« PreviousContinue »
Withdrawal and Ordinary death benefit, how payable.
(c) if there be no widow or child under the age of sixteen years surviving such deceased member, then to his dependent father or mother, as the deceased member shall have nominated by written designation, duly acknowledged and filed with the retirement board; or if there be no such nomination, then to his dependent father or to his dependent mother, as the retirement board in its discretion shall direct, to continue for life.
Withdrawal and Ordinary Death Benefit.
(9) Benefits upon withdrawal and ordinary death shall be payable as follows:
(a) A member who withdraws from service or ceases to be a member for any reason other than death or retirement shall be paid on demand the accumulated contributions standing to the credit of his individual account in the annuity savings fund.
(b) Should a member die before retirement his accumulated contributions shall be paid to his estate, or to such person as he shall have nominated by written designation, duly executed and filed with the retirement board.
SEC. 10. OPTIONS. Until the first payment on account of any retirement benefit is made, the beneficiary, or, if he be an incompetent, then his wife, or, if he has no wife, a guardian of his estate, may elect to receive such benefit in a retirement allowance, payable throughout life, or the beneficiary may then elect to receive the actuarial equivalent, at that time, of his retirement allowance in a lesser retirement allowance as determined by actuarial calculation, which shall be payable throughout life with the provision that:
Option 1. If he die before he has received in payments the present value of his retirement allowance as it was at the time of his retirement, the balance
shall be paid to his legal representatives, or such person having an insurable interest in his life, as he, his wife or his guardian so electing, shall nominate by written designation, duly acknowledged and filed with the retirement board.
Option 2. Upon his death, his lesser retirement Option 2. allowance shall be continued throughout the life of and paid to such person having an insurable interest in his life, as he, his wife or his guardian so electing, shall nominate by written designation duly acknowledged and filed with the retirement board at the time of his retirement.
Option 3. Upon his death, one-half of his lesser re- Option 3. tirement allowance shall be continued throughout the life of and paid to such person having an insurable interest in his life, as he, his wife, or his guradian so electing, shall nominate by written designation duly acknowledged and filed with the retirement board at the time of his retirement.
Option 4. Some other benefit or benefits shall be Option 4. paid either to the beneficiary or to such person or persons as he, his wife, or his guardian, so electing, shall nominate provided such other benefit or benefits, together with such lesser retirement allowance shall be certified by the actuary of the board of trustees to be of equivalent actuarial value to his benefit and shall be approved by the retirement board.
SEC. 11. BENEFITS TO PRESENT BENEFICIARIES. Should the public school teachers' retirement fund of the city of Providence, established under chapter 485 of the public laws of 1897, become unable to continue the payment of the annuities of the beneficiaries on the roll as of the date on which this retirement system is established at the rates and amounts actually paid to the beneficiaries for the
Beneficiaries teachers rebeneficiaries system, when.
tirement fund to become
Same subject. month of April, 1923, then all cash and securities standing to the credit of such fund shall be transferred to the pension accumulation fund of this system and all teachers then contributing to such public school teachers' retirement fund shall be relieved from further contributions to such fund, anything in any other existing law or regulation to the contrary notwithstanding. Thereafter the annuities to the beneficiaries on the rolls as of the date on which the public school teachers' retirement fund became unable to meet its maturing obligations, who had been on the rolls as of the date on which this retirement system is established, shall be continued and paid at the same rate and amount as was paid during the month immediately preceding the passage of this act, and such payments shall be made from the pension accumulation fund of this system.
SEC. 12. PENSIONS OFFSET BY COMPENSATION BENEFITS. Any amounts paid or payable under the provisions of any workmen's compensation law or as the result of any action for damages for personal injuries against the city of Providence, on account of death or disability of a member, shall be offset against and payable in lieu of any benefits payable out of funds provided by the city of Providence under the provisions of this act on account of the death or disability of the member. If the value of the total commuted benefits under any such workmen's compensation law or action is less than the pension reserve on the benefits otherwise payable from funds provided by the city of Providence under this act, the value of the commuted payments shall be deducted from the pension reserve and such benefits as may be provided by the pension reserve so reduced shall be payable under the provisions of this act.
SEC. 13. STATE SUPERVISION. The operation of the retirement system shall be subject to the supervision of the state department of insurance.
operation of system subject
to state de
partment of insurance.
from taxation of certain
SEC. 14. EXEMPTION FROM TAXATION. The right Exemption of a member or beneficiary to a pension, an annuity, a retirement allowance, to the return of contributions, any benefit or right accrued or accruing to any person under the provisions of this act, and the monies in the various funds created hereunder, are hereby made exempt from any state or municipal tax. SEC. 15. PROTECTION AGAINST FRAUD. Every Penalty for person who knowingly or wilfully makes or presents or in any wise procures the making or presentation of any false or fraudulent affidavit or affirmation concerning any claim for pension or payment thereof, shall in every case forfeit a sum not exceeding two hundred and fifty dollars, to be sued and recovered by and in the name of the retirement board of the retirement system, and when recovered, paid over to and thereupon become a part of the funds of the retirement system.
SEC. 16. GUARANTEE OF PRESENT PENSION BENEFITS. The city of Providence is hereby authorized and directed upon written request made on or before January 4, 1926 by any person who at the time this act takes effect is a member of its police or fire department, whether in active service or on pension, and who has not become a member of the retirement system created by this act, to enter into an agreement securing to him the continuation of the present and prospective benefits of the pension system of which he is a member and guaranteeing that the rights and benefits thereof affecting him shall not be abridged.
SEC. 17. This act shall be submitted to the electors of the city of Providence qualified to vote
Present benefits to police or fire
department to be guaranteed
This act to be
submitted to the electors,
when and how.
Same subject. at the election to be held on the Tuesday next after the first Monday in November, A. D. 1924. The board of canvassers of said city shall cause to be printed upon the ballots to be used in said election the question: "Shall the act passed by the general assembly as its January session, A. D. 1923, to provide for the retirement of employees of the city of Providence be accepted?", and at the right of said question there shall be a square in which shall be printed the word "Yes", and under such square there shall be another square in which there shall be printed the word "No," and at the right of each of said words there shall be sufficient space in which the elector may indicate his approval by a cross (X) mark at the right of the word "Yes," or his disapproval by a like mark at the right of the word "No". If a majority of the electors voting on said question at such election shall vote "Yes," this act shall be accepted; and if a majority thereof shall vote "No," it shall be rejected. The votes on said question shall be counted, ascertained and declared by the same officials and in like manner as the votes for candidates for the general officers in said city are required to be counted, ascertained and declared.
SEC. 18. Section 17 of this act shall take effect upon the passage of this act and the remainder of this act shall take effect when accepted by the electors of said city of Providence as hereinbefore provided.