Repository: UIHistories Project: Board of Trustees Minutes - 1942 [PAGE 441]

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438

BOARD OF TRUSTEES

[August 5

make the total of the Normal and Current Annuities exceed sixty percent (60%) of the Final Rate of Earnings of the Participant, and ( d ) F o r a Participant who was an Eligible Employee at any time during the year immediately preceding September I, 1941, who became a Participant on or before September 1, 1942, who has contributed to this System for a period of at least one year, and who has not previously accepted a Separation Benefit, a Supplemental Annuity equal to the Annuity which can be provided from the Accumulated Supplemental Credits of such Participant on the date the Annuity begins; provided that for any such Participant having fifteen (15) or more years of Service whose employment with all Employers is hereafter terminated on or after the attainment of age sixty-eight (68) regardless of cause, or, on or after the attainment of age sixty-five (65) in exceptional cases and for substantial cause at the request of the Employee and upon certification of the Employer, such Supplemental Annuity shall not be less than an amount which would make the total of the Normal, Current, and Supplemental Annuities equal to twenty-five percent (25%) plus one percent ( 1 % ) for each year of Service, of the Final Rate of Earnings of the Participant; and provided that in no event shall such Supplemental Annuity exceed an amount which would make the total of the Normal, Current, and Supplemental Annuities exceed fifty percent (50%) of the Final Rate of Earnings of the Participant, nor the maximum amounts fixed in any retirement plan in operation by any Employer at the time of the approval of this Act. If any Participant elects to have a Reversionary Annuity paid in accordance with Section 5.2, the Retirement Annuity otherwise payable shall be reduced by the actuarial equivalent of the amount required to provide such Reversionary Annuity. Notwithstanding the fact that Retirement Annuities are payable for life, if any person receiving a Retirement Annuity should receive or become entitled to receive any Salary for personal services currently performed under continuous employment at regular compensation, the Retirement Annuity shall cease during the period for which such Salary is payable. Such Annuity shall, however, be resumed again at the same rate when such Salary thereafter ceases to be payable. Nothing contained in this Act, however, shall prevent an Annuitant from concurrently receiving an annuity, pension, or retirement benefit from any other retirement system or systems, provided that if any such other annuity, pension, or retirement benefit is or has been provided either in whole or in part by contributions of the State, or of any agency thereof, the amount of the Current and Supplemental Annuity provided in this Act shall be reduced by the amount which is actuarially equivalent to the portion of such Current and Supplemental Annuity which arises out of all service considered in the determination of such other annuity, pension, or retirement benefit. Sec. 5.2 Reversionary Annuities: Any Participant entitled to a Retirement Annuity may elect to provide a Reversionary Annuity for a Beneficiary who in the opinion of the Board is dependent upon the Participant at the time the Retirement Annuity begins, provided that ( a ) written notice thereof by the Participant is received by the Board together with or prior to the application of the Participant for a Retirement Annuity, (b) the Participant furnishes such evidence of good health as the Board may require at the time such election is made, and (c) the amount of the Reversionary Annuity specified in such notice is not less than Ten Dollars ($10.00) per month, nor more than the amount of the reduced Retirement Annuity to which the Participant is entitled. T h e amount of such Reversionary Annuity shall be that specified in the notice of election by the Participant to have such Annuity paid. Any such Reversionary Annuity shall begin on the day following the day upon which the last payment of the Retirement Annuity is payable because of death, provided the Beneficiary is alive at such time. If the Beneficiary does not survive the Annuitant, no Reversionary Annuity shall be payable but only the Death Benefit as provided in Section 5.4. Sec. 5.3 Disability Benefits: Any Participating Employee who, because of mental or physical disability arising from any cause, becomes unable to perform the duties of any assigned position the Earnings of which would be at least