The Key West citizen. [volume] (Key West, Fla.) 1879-current, 1939-09-07

BOdrQ or trustees, the actuary en-
gagged by the Board of Trustees to
make each valuation required by
this Act shall, during the period
tribution is payable, determine. inn
mediately after making such valua-
ton. the uniform and constant per-
centage of the earnable compensa>
ton of the average new entrant.
which. If contributed on the basis of
his compensation throughout his en-
tire period of service, would be suf-
ficient to provide for the payment
of any pension payable by the State
on his account. The rate per centum
so determined shall be known as the
normal contribution rate. After
the accrued liability rate shall be
the rate per centum Of the earnable
compensation of all members OBJ
tanned by deducting from the total
liabilities of the pension accumula-
ton fund the amount of the funds
in hand to the credit of that fund
and dividing the remainder by one
per centum of the present value of
the prospective future salaries of all
members as computed on the basis
of the mortality and service tables
adopted by the Board of Trustees
and on the basis of regular interest
The normal rate of contribution shall
be determined and certified to the
Board of Trustees by the actuary af-
ter each valuation and shall con-
tinue in force until a new valuation
and certification are made
Co Immediately succeeding the
first valuation the actuary engaged
by the Board of Trustees shall com
pute the rate per centum of the to-
tai annual earnable compensation of
all members which is equivalent to
four per centum of the amount of the
total liability for his pensions on
account of all members and benefi-
Charles and not dischargeable by the
present assets of the pension ac-
emulation fund and by the afore-
said normal contribution if made on
account of such members during
the remainder of their active serV-
ice. The rate per centum, originally
so determined shall be known as the
accrued liability contribution rate.
Cd The total amount payable in
each year into the pension accumu-
lation fund shall be not less than
the sum of the rates per centum
rate and the accrued liability contri-
button rate. of the total earnable
compensation of all members dur
ing the preceding year, provided,
however. that the amount of each
annual accrued liability contribution
shall be at least three per centum
greater than the preceding annual
accrued liability contribution, and
provided that the aggregate pay
ment into the pension accumulation
fund shall be sufficient, when COM
bined with the amount then held in
the fund to provide the benefits pay
able from the fund during the cur
rent year.
(e) The accrued liability contribu-
ton shall be discontinued as soon
as the accumulated reserve in the
pension accumulated reserve in the
equal the present value, as actuar-
tally computed and approved by the
Board of Trustees, of the total Ii
ability of such fund less the pres
ent value. computed on the basis
of the normal contribution rate then
in force. of the prospective normal
contributions to be received on ac-
count of persons who are at that
time members.
Cd All pensions and benefits in
lieu thereof. with the exception of
those payable to members not en-
titled to prior service credit, shall
be paid from the pension accumula-
ton fund.
(g) Upon the retirement of a
member not entitled to credit for
prior service an amount equal to
his pension service shall be trans
ferred from the pension accumula-
ton fund to the pension reserve
fund, provided in Subsection "a of
this section.
CHI The Board of Trustees may
in its discretion transfer to and from
tho nnYCinT IL ati 10
amount of any surplus or defici
amount of any surplus or deficit
which may develop in the reserve
held in the annuity reserve fund or
the pension reserve fund as shown
by actuarial valuation.
(4 The pension reserve fund shall
be the fund in which shall be held
the reserves on all pensions granted
to members not entitled to prior SER
paid such pensions and benefits in
lieu thereof. Should a beneficiary
who has been retired on account of
disability and who was not entitled
to prior service credit as a member,
again become a member of the re-
tirement system, the pension reserve
held on account of his pension shall
be transferred from the pension re-
serve fund to the pension accumu-
lation fund. Should the pension of
such a disability beneficiary be re-
duced as a result of an increase in
his earning capacity the amount of
the annual reduction in his pension
shall be paid annually into the pen
sion accumulation fund during the
period of such reduction.
Is The expense fund shall be the
fund to which shall be credited all
moneys contributed for the admins
trative expenses of the retirement
system and from which shall be paid
all the expenses incurred in connec-
ton with the administration and op-
Grafton of the retirement system
Section 10. MANAGEMENT OF
tees shall be the trustees of the sew
eral funds created by this Act and
shall have full power and it shall
be the duty of the Board of Trus-
tees. to invest and reinvest such
portion of the funds as is not in
its judgment required to meet cur
rent Withdrawals. Such investments
may be made only in interest bear
ing obligations of the United States
or in obligations guaranteed as to
both principal and interest by the
tees shall have full power to hold,
purchase. sell, assign, transfer. or
dispose of, any of the securities or
investments in which any of the
funds created herein shall have been
invested. as well as of the proceeds
of such investments and any moneys
belonging to said funds.
90 The treasurer of the State of
Florida shall be the custodian of
the several trust funds of the retire
ment system. All payments from
the several funds shall be made by
the State Treasurer upon warrants
of the Comptroller countersigned by
the Governor which warrants shall
be issued upon acquisitions from the
Board of Trustees.
~ The Board of Trustees annual
~ shall allow regular interest on
the average amount for the preced-
ing year TO the credit of each of
the funds of the retirement sYs-