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296.22 REFUND OF ACCUMULATED CONTRIBUTIONS.
   (a)   If a member ceases to be an employee of the City before becoming entitled to retire with an annuity, he or she shall be paid all or part of the accumulated contributions standing to his or her credit in the Annuity Savings Fund, as he or she demands, in writing, on forms furnished by the Retirement Board.
(1979 Code Sec. 2.80.240)
   (b)   If a member dies before his or her retirement becomes effective, his or her accumulated contributions standing to his or her credit in the Annuity Savings Fund at the time of his or her death shall be paid, except as otherwise provided in this section, to such person as he or she has nominated by written designation duly executed and filed with the Board. If there is no such designated person surviving the member, such accumulated contributions shall be paid to his or her estate.
   (c)   A member retiring pursuant to Section 296.10, 296.12, 296.14 or 296.16 may elect to receive a refund of all or part of his or her accumulated contributions on his or her effective date of retirement. A member terminating City employment with an annuity payable pursuant to Section 296.11 may elect to receive a refund of all or part of his or her accumulated contributions on the effective date of benefit commencement. However, any member withdrawing his or her accumulated contributions prior to the effective date of benefit commencement shall forfeit any right to a pension. Contributions paid pursuant to Section 296.09 shall not be refunded. The member's straight life annuity shall be reduced by an amount which is actuarially equivalent to the refunded accumulated contributions. The actuarial equivalent amount shall be computed on the basis of the 1971 group annuity mortality table, set back no years for males and five years for females, and the interest rate published monthly by the Pension Benefit Guaranty Corporation for use in converting a series of monthly annuity payments into a lump sum value.
   (d)   Payments of accumulated contributions, as provided in this section, may be made in equal installments according to such rules and regulations as the Board may from time to time adopt.
(Res. 82-169. Passed 2-22-82.)
296.23 ANNUITY OPTIONS.
   (a)   Generally. Prior to the effective date of retirement, but not thereafter, a member may elect to receive his or her annuity as a straight life annuity, or he or she may elect to receive the actuarial equivalent, at that time, of his or her straight life annuity in a reduced annuity payable throughout his or her life and nominate a beneficiary in accordance with Option A or B.
   (b)   Option A. Joint and Survivor Annuity. Upon the death of a retirant, his or her reduced annuity shall be continued throughout the life of and paid to such person, having an insurable interest in his or her life, as he or she shall have nominated by written designation duly executed and filed with the Retirement Board prior to the effective date of his or her retirement.
(1979 Code Sec. 2.80.250)
   (c)   Option B. Modified Joint and Survivor Annuity. Upon the death of a retirant, one-half of his or her reduced annuity shall be continued throughout the life of and paid to such person, having an insurable interest in his or her life, as he or she shall have nominated by written designation duly executed and filed with the Board prior to the effective date of his or her retirement.
   (d)   Computation of Annuity.
      (1)   Effective July 1, 1979, a member retiring on or after July 1, 1975, shall automatically receive an annuity computed as a straight life annuity, except as provided in paragraph (d)(2) hereof. Upon the death of the retirant, one-half of his or her annuity shall be continued throughout the life of and paid to his or her spouse. If there is no spouse or if the spouse dies and is survived by the deceased retirant's unmarried children under eighteen years of age or unmarried, disabled and unemployable children over age eighteen years of age, such unmarried children shall share in one-half of the deceased retirant's annuity.
      (2)   If a member retiring on or after July 1, 1975, is unmarried and without eligible children on the effective date of retirement, he or she may elect to receive the actuarial equivalent of his or her straight life annuity in a reduced annuity payable throughout his or her life and nominate a beneficiary in accordance with Option A or B as herein set forth.
(Res. 82-169. Passed 2-22-82.)
296.24 ANNUITY SAVINGS FUND.
   (a)   The Annuity Savings Fund heretofore established by the City Charter, as amended, is hereby retained. It shall be the fund in which shall be accumulated, at regular interest, the contributions deducted from the compensation of members and from which shall be paid refunds of accumulated contributions as provided in this chapter.
(1979 Code Sec. 2.80.060)
   (b)   Effective July 1, 1981, a member's contribution to the retirement system shall be 7.55 percent of compensation.
(Res. 82-712. Passed 8-2-82.)
   (c)   The officer responsible for making up the payroll shall cause the contributions provided for in this section to be deducted from the prevailing wage of each member on each and every payroll, for each and every payroll period, from the date of his or her entrance in the retirement system to the date of his or her retirement or prior separation from City service. The members' contributions provided for herein shall be made, notwithstanding that the minimum compensation provided by law for any member shall be changed thereby. Every member shall be deemed to consent and agree to the deductions made and provided for herein, and payment of his or her compensation, less such deduction, shall be a full and complete discharge 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 benefits provided by this chapter. The officer responsible for making up the payroll shall certify to the City Treasurer the amount of contributions to be deducted from the compensation of each member for each and every payroll, and such amounts shall be deducted by the City Treasurer, and when deducted shall be paid to the retirement system and shall be credited to such member's individual account in the Annuity Savings Fund.
   (d)   In addition to the contributions deducted from the prevailing wage of a member, as hereinbefore provided, a member who is accepted for re-entry into the retirement system shall deposit in the Annuity Savings Fund, by a single contribution or by an increased rate of contribution as approved by the Retirement Board, all amounts he or she may have previously withdrawn from and not repaid to the Annuity Savings Fund, together with regular interest computed from the date of withdrawal to the date of repayment. In no case shall any member be given credit for service rendered prior to the date he or she withdrew his or her accumulated contributions until he or she repays to the Annuity Savings Fund all amounts due such Fund by him or her.
   (e)   Upon retirement of a member, his or her accumulated contributions shall be transferred from the Annuity Savings Fund to the Annuity Reserve Fund. At the expiration of three years from the date an employee ceases to be a member, any balance standing to his or her credit in the Annuity Savings Fund, unclaimed by such member or his or her legal representative, shall be transferred to the Annuity Reserve Fund.
(1979 Code Sec. 2.80.260)
296.25 ANNUITY RESERVE FUND.
   (a)   The Annuity Reserve Fund heretofore established is hereby retained. It shall be the fund in which shall be accumulated reserves for the payment of all annuities and other benefits payable from contributions provided by the City and from which shall be paid all annuities payable as provided herein. Upon the basis of such mortality and other tables of experience and regular interest, as the Retirement Board from time to time adopts, that actuary shall annually compute the annuity reserves for annuities being paid retirants and beneficiaries and covering service rendered and to be rendered by members. Such annuity reserves shall be financed by annual appropriations to be made by Council, determined according to subsections (b) through (d) hereof.
   (b)   The appropriation for members' current service shall be a percent of their annual compensations which will produce an amount which, if paid annually by the City during their future service, will be sufficient to provide the reserves at the time of their retirements for the portions of the annuities to be paid them based upon their future service.
   (c)   The appropriation for members' accrued service shall be a percent of their annual compensation which will produce an amount which, if paid annually by the City over a period of years, to be determined by the Board, will amortize, at regular interest, the unfunded annuity reserves for the accrued service portions of the annuities to which they may be entitled.
   (d)   The appropriation for annuities being paid retirants and beneficiaries shall be a percent of the annual compensations of members which will produce an amount which, if paid annually by the City over a period of years, to be determined by the Board, will amortize, at regular interest, the unfunded annuity reserves for annuities being paid retirants and beneficiaries.
(1979 Code Sec. 2.80.270)
296.26 EXPENSE FUND.
   The Expense Fund shall be the fund to which shall be credited all money provided by the City to pay the administration expenses of the retirement system, and from it shall be paid all the expenses necessary in connection with the administration and operation of the retirement system. The Retirement Board shall determine the administration expenses necessary, and the City shall pay into the Expense Fund the amount so determined.
(1979 Code Sec. 2.80.280)
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