Show CHANGES THE RE- BV THE of Boun-I as amend-J amended to is the under the o ci J js of any o meet all service re j provided and bene- or shall contemplated system of set-i record of the B rf contributions anble by a mem-R Lie to an in the ltd of tie mem-system in order je total contriver payable on HI u well as and Such refer-V not be deemed w to vest the 1 ft recorded in said J lite members or 1 a distribution accounts thereof may the of Ks as may be to the of the plan limited service account combination of 1 1 Paragraph 3 m l. Revised i Is hereby rod as b. and at vestment Employ manner for per-ie the the nent Investing of it of cost the finances Section as id to read si COUNTS accounts in the I accounts and nt service re-rn s FURTHER of to credit f i account date W as of adjustment 1 following in of aS a i or on be half ol whom payments have been made out of the retirement fund which arise out of his current service there shall be debited against his current service account the total amount of any payments made from said accounts during the preceding period since the last adjustment date to him or for his In the case of a member who is a member on the current adjustment there shall be debited or to his current service account that portion of the net income or loss of the fund during the period since the last adjustment date which his as adjusted the preceding paragraph bears to the total of all accounts as of such preceding adjustment date which have also been adjusted according to the preceding paragraph In the case of an employee who was a member prior to the termination of his employment since the last preceding anniversary his account shall be adjusted as provided in the preceding paragraphs and So much of his account as shall be forfeited by the terms of the system shall be allocated to each member's account in the same proportion that his compensation during the year bears to the total of all compensation paid by the City Mo its In the case of all current there shall be credited that portion of the City's current contributions that are allocable to them as provided by the allocation formulae of the system and all of the employee's contributions to the fund shall be credited to each respective employee's current service Section Section Revised Ordinances of as is hereby amended to read as Section INVESTMENT OF THE FUND The Trustee is authorized subject to the instructions of the Committee to invest and reinvest the money of the fund as Bonds or other evidence of indebtedness of the United States of America or any of its agencies or instrumentalities when such obligations are guaranteed as to principal and interest by the United States of America or by any agency or General obligation bonds or other evidences of indebtedness of any or of any incorporated town or school district of any State or territory of the United provided said bonds are at the time of purchase rated within the four highest classifications established by at least one standard rating In the case of municipal general obligation said bonds must be found by the board to be of a quality equal to bonds which are entitled to receive the above notes or evidences of indebtedness of any municipal or district utility within the United which are payable from revenues or earnings specifically pledged for the payment of the principal and interest on such provided that said revenue bonds at the time of rated within the four highest classifications established by at least one standard rating debentures or other evidences of indebtedness assumed or guaranteed by any solvent corporation or institution created or existing under the laws of the United States or of any or which are not in de- tault as to or provided that said bonds at the time of purchase are rated within four highest classifications established by at least one standard rating i Equipment trust t or certificates secured by an interest in transportation equipment wholly or in part within the United States which carry the right to receive determined portions of purchase or fixed obligatory payments to be made for the use of purchase of such transportation provided that said obligations are at the time of purchase rated within the four highest classifications established by at least one standard rating Preferred or guaranteed stock or securities of any open-end or closed-end management type investment company or investment and participation in common trust funds or shares and stock or shares of any solvent corporation or institution created or existing under the laws of the United States or of any district or territory provided that said stocks at the time of rated within the four highest classifications established by at least one standard rating Non-assessable mon stocks or shares of any solvent corporation or institution created or existing under the laws of the United States or of any district or territory provided that said stocks at the time of purchase are rated within the four highest classifications established by at least one standard rating Any insured accounts of building and loan associations and any mutual investment trusts and or retirement income contracts obtainable from a legal reserve life insurance company qualified to do business in the State of In the event that the services of an investment management firm are employed to manage and invest money of the fund such not to exceed an amount equal to one-half of the assets of the retirement shall not be subject to the limitations imposed by Sections and of this Section That Section Revised Ordinances as is hereby amended read as Section EMPLOYEE CONTRIBUTIONS Each member of the system shall contribute an amount equal to two per- cent of his 1 monthly compensation for covered services to be de- ducted in equal installments coincidental with his pay day from salary pay- ments by the City and paid by it to the retirement Commencing July and the contributions of each member shall be three percent of his monthly compensation to be paid in the manner above As to individuals who became members effective as of the effective date of the their contributions shall be deemed to commence as of July 1961 and their contributions for the period intervening said effective date of the system and the date of adoption of this Ordinance may be made in such manner and installments as the Committee shall All member contributions shall be credited to the account of the individual in the Said together with regular interest thereon shall be held in trust for the payment of the benefits provided for herein to the members of his Each member shall be deemed consent to the deduction from his compensation of the contribution provided The payment of said compensation less payroll deductions shall be deemed a full and complete payment of the salary of said Section Section Revised Ordinances of as is hereby amended to read as Section EMPLOYER CONTRIBUTION Commencing with the effective date of this retirement system the City shall contribute to the retirement fund an amount equal to six percent of the compensation paid by it to the members for covered Commencing July and the City shall contribute an amount equal to seven percent 7 of the compensation paid by it to the members for covered Section That Section Revised Ordinances of as is hereby amended o read as Section OF THE CITY'S U ol The City's contributions to the fund shall be utilized e as An amount not to ex- F two-sevenths to the extent necessary for such shall be devoted to the accumulation and maintenance of a Prior Service Reserve Liability Account for the purpose of providing the funds necessary to pay prior service retirement This use of funds may be followed from time to time as required to accumulate a sufficient Nothing herein shall be deemed to prevent or restrict the payment of said prior service retirement benefits when due in a period of time when there are insufficient funds accumulated in said reserve liability Necessary funds may be withdrawn from any portion of the retirement any deficit shall be offset by later allocations of An amount not to exceed one-seventh to the extent necessary for such shall be devoted to the accumulation and maintenance of a disability re- serve account for the purpose of providing the funds c necessary to pay disability This use of funds may be followed from time to I time as required to ac- 1 cumulate a sufficient re- 1 Four-sevenths of the City's together with the remaining 1 portions of the City's not used to ac- cumulate or replenish the above mentioned Prior Service Reserve Liability 1 Account and Disability Reserve shall be devoted to the accumulation of funds for the payment of current service retirement Nothing in the provisions of subparagraphs or above shall be construed as preventing or restricting the payment of other types of benefits than those death earlier retirement or termination Said benefits shall be computed and paid as hereinafter provided and the funds shall be paid out of the appropriate funds accumulated pursuant to subparagraphs or above and from the appropriate employee Section That Section Revised Ordinances as is hereby amended to read as Section ALLOCATION OF EMPLOYER CONTRIBUTIONS That portion of the City's contribution to the fund in any year which is not utilized under the provisions of Section to the accumulation of the Prior Service Reserve Liability and Disability Reserve Accounts shall be allocated among the accounts of the members of the system in the same proportion that a member's compensation for each year bears to the compensation of all members for such The fact that allocation shall be made and credited to the account of a member shall not vest in such member any title or interest in and to any assets except at the time or times upon the terms and conditions expressly set forth In this death or All assets contributed by the City to the fund and any dividends or other income or unallocated assets of the Trust shall be allocated only as herein set forth or as set forth in other applicable provisions of this Ordinance and until shall be held in an account to be known as the Section That Section Revised Ordinances of as is hereby amended to read as Section PARTICIPATION IN EARNINGS If the amount credited to the current service account of the retired or a designated is being paid to him in directly out of the he shall continue to share proportionately in the profits and income and bear proportionately the losses and expenses of the but he shall not share in any further contributions of the employer to the fund made with respect to any year after his actual Such annual installments i shall be adjusted annually to reflect such proportionate losses and but such adjustments shall not affect the manner or Intervals of Section That Section Revised Ordinances I as is hereby amend-i to read as Section DEATH BE-ORE RETIREMENT Upon the death of a member before the effective date of his retirement or before the date upon which a retirement benefit shall have been paid whichever date is the below stated death benefit shall be paid or applied for the benefit of his The death benefit of a deceased member shall be comprised of his accumulated together with an amount equal to the present value at the date of his death of his normal prior service retirement benefit had the member retired at age sixty-five discounted for mortality and interest from age sixty-five 65 to the age of the decedent plus the following percentages of that portion of his current service account derived from employer contributions adjusted on the last preceding adjustment based upon the number of his years of Years of Service Less than five years percent Five years but less than years 50 percent Beyond five years 5 percent additional for each service year beyond five but to exceed a maximum of JO percent Section That Section Revised Ordinances of as is hereby amended read as Section ELIGIBILITY TO RECEIVE DISABILITY BENEFITS In the event of the severance of employment of a member by reason of the disability of said he shall be entitled to the below stated disability benefits if he has met the following Said member has completed and has standing to his credit five or more years of service on the date of disability Said member within one year after last ing covered service and whose covered employment was terminated due to a physical or mental condition existing at the time of has been examined by one or more physicians or selected by the Committee on its own initiative or pursuant to the request of the member or a person acting on his Said examination and such other evidence as may be available shows to the satisfaction of the Committee that said member is physically or mentally incapable of the performance of the usual duties of his Section That Section Revised Ordinances of as is hereby amended to read as Section DISABILITY BENEFITS The following disability benefits shall be paid to or applied for the benefit of a disabled A monthly equal to one percent of his highest average monthly salary earned during three years out of the last four years of multiplied by the number of his years of but in no event shall the disability benefits be less than twenty-five percent of the current salary he was receiving at the time of The disability retirement benefit shall be payable to the disabled member until he attains normal retirement age or until his disability Upon attainment of normal retirement he shall thereafter receive the normal monthly retirement benefits provided by the retirement In no event shall a disabled member receive a total of more than twenty-five thousand dollars for any one period of The disabled member at his receive in lieu of the disability benefits herein benefits provided by this Periods of absence from employment while receiving disability benefits shall not be deemed Section That Section Revised Ordinances of as is hereby amended to read as Section PROOF OF DISABILITY The Committee at Us option or upon recommendation of the City require any disability who has been retired for disability and who has not attained the age of sixty-five to undergo medical examination by a physician or surgeon acceptable to both the Committee and the Upon the basis of such the Committee shall determine whether said disabled is still incapacitated physically or mentally for If the Committee shall determine that said is not so his retirement allowance shall be terminated and he shall be reinstated forthwith to a position of the same class as that-held by him when retired for If the City is unable to so reinstate the disabled employee shall continue to receive the disability retirement Section That Section Revised Ordinances of as is hereby amended to read as Section PARTICIPATION IN FUND EARNINGS During the period while a member is receiving payments from the fund because of his account shall continue to share proportionately in the profits and income and bear proportionately the losses and expenses of the fund based upon the amount credited to his account on each adjustment and shall share in the contributions of the employer on the basis of his if from the employer during the months or year for which the contribution is that such contribution shall be allocated in accordance with the formula set forth in Section Section That Section Revised Ordinances of as is hereby amended to read as Section TERMINATION BENEFITS If a member shall for any cause except or death cease to be employed in covered services for the City he By written request directed to the Committee require the payment to him of his termination In such a terminating Member's termination bene-a fits shall comprised of the An amount equal to his accumulated An amount equal to the present value at the time of termination of his normal prior service retirement had the member retired at age sixty-five discounted for mortality and interest from age sixty-five to the date of and An amount equal to |