The Key West citizen. [volume] (Key West, Fla.) 1879-current, 1939-09-07
EcT1oN 8. OPTIONAL BENE-

o.
FITS-A member may elect to re-
ceive his benefits under the terms
of this Act according to the proviS-
ions of any one of the following OPP
tons:
Option 1. He may elect to receive
his benefits in a retirement allow
ance payable throughout his life, or
Option 2. He may elect to receive
on retirement the actuarial equiva-
lent Cat that time) of his retirement
allowance in reduced retirement
allowance payable throughout life
with the provisions that if he dies
before he has received in payments
of his annuity the amount of his
accumulated contributions as they
were at the time of his retirement,
the balance shall be paid to such
person. if any. as he shall nominate
by written designation duly acknowl-
edged and filed with the Board of
Trustees. otherwise to his executors
or administrators.
SECTION 9. METHOD OF FL
NANCING-All of the assets of the
retirement system shall be credited,
according to the purposes for which
they are held. to one of five funds,
namely. the annuity savings funds,
the annuity reserve fund, the pen
sion accumulation fund, the pension
reserve fund.- and the expense fund.
Cd The annuity savings fund shall
be a fund in which shall be accum-
ulated contributions made from the
salaries of members under the pro-
visions of Paragraph (b) or Para
graph 81 of this subsection.
Contributions to and payments
from the annuity savings fund shall
be made as follows:
(a) Upon the basis of such tables
as the Board of Trustees shall adopt
and regular interest. the actuary of
the retirement system shall deter
mine for each member the proper
ton of earnable compensation which,
when deducted from each payment
of his prospective earnable annual
compensation prior to his minimum
service retirement age and accumu-
lated at regular interest until such
age, shall be computed to provide
at such age. an annuity equal to
one one hundred fortieth Q-140l of
his average final compensation null
tiplied by the number of his years
of membership service. In the case
of any member who has attained his
minimum service retirement age
prior to becoming member, the pro-
portion of salary applicable to such
a member shall be the proportion
computed for the age one year
younger than his minimum service
retirement age.
CD The Board of Trustees shall
certify to each employer the pro-
portion of the earnable compensa-
ton of each member who is COM
pensated by the employer, and the
employer shall cause to be deducted
from the salary of each member on
each and every payroll for each
and every payroll period an amount
equal to the proportion of the men,
ber's earnable compensation so COM
puted. But the employer shall not
make any deuction for annuity pur-
poses from the compensation of a
member who has attained the age
of silky years if such member elects
not to contribute.
Co In determining the amount
earnable by member in a pay
roll period, the Board of Trustees
may consider the rate of cOmpensa-
ton payable to such member on the
first day of the payroll period as
continuing throughout such payroll
period. and it may omit deductions
from compensation for any period
less than a full pay roll period if
a teacher was not member on the
first day of the payroll period, and
to facilitate the making of deduc-
tons. it may modify the deduction
required of any member by such an
amount as shall not exceed one tenth
of one per centum of the annual sal
airy from which said deduction is to
be made.
Cd The deductions provided for
herein shall be made notwithstanding
that the minimum compensation pro-
vided for by law for any member
shall be reduced thereby. Every
member shall be deemed to consent
- Il j
and provided for herein, and shall
reception full for his salary or COM
pensation and payment; of salary
or compensation less said deductions
shall be a full and complete dis
charge and acquittance of all claims
and demands whatsoever for the
services rendered by such person
during the period covered by such
payment except as to the benefits
provided by this Act.
(e) Notwithstanding the proceed
ing provision, no deduction shall be
made from any members salary with
respect to which the States contri-
buttons on his account are in de-
fault.
(D In addition to the deductions
from salary as hereinbefore re-
quired. any member may, subject
to the approval of the Board of
Trustees. redeposit in the annuity
savings fund by a single payment
or by an increased rate of contri-
button an amount equal to the total
amount which he previously with
drew therefrom as provided in this
Act. or any part thereof; or any
member may deposit in the annuity
savings fund. by a single payment
or by an increased rate of contri-
button, amounts for the purchase of
an additional annuity, but such adj
ditional payments shall not exceed
the amounts computed to provide,
with his prospective retirement al
lowance. total retirement allow
ance of one half of his prospective
average final compensation at his
minimum service retirement age.
Such additional amounts so deposit
ed shall become a part of his accum-
ulated contributions, except that in
the case of disability retirement
they shall be treated as excess con-
tributions returnable to the member
in cash or as an annuity of equiva-
lent actuarial value and shall not be
considered in computing his pension.
(g) The accumulated contribu-
buttons of member returned to him
upon withdrawal or paid as provid-
ed in this Act to his designated bene-
ficiary. or to his executors or admin
istrators in the event of his death
shall be paid from the annuity saw
ings fund.
(h) Upon the retirement of q
member his accumulated contribu-
tions shall be transferred from the
annuity savings fund to the annuity
reserve fund provided in Subsection
CD of this section.
CD The annuity reserve fund shall
be the fund in which shall be held
the reserves on all annuities in
force. and from which shall be paid
all annuities and all benefits in lieu
of annuities. Should a beneficiary
retired on account of disability again
become a member of the retirement
system his annuity reserve shall be