Laws 1888, Chapter 374, Section l,
is hereby amended so as to read
as follows:
Section Is. No retirement an
nuity shall be granted under the
provisions Of this act until July l,
1885, nor shall any member of the
retirement association be entitled
to receive a retirement annuity I'M
til he shall have contributed to the
retirement fund either by salary de-
auctions or otherwise for period
of four ca full years and unless
he shall have been a member of
said association for a like period.
Provided, however, that If any
member who is eligible for retire
ment and who has attained to the
age of sixty-five (65) years has
contributed to the retirement fund
for a period of less than twenty
GOD years he shall be entitled to
receive a pro rata retirement an
nuity for the remainder of his life
in an amount bearing the same
ratio to the full retirement annuity
that the period of his salary deduc-
tionS, or assessments in lieu there
Of, bears to twenty COO years, but
fractional parts of year shall not
enter into the computation Of such
pro rata retirement annuity. Pro-
vided, further, that whenever any
such member shall have become
eligible to receive pro rata re-
tirement annuity, as hereinbefOre
provided, and shall have contribut-
ed to the retirement fund for a
period of five 60 full years, and
shall have been a member of said
association for a like period, such
member may, if he shall SO elect at
any time before making application
for such pro rata retirement annui-
ty make application for a full re-
tirement annuity, or for a pro rata
retirement annuity based on a
greater number of years Of contri-
buttons to the retirement fund than
then stand to his credit on the
books of said association, and, in
either case, the same shall be grant
ed to him upon compliance with
the following terms and conditions,
to-wit:
"(a) In case such member shall
make application for full re-
tirement annuity, the retirement
board, before granting said applica-
ton, shall do the following things,
to-wit:
"O Determine the number of
full years of contributions required
of such member to make a total Of
twenty COD full years Of contribu-
tions by him to the retirement fund.
"(2) Determine the average an
nual amount of the accumulated
deductions of such member for the
period of his membership in said
association.
"(3) Determine the amount of
the additional accumulated deduc-
tons to be required Of such men,
Der by multiplying the number of
years as determined by the method
prescribed in sub-paragraph one
Cd hereof by the average annual
amount of his accumulated deduc-
tons, as determined in the manner
prescribed by sub-paragraph two
CD hereof.
80 Require that such member
shall pay into the retirement fund,
before such full retirement annuity
shall be granted, the total amount
of his additional accumulated de-
auctions, as determined by the
methods prescribed by sub-para-
graph three 90 hereof, and, in ad-
dition thereto, a further amount
representing an accrued interest
payment, to be determined as fol-
lows:
I'm the case Of fifteen Q5) years
Of additional contributions requir-
ed. an amount equal to forty eight
(48fo) per cent of the total &C
cumulated deductions required for
such period, and in case of four
teen Q4 years Of additional con-
tributions required, or less, an
amount to be determined in like
manner, based on percentages of
the total accumulated deductions
required in each instance, as here
matter set forth, to-wit: Fourteen
(14l Naarc fiftu (EAnzA ,.a.aa,at ).