| death of an employee results solely from injury incurred in the performance of an act of duty; provided, the annuity for a widow, or a widow's annuity plus compensation annuity, shall not exceed $500 per month if the employee's death occurs before January 23, 1987, except as provided in paragraph (d). The widow's annuity, or a widow's annuity plus compensation annuity, shall not be limited to a maximum dollar amount if the employee's death occurs on or after January 23, 1987, regardless of the date of injury.
|
|
(2) If when an employee's annuity is fixed, the amount accumulated
to his credit therefor, as of his age at such time exceeds the amount
necessary for the annuity, all contributions for annuity
purposes after the date on which the accumulated sums to the credit of
such employee for annuity purposes would first have provided such
employee with such amount of annuity as of his age at such date shall be
refunded when he enters upon annuity, with interest at the effective rate.
If the aforesaid annuity so fixed is not payable, but a larger amount
is payable as a minimum annuity, such refund shall be reduced by 5/12 of
the value of the difference in the annuity payable and the amount
theretofore fixed, as the value of such difference may be at the date
and as of the age of the employee when his annuity is granted; provided
that if the employee was credited with city contributions for any period
for which he made no contribution, or a contribution of less than 3 1/4%
of salary, a further reduction in the refund shall be made by the
equivalent of what he would have contributed during such period less
his actual contributions, had the rate of
employee contributions in force on
the effective date been in effect throughout his entire service, prior
to such effective date, with interest computed on such amounts at the
effective rate.
(3) If at the time the annuity for a wife is fixed, the employee's
credit for a widow's annuity exceeds that necessary to provide such an
annuity equal to the maximum annuity provided in this section, all employee
contributions for such annuity, for service after the date on
which the accumulated sums to the credit of such employee for the
purpose of providing widow's annuity would first have provided such
widow with such amount of annuity, if such annuity were computed on the
basis of the Combined Annuity Mortality Table with interest at 3% per
annum with ages at date of determination taken as specified in this
Article, shall be refunded to the employee, with interest at the
effective rate. If the employee was credited with city contributions for
widow's annuity for any service prior to the effective date, any amount
so refundable, shall be reduced by the equivalent of what he would have
contributed, had his contributions for widow's annuity been made at the
rate of 1% throughout his entire service, prior to the effective date,
with interest on such amounts at the effective rate.
(4) If at the death of an employee prior to age 65, the credit for
widow's annuity exceeds that necessary to provide the maximum annuity
prescribed in this section, all employee contributions for annuity
purposes, for service after the date on which the accumulated sums to
the credit of such employee for the purpose of providing such maximum
annuity for the widow would first have provided such widow with such
amount of annuity, if such annuity were computed on the basis of the
Combined Annuity Mortality Table with interest at 3% per annum with ages
at date of determination taken as specified in this Article, shall be
refunded to the widow, with interest at the effective rate.
If the employee was credited with city contributions for any period
of service during which he was not required to make a contribution, or
made a contribution of less than 3 1/4% of salary, the refund shall be
reduced by the equivalent of the contributions he would have made during
such period, less any amount he contributed, had the rate of
employee contributions in effect on the effective date been in force throughout
his entire service, prior to the effective date, with interest on such
amounts at the effective rate; provided that if the employee was
credited with city contributions for widow's annuity for any service
prior to the effective date, any amount so refundable shall be further
reduced by the equivalent of what he would have contributed had
he made contributions for widow's annuity at the rate of 1% throughout his
entire service; prior to such effective date, with interest on such
amounts at the effective rate.
(Source: P.A. 90-511, eff. 8-22-97; 90-655, eff. 7-30-98.)
|