2930 ARTICLE 77

1927; ch. 344j sec. 96.

99. (Benefits.)
Service Retirement Benefit.

(1) (a) Any member in service may retire upon written application to
the Board of Trustees setting forth at what time, not less than thirty days
nor more than ninety days subsequent to the execution and filing thereof,
he desires to be retired, provided that the said member at the time so speci-
fied for his retirement; shall have attained the age of sixty, and notwith-
standing that, during such period of notification, he may have separated
from service.

(b) Any member in service who has attained the age of 70 shall be re-
tired forthwith provided that with the approval of the State Board of Edu-
cation he may remain in the service until the end of the school year follow-
ing the date on which he attains the age of 70.

Allowance for Service Retirement.

(2) Upon retirement for service a member shall receive,a service retire-
ment allowance which shall consist of:

(a) An annuity which shall be the actuarial equivalent of his accumu-
lated contributions at the time of retirement; and

(b) A pension in addition to his annuity which shall be equal to one
one-hundred and fortieth of his average final compensation multiplied by
the number of years of his service since he last became a member; and

(c) If he has a prior service certificate in full force and effect, an addi-
tional pension which shall be equal to one-seventieth of his average final
compensation multiplied by the number of years of service certified on his
prior service certificate.

Disability Retirement Benefit.

(3) Upon the application of a member in service or of his State or
County Superintendent of Schools, any member who has had five or more
years of creditable service may be retired by the Board, of Trustees, not
less than thirty and not more than ninety days' next following the date of
filing such application, on a disability retirement allowance, provided that
the Medical Board, after a medical examination of such member, shall cer-
tify that such, member is mentally or physically incapacitated for the fur-
ther performance of duty, that such incapacity is likely to be permanent,
and that such member should be retired.

Allowance on Disability Retirement.

(4) Upon retirement for disability a member shall receive a service
retirement allowance if he has attained age 60, otherwise he shall receive
a disability retirement allowance which shall consist of:

(a) An annuity which shall be the actuarial equivalent of his accumu-
lated contributions at the time of retirement; and

(b) A pension which, together with his annuity, shall provide a total
retirement allowance equal to ninety per centum of one-seventieth of his
average final compensation multiplied by the number of years of his
creditable service, if such retirement allowance exceeds one-quarter of his
average final compensation; otherwise a pension which, together with his