Show that the amount amount then credited to the account of ot the retired Member r shall shaH be applied In accordance accordance accordance ac ac- ac- ac with the provisions hereof providing for a payment pay par ment meat of the balance of oC the account account account ac ac- ac- ac count in a lump sum or b the purchase of oC an annuity with or without refund provisions Section Retirement Any Member 1 of the System ma may retire retire retire re re- re- re tire and receive the benefits above provided when he retires from active covered service commencing upon the effective date of oC his retirement if he conforms conforms conforms con con- forms to the following requirements require require- ments a That he has attained his normal retirement age of sixty sixty- five 65 years and md has made application for retire m men ment c n t which shall not be more than ninety 90 days subsequent to the date of oC application Such Member shall be entitled to receive receive re re- re- re cehe the normal Prior Service Retirement Benefit Benefit- c e r with the Current Service Retirement Retirement Re Re- Benefits above e provided pro pro- vided tided b If he has attained age sixty 60 and is credited with ten 10 years of oC service or more and he files written apI application ap- ap I to the Com Con Committee Committee stating the proposed effective effective ef ef- date dale of n t which shall not be he more than Ninety 90 days subsequent to the date of oC application In such case said earlier n g Member l shall be entitled to receive receive receive re re- re- re the actuarial equivalent of the above provided normal prior service retirement benefit bene hene- fit ie i.e. an amount which would have the same present value at atit atthe it j j the the actual age of oC retirement as the present value of said allowance allowance allowance allow allow- ance would have been had the Member retired at age sixty- sixty five 65 discounted for mortality mortality mortality mor mor- and interest from age sixt sixty five five 65 to the actual age of retirement In addition thereto there there- to said earlier retiring Member Member Member Mem- Mem ber shall receive the current service retirement ben hen e f fit i t above provided c If he is credited with wilh net not netless netless less than one month of or current service Section Small Benefits If the Retirement benefits applicable applicable applicable ap ap- ap- ap to an any Member before optional modification is less than Ten Dollars 1000 per month the Committe may as asto asto asto to prior service retirement benefits benefits ben hen calculate the actuarial value of said benefit as of the tile effective date of retirement I and make larger payments to the retired Member or 01 his beneficiary beneficiary ben ben- of a monthly amount mutually agreed upon which shall stall continue until such payments payments payments pay pay- ments shall equal said actual actuarial actuarial ial value of said prior service retirement benefit whereupon payment of said prior service retirement benefits shall cease cease As to lo current service benefits th the Committee may utilize the alternative methods set forth in inS S Section above Section Payment Dates Dales Benefits shall begin to lo accrue upon the effective retirement date established b by the Com Com- millee The effective retirement retirement retire retire- ment mont date shall be he a The first day of the month following the last day of service service service ice or orb orb orb b The first da day of or the month designated by the retiring ing Member as the proposed effective effective ef ef- date or 01 c The first day of oC the month following the month in which the application is received by the committee at its office oHice in Bountiful City whichever date is later Section Services After Arter Retirement Age In the event that an employee ee with the consent consent consent con con- sent of the Cit City Coun Council il ejects to continue in covered service after his attainment of retirement retirement retirement retire retire- ment age or returns to lo covered cov coy cred ered service after having re re- re- re tired but docs does not continue to lo receive retirement benefits as provided in paragraph he heMIll shall continue to be a Member MIll 4 of the Plan continue to make 7 the requisite contributions and shall continue to receive current current current cur cur- rent service credit for the added added ad ad- ded years of his employment ment Upon application to the Committee Committee Com Corn he may select an effective ef er- retirement date commencing commencing com corn on the first day of the time month following the month during during during dur dur- ing which he retires from ac active active ac- ac tive covered service Section Post Retirement t Earnings In the event a retired retired retired re re- re- re tired Member ber is appointed 01 or I employed to perform covered services for Cor the City and receives re re- re- re j 1 month monthly compensation which when added to the retirement l allowance he Ie is then receiving will exceed the amount of r his monthly compensation compensation rate in effect at the time of his retirement the retirement retirement retire retire- ment benefits whether normal or optional paid to him during said continued employment thai shall be reduced to an amount which when added to said post post- retirement compensation will not exceed said monthly compensation com corn rate rale During such period of or post post- retirement service neither the time of or service nor the compensation com corn received shall affect status or re re- re his big future benefit quire c contributions by either the retired retired member or the City Section Optional Prior Service Retirement Bench Benefits t s A Member or retired person may elect to have his normal prior service retirement benefit bene benc- fit it reduced and in lieu thereof to o accept an actuarially alent lesser prior service retirement retirement re- re allowance pa ab 1 I e c throughout his lifetime with provisions that Option 1 1 Upon his death an allowance equal to his lesser prior retirement allowance allowance allowance allow allow- ance be bl paid to lo and throughout the lifetime of such beneficiary as he shall nominate by writ written written ten en designation duly executed and filed with the Committee at atthe atthe atthe the time of his election Option 2 Upon his death an allowance equal to one-half one of his lis lesser prior service retirement retirement retirement retire retire- ment allowance be paid to and throughout the lifetime of oC such beneficiary as he shall nominate nominate nomi nomi- nate by written designation duly executed and filed with the he retirement Committee at athe atthe atthe the he time lime of or his election If said retired person son should die within thirty 30 d days ys of or orthe the he date of or retirement or beCore be be- fore Core ore the pa payment of pr a retirement retirement retirement retire retire- ment allowance whichever is later any election shall be considered considered con- con void and the death shall be C considered as that of or a Member before retirement Said election must be exercised exercised exercised exer exer- by the prior to the he pa payment ment to him of ny of his lis retirement allowances Section e s The designation of a beneficiary ary under the retirement system tern tem em other than designations Under under under un un- der Options 1 and 2 of the preceding preceding preceding pre pre- ceding section may be revoked at it the pleasure of the Member making the designation and a different beneficiary designated by a written instrument dul duly executed and filed with wilh the Committee If no beneficiary is designated or if it the estate is the he named beneficiary and if a deceased Member fember does not leave eave an estate requiring pro pro- probate bate ale in the absence of the amounts due from the Retirement Retirement Retirement Retire Retire- ment System all benefits payable payable payable pay pay- able from the Retirement S stem s 's tern tem em including retirement benefits benefits ben ben- cuts accrued but not received prior to the death may be paid or applied to the benefit of or the surviving next of kin of or the deceased deceased de de- ceased in the order of precedence precedence precedence prece prece- dence below listed 1 Surviving SUf spouse 2 Surviving children children- share and find share share- alike 1 3 Parents share and share alike 1 4 Grandchildren share and share alike 5 Brothers and sisters equal shares In the event that the whereabouts whereabouts where where- of oC the nominated beneficiary beneficiary beneficiary bene bene- cannot be ascertained or in the event that the nominated nomi nomi- nominated beneficiary is the state estate of the deceased person the retirement retirement re re- rc- rc committee may at its discretion pay the costs of the deceased's last illness convalescent convalescent conva- conva care and funeral expenses expenses ex ex- directly to the undertaking undertaking undertaking under under- taking hospital doctor or convalescent home which has provided said ice The Committee shall require require require re re- re- re quire verified statements of or said charges before making partial or full payment thereof Such payment shall shaH discharge the obligation of the s system stem and of the fund up to the amounts so paid Section Death Before Retirement Retirement Re Re- Upon the death of or a Member before the effective date dale of or his retirement or before before before be be- fore the date dale upon which a retirement retirement re re- re- re benefit shall have been paid him whichever date is later the below stated staled death benefit shall be paid or applied for the benefit of his aries The death benefit benent of a deceased deceased deceased de de- de- de ceased Member shall b be comprised comprised com corn of his acc accumulated contributions contributions contributions con con- together with the following percentages of that portion of his account derived from employer er prior service and current serice senI ser sen- service ice accounts as adjusted on the thelast thelast thelast I last preceding adjust iii men ment e n t 1 date based upon the number of or his years ears of service Years of or Service less than five years 0 percent Five years ears but less than Jhan six years yem-s 50 percent Be Beyond ond five years 5 p percent additional for Cor each service year Veal beyond five but not to ex exceed eed a maximum of 80 percent Section Death after Retirement Retirement Retirement Re Re- Upon the death of oC a I Member after afler the effective date of oC his retirement or after the date upon which a retirement allowance shall have hav been paid to him whichever is later the prior service retirement benefits bene benc- fits shall shaH continue to be paid in the manner provided for a normal prior service retirement retirement retire retire- ment mont benefit or in accordance with any of oC the options which decedent Member r. r el elected tinder under un un- der the provisions of or See Section on The Time current servi service e retirement re re- re- re benefits shall also continue to be he paid as originally original original- ly elected b by the Committee and the time decedent Member or or orthe orthe the Committee may at al its dis uS- uS is- is and after consultation with the appropriate beneficiaries beneficiaries aries of or decedent in uch such other manner as the Committee may determine until the entire current current current cur cur- rent service account of or the decedent decedent decedent de de- de- de has been distributed Said continued payment shall be made to lo or applied for the Benefit of or the beneficiaries of or orthe the decedent Member Section Disability Benefits Benefits Benefits Bene Bene- fits In the event of the severance sev sev- erance of employment of a Member b by breason reason of oC the disability disability disability dis dis- dis- dis ability of ofa a a Member the fol following following following lowing disability benefits shall shalle be e paid to or applied for the benefit of oC the disabled Mem Mem- her bel a An amount equal to the Members Member's accumulated con con- b An amount equal to the following percentages of or that portion of his account derived From the City's Cily's contributions thereto prior service and current current current cur cur- rent service accounts as adjusted ad adjusted adjusted ad ad- I on the time last preceding adjustment adjustment adjustment ad ad- date based upon the number of his years of service Years of or Service less than five years 0 percent Five years but less than six years 50 percent Beyond five years 5 percent additional for each service year be beyond md five but not to exceed a maximum of oC 80 SO percent Section Alternative Payment Payment Payment Pay Pay- ment Methods Said disability benefits shall be payable pa able at the discretion of the Committee in a A lump sum b A series of equal installments installments installments install install- ments but in no event at a rate of less than Six Hundred Dollars Dollars Dollars Dol Dol- lars per year ear but hut the Committee may however ever accelerate accelerate accelerate ac ac- ac- ac the making of or any such payment c By purchasing with the vested amounts and delivering to the Member a single premium premium prem prem- ium annuity contract and d By mutual agreement with the Member r purchase and deliver to lo the Member an annuity annuity an- an or insurance contract of a form and type desired b by the Member with all or such portion portion portion por por- tion of his accumulated contributions contributions contri contri- and his vested interest in the account as may be approved approved approved ap ap- ap- ap proved by them or which may provide benefit payments during during during dur dur- ing the joint lifetimes of the Member and another annuitant I of or his selection and during the lifetime of or the survivor or Section Proof of Disability t ty The fhe disa disability of a Member shall be denied to have occurred occurred occurred oc oc- oc- oc only upon receipt of proof by the Committee in a form satisfactory to lo it and only if such proof is received received received-by the Committee within sixty 60 I Ida days da s 's after such termination of oC I employment or within sixty 60 days after afler such proof is available whichever is later tater in time During the period of disability disability disability dis dis- dis- dis ability the Committee ma may from time to lo time lime require reexamination re- re examination by a physician acceptable acceptable ac ac- ac- ac to lo the employer and the Member 1 Upon Cessation of disability of oC a Member and his return to work for the Cit City before all of or I his account shall have been distributed distributed dis- dis no further payments shall be made by reason of such disability and such Members Member's account shall be reduced by and to the extent extent ex ex- tent of or the actual distributions to him Section Participation in I Fund Earnings During the period while a Member is receiving receiving receiving re re- re- re pa payments ments from his account account account ac ac- ac- ac count in the Fund because of disability his account shall continue to share proportionately proportionately proportion proportion-I in the profits and income and bear proportionately proportionally the losses and expenses of or the Fund based upon time the amount credited to lo his account on each adjustment date and shall share in the contributions of the I employer on the basis of his compensation if an any from the employer er during the months or year for which tle the contribution is made provided however that such contribution shall be allocated in accordance with the formula set forth Corth in Section hereof Section |