(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 employee 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 begins; 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 the maximum annuity
prescribed in this section, all employee contributions for such widow's
annuity for service after the date on which the accumulated sums to the
credit of the employee for such annuity purposes would first have provided
the wife of such employee 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 annuity purposes 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 applicable interest.
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 applicable interest;
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 applicable
interest.
(Source: P.A. 90-511, eff. 8-22-97.)
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