Annuity Withdrawal. An employee who elects to participate in the DROP may elect the Annuity Withdrawal option provided by the retirement ordinance at the time of electing DROP participation. Such election shall be made commensurate with the employee’s DROP election, but not thereafter. Such annuity withdrawal will be utilized to compute the actuarial reduction of the member’s DROP benefit, as well as the member’s monthly retirement benefit from the Macomb County Employees Retirement System, after termination of employment. The annuity withdrawal amount (accumulated contributions) will be disbursed from the Macomb County Employees Retirement System at the time of DROP election. All withdrawal provisions and options under the Retirement Ordinance, which are available to Retirement System members shall be available to the employee participating in the DROP at such time that he/she elects to participate in the DROP.
Annuity Withdrawal. Members of the Macomb County Employees’ Retirement System may elect to take an Annuity Withdrawal. The utilization of this option shall be governed by any applicable Annuity Withdrawal provisions of the Macomb County Employees’ Retirement System Ordinance.
Annuity Withdrawal. A member retiring with twenty-five years of service may, at the member's option, elect to receive a refund of the member's accumulated contribution including interest on the effective day of their retirement. The member's pension shall be reduced by an amount, which is the actuarial equivalent to the refunded accumulated contribution including interest. The actuarial equivalent amount shall be computed on the basis of the 1971 group annuity, male mortality table and an interest rate equal to the weighted average yield to maturity of the Xxxxxxx Xxxxx Corporate and government master bond index, published monthly by Merrill, Lynch, Xxxxxx, Xxxxxx and Xxxxx, Inc. as provided by the actuary firm for the retirement system. Effective with the fiscal year beginning July 1, 1995, each member shall no longer be credited with two percent (2%) interest on the member contributions. Instead, as of June 30 of each year, the percentage increase or the percentage decrease, if any, in the market value of the reserve for employee contributions since the last annual adjustment and all income on the reserve for employee contributions for the period shall be credited to or reduced from each member's contribution account, whichever the case may be, which shall be determined by the ratio that each account balance bears to all member contributions in the reserve for employee contributions. Effective July 1, 2015, the pension interest on member contributions shall be calculated at 3.5%.
Annuity Withdrawal. Upon retirement members of the bargaining unit shall be entitled to withdraw up to their accumulated contributions (including interest) to the system, provided that they agree to accept an appropriate lesser monthly benefit. Such lesser benefit is to be computed by the Township’s actuary using a method intended to prevent such contribution withdrawal from costing the Township or the Pension Fund any additional monies. For purposes of this calculation, the actuary shall use the then current interest rate for immediate annuities published by the Pension Benefit Guarantee Corporation and the actuary shall also use the mortality table used for the most recent regular actuarial determination. However, if a member applies for military time and receives the same from the Township Board, then that member’s contribution to the retirement system for military time cannot be withdrawn upon his/her retirement.
Annuity Withdrawal. Upon normal service retirement (25 years of service), excluding disability or early retirement, Employees of the bargaining unit shall be entitled to withdraw up to their accumulated contributions (including interest) to the system, provided that they agree to accept an appropriate lesser monthly benefit. Such lesser benefit is to be computed by the Township’s actuary using a method intended to prevent such contribution withdrawal from costing the Township or the pension fund any additional monies. For the purpose of this calculation the actuary shall use the then current interest rate for immediate annuities published by the Pension Benefit Guarantee Corporation and the actuary shall also use mortality table used for the most recent regular actuarial determination. In the event the PBGC interest rate is no longer published, the current interest rate for the ten (10) year T Xxxx shall be used. Effective April 1, 1997, the annuity withdrawal option shall be available to employees who leave the employment of the Township and who vest their pensions. The withdrawal will be made at the time the employee begins drawing a pension from the Township.
Annuity Withdrawal. Any member employed by the Macomb County Sheriff’s Department in the classification of Deputy who retires on or after January 1, 1984, pursuant to Sections 24, 25 or 31 of this Ordinance may elect, prior to the effective date of retirement but not thereafter, to be paid the accumulated contributions including interest as defined in the Macomb County Employees’ Retirement Ordinance, standing to the member’s credit in the Employee’s Savings Fund. Upon this election and the payment of the accumulated contributions and interest, the retiring member’s monthly straight life retirement allowance shall be reduced by an amount which is the actuarial equivalent of the accumulated contributions paid. The actuarial equivalent shall be determined on the basis of the interest rate established by the Pension Benefit Guaranty Corporation, or, if such a rate is unavailable, by the Macomb County Employees’ Retirement System Ordinance for such annuity withdrawals. Such rates to be adjusted semi-annually on January 1, and July 1, of each year. After such reduction, the member may elect to receive the actuarial equivalent of the reduced allowance in accordance with the provisions of Option A, B or C as described in this Section 26 of the Ordinance.
Annuity Withdrawal. A member who elects to participate in the DROP may elect the Annuity Withdrawal Option provided by the Plan at the time of electing DROP participation. Such election shall be made commensurate with the Participant’s DROP election, but not thereafter, and will be utilized to compute the actuarial reduction of the member’s DROP Benefit, as well as the member’s monthly retirement benefit from the Fire and Police Retirement System after termination of employment. The annuity withdrawal amount (accumulated contributions) shall remain in the City of Southfield Fire and Police Defined Contribution Plan and shall not be subject to withdrawal from the Plan until termination of employment. A DROP Participant who has elected the Annuity Withdrawal Option shall, as of his/her DROP Date, have interest credited to the member’s accumulated balance in the City of Southfield Fire and Police Defined Contribution Plan at the fixed rate of 4% per annum. This provision shall apply to the crediting of interest only for non-premium members during DROP participation. All benefit provisions and options under the Premium Member Annuity Withdrawal Option in the Defined Contribution Plan which are available to Premium Members shall only be available to the DROP Participant at such time as he or she terminates employment with the City.
Annuity Withdrawal. A. Employees in the Bargaining Unit shall have available to them, in addition to the retirement options already in place, an annuity withdrawal option as follows:
Annuity Withdrawal. An Employee who elects to participate in the DROP (and correspondingly, cease to accrue additional retirement benefits otherwise credited to active members of the General Retirement System) may elect the Annuity Withdrawal Option provided by the General Retirement System at the time of election DROP participation. The Annuity Withdrawal Option and all other retirement options under the General Retirement System which are available to Retirement System Members shall only be available to DROP Participant at such time as he or she elects DROP Participation. The Annuity Withdrawal Option election shall be made commensurate with the Participant’s DROP election, but not thereafter, and the Annuity Withdrawal amount at time of DROP will be utilized to compute the actuarial reduction of the Participant’s DROP Benefit, as well as the Employee’s month retirement benefit from the General Retirement System after termination of employment. The Annuity Withdrawal amount (accumulated contributions) shall be withdrawn from the General Retirement System at the time of termination of employment and shall not be subject to withdrawal by a DROP Participant at the time of DROP Election. DROP Participants who do not elect the Annuity Withdrawal Option shall have their full unreduced benefit credited to their DROP Account. At the time of the Annuity Withdrawal Option election, if an Employee is electing a straight life form of benefit with no qualifying spouse, the annuity withdrawal reduction computation is based in-part upon the actuarial life expectancy of the Employee (rather than the life expectancies of both the Employee and qualified spouse). There shall be no adjustment to the benefits payable to the DROP Participant/Retiree upon the subsequent marriage of a qualifying spouse. In the event such spouse (i.e. qualified after calculation of the annuity withdrawal election), subsequent qualifies for benefits payable by the General Retirement System, said benefits shall not be adjusted based upon the Employees’ Annuity Withdrawal Option election.
Annuity Withdrawal. 1. Employees in the bargaining unit shall have available to them, in addition to the retirement options already in place, an annuity withdrawal option as follows:
