Repository: UIHistories Project: Board of Trustees Minutes - 1942 [PAGE 440]

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194i]

UNIVERSITY OF ILLINOIS

437

(3) Notwithstanding any of the foregoing provisions, the amount of contributions from Employers from funds other than trust and federal funds for any year shall not exceed an amount necessary to meet all payments of benefits payable during the year, and to make the assets of the System at the end of the year equal to the sum of the Accumulated Normal and Additional Contributions and the single premium reserve required for Normal and Additional Annuities or Benefits in lieu thereof, the liabilities arising out of Employer contributions from trust and federal funds, and the amounts provided for in ( d ) and ( e ) of paragraph (1) hereof. Sec. 4.2 Employee Contributions: Each Participating Employee shall make Normal Contributions to this System of three and one-half percent (3 ] /l%) of each payment of Earnings applicable to employment on and after September 1, Subject to such conditions and limitations as may be determined by rules prescribed by the Board, any Participating Employee may make Additional Contributions of such percentages of Earnings as such Employee shall elect in a written notice thereof received by the Board.

AKTICLE 5. BENEFITS

Sec. 5.1 Retirement Annuities: Any Participant whose employment by all Employers is terminated on or after the attainment of age 55, regardless of cause, shall be entitled to a Retirement Annuity beginning on the date specified by such participant, in a written application therefor, provided: ( a ) The date upon which the Annuity begins is not prior t o : the date of final termination of employment of such Participant, the date thirty (30) days preceding the receipt of such application by the Board, or September I, 1942, in any event. (b) The Participant has attained at least the age of sixty (60), or has attained at least the age of fifty-five (55) and has been certified by both the Employer and the Board as being entitled to a Retirement Annuity. ( c ) T h e Participant is not receiving nor is entitled to receive at the time any regular compensation for personal services currently performed under continuous employment. ( d ) The Participant would be entitled to an Annuity of at least Ten Dollars ($10.00) per month on the date upon which the Annuity begins. Each Participating Employee who has attained the age of sixty-eight (68) prior to September 1, 1942, shall be retired from employment by all Employers on such date and any Participating Employee attaining the age of sixty-eight (68) thereafter shall be retired no later than the first day of September immediately following the attainment of such a g e ; provided that, upon the written request of the Employee and upon certification of the Employer, in exceptional cases and for substantial cause, such retirement shall be deferred for a period not to exceed one year at any one t i m e ; and provided that this paragraph shall not become applicable to any of the State Normal Universities or Teachers' Colleges until September 1, 1945. T h e amount of the Retirement Annuity to which any Participant is entitled, shall be the sum of the following, all determined from credits applicable to such Participant in accordance with the Actuarial Tables and the Prescribed Rate of Interest in effect at the time: ( a ) A Normal Annuity equal to the Annuity which can be provided from the Accumulated Normal Contributions on the date the Annuity begins, (b) An Additional Annuity equal to the Annuity which can be provided from the Accumulated Additional Contributions, if any, on the date the Annuity begins, ( c ) A Current Annuity equal to twice the Normal Annuity; provided that such Current Annuity shall not exceed the Current Annuity which would have been provided on the date the Participant attained age sixty-eight (68), and provided that such Current Annuity shall not exceed an amount which would