53 Pa. Stat. § 30563

Current through Pa Acts 2024-53, 2024-56 through 2024-95

Section 30563 - Superannuation retirement allowance

Any contributor who has reached superannuation retirement age may retire for superannuation by filing with the board a written statement duly signed by the contributor setting forth at which time he desires to be retired. Said application shall retire said contributor at the time so specified.

On retirement for superannuation, a beneficiary shall receive a retirement allowance which shall consist of (1) a member's annuity which shall be the actuarial equivalent of his accumulated deductions standing to his credit in the members' annuity reserve account, and (2) a city annuity equal to one one-hundred-twentieth of his final salary multiplied by each year of total service and in addition thereto in the case of an original member one one-hundred-twentieth of his final salary multiplied by each year of prior service. At any time, the board, by rule, may, by increasing the city annuity, authorize the payment of a minimum retirement allowance of one hundred dollars ($100) per month to every beneficiary who has retired for superannuation after twenty years' service, but the total city annuity shall never exceed fifty per centum of the final salary.

Whenever the board has, by rule, authorized the members of the retirement system to transfer from the one one-hundred-twentieth class to the one one-hundredth class, or whenever the board shall hereafter, by rule, authorize the transfer to the one-eightieth class, the city annuity shall be calculated as follows:

(1) For service prior to the time of transfer, at the one one-hundred-twentieth rate or the one one-hundredth rate, as the case may be.

(2) For service subsequent to the time of transfer to the time of retirement, or to the time of a subsequent transfer, at the rate applicable during such period.

(3) For all service prior to the time of commencing contribution, as the time he contributed at the one one-hundred-twentieth rate bears to the total time of contribution and as the time he contributed at any other rate herein provided for bears to the total time of contribution.

53 P.S. § 30563

1959, Sept. 23, P.L. 970, § 13.