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Session Laws, 1972
Volume 708, Page 2618   View pdf image
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2618                        County Local Laws

his deputy [a deputy treasurer] only upon vouchers signed by two
persons designated by the board of trustees. A duly attested copy of a
resolution of the board of trustees designating such persons and bear-
ing on its face specimen signatures of such persons shall be filed
with the director of finance [treasurer] as his authority for making
payments upon such vouchers. No voucher shall be drawn unless it
has previously been authorized by resolution of the board of trustees.

Section 20-54. Funds—Generally.

All of the assets of the retirement system shall be credited, ac-
cording to the purpose for which they are held, among [five] three
funds, namely, the annuity savings fund, [the annuity reserve fund,]
the pension accumulation fund, [the pension reserve fund] and the
expense fund.

Section 20-55. Same—Annuity savings fund.

(a) The annuity savings fund shall be a fund in which shall be
accumulated contributions from the compensation of members to
provide for their annuities. Upon the basis of such tables as the
board of trustees shall adopt and regular interest, the actuary of the
retirement system shall determine for each member the proportion of
earnable compensation which, when deducted from each payment of
his prospective compensation earnable prior to his attainment of age
sixty and accumulated at regular interest until his attainment of
such age, shall be computed to provide at that time an annuity equal
to one one-hundred-twentieth of average final compensation for each
year of service as a member at age sixty, and commencing as of July
1,1971 with respect to each Group 1, Group 2 or Group 3 member
who is an appointed department head an additional rate of compensa-
tion computed to provide an annuity at age sixty equal to the differ-
ence between one-eightieth and one one-hundred-tenth of average fi-
nal compensation for each year of service as a member on and after
July 1, 1971 prior to his attaining age sixty.
Such proportion of
compensation shall be computed to remain constant. Each member
who has a Group 1, Group 2 or Group 3 member on December 31,
1960, shall either continue to make contributions at the rate applica-
ble to him on that date, or elect, by filing a form with the board of
trustees, on or before sixty days from the date of approval and enact-
ment, to continue at the rate applicable to him on January 1, 1961,
plus an additional rate of compensation computed to provide an an-
nuity at age sixty-five equal to the difference between one one-hun-
dred-twentieth and one one-hundred-thirtieth of the average annual
earnable compensation during his last ten years of continuous, honor-
able and faithful service, multiplied by the number of years of service
after December 31, 1960.

(e) Subject to the approval of the board of trustees, in addition
to the contributions deducted from compensation as hereinbefore
provided, any member may redeposit in the annuity savings fund by
a single payment or by an increased rate of contribution an amount
equal to the total amount which he previously withdrew therefrom as


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Session Laws, 1972
Volume 708, Page 2618   View pdf image
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