72-1761.Same; retirement and payment of employees; conditions; rulesand regulations.Any school employee who has been credited under the rules andregulations of such board of education with an aggregate of 30years of school service to such board of education and has attained the ageof 60 may be retired by such board of education, or at the requestof the employee shall be retired by such board of education. No creditshall be given any school employee for additional years of school servicein excess of 30 years. Any school employee so retired under theforegoing provisions of this section shall be entitled to receive a schoolannuity from such retirement fund so long as such school employee may live,in equal monthly installments which shall aggregate annually 1/2of the average annual salary for any five years in which the highestcompensation was received during the last 10 years of school serviceto the board of education.
Any school employee, who has been credited under the rules andregulations of such board of education with an aggregate of less than 30but not less than 20 years ofschool service to theboard of education and has attained the age of 60, may be retiredby such board of education, or at the request of the employee shall beretired by such board of education. Any school employee, so retired withless than 30 years but not less than20 years, shall beentitled to receive a school annuity from such retirement fund so long assuch school employee may live, in equal monthly installments, the annualaggregate of which shall be such percentage of 1/2 of the averageannual salary for any five years in which the highest compensation wasreceived during the last 10 years of service tothe board ofeducation as the number of years of such accredited school service of theannuitant shall bear to the term of 30 years. All school annuities shallbe paid in equal monthly installmentsbeginning on the first day of the month following such retirement. Prior school service shall be credited tothe school employee's service record up to and including, but not in excessof 20 years before September 1, 1939, except that should any schoolemployee on September 1, 1939,be unable to obtain anaggregate of 20 years of school service before attaining age 70,then such school employee with15 or more years ofschool service may be retired and then shall be entitled to receive aschool annuity from such retirement fund so long as such school employeemay live, in equal monthly installments, the annual aggregate of whichshall be such percentage of 1/2 of the average annual salary for thelast 10 years of school service to the boardof education as thenumber of years of such accredited school service of the annuitant shallbear to the term of 30 years.School annuitants retired by the board of education prior to the time thisamendment takes effect shall receive school annuities as provided in thestatutes in effect at the time of their retirement.
History: L. 1939, ch. 264, § 4; L. 1943, ch. 252, § 1; L. 1949,ch. 367, § 1; L. 1967, ch. 384, § 2; L. 1984, ch. 289, § 4; July 1.
72-1761.Same; retirement and payment of employees; conditions; rulesand regulations.Any school employee who has been credited under the rules andregulations of such board of education with an aggregate of 30years of school service to such board of education and has attained the ageof 60 may be retired by such board of education, or at the requestof the employee shall be retired by such board of education. No creditshall be given any school employee for additional years of school servicein excess of 30 years. Any school employee so retired under theforegoing provisions of this section shall be entitled to receive a schoolannuity from such retirement fund so long as such school employee may live,in equal monthly installments which shall aggregate annually 1/2of the average annual salary for any five years in which the highestcompensation was received during the last 10 years of school serviceto the board of education.
Any school employee, who has been credited under the rules andregulations of such board of education with an aggregate of less than 30but not less than 20 years ofschool service to theboard of education and has attained the age of 60, may be retiredby such board of education, or at the request of the employee shall beretired by such board of education. Any school employee, so retired withless than 30 years but not less than20 years, shall beentitled to receive a school annuity from such retirement fund so long assuch school employee may live, in equal monthly installments, the annualaggregate of which shall be such percentage of 1/2 of the averageannual salary for any five years in which the highest compensation wasreceived during the last 10 years of service tothe board ofeducation as the number of years of such accredited school service of theannuitant shall bear to the term of 30 years. All school annuities shallbe paid in equal monthly installmentsbeginning on the first day of the month following such retirement. Prior school service shall be credited tothe school employee's service record up to and including, but not in excessof 20 years before September 1, 1939, except that should any schoolemployee on September 1, 1939,be unable to obtain anaggregate of 20 years of school service before attaining age 70,then such school employee with15 or more years ofschool service may be retired and then shall be entitled to receive aschool annuity from such retirement fund so long as such school employeemay live, in equal monthly installments, the annual aggregate of whichshall be such percentage of 1/2 of the average annual salary for thelast 10 years of school service to the boardof education as thenumber of years of such accredited school service of the annuitant shallbear to the term of 30 years.School annuitants retired by the board of education prior to the time thisamendment takes effect shall receive school annuities as provided in thestatutes in effect at the time of their retirement.
History: L. 1939, ch. 264, § 4; L. 1943, ch. 252, § 1; L. 1949,ch. 367, § 1; L. 1967, ch. 384, § 2; L. 1984, ch. 289, § 4; July 1.
72-1761.Same; retirement and payment of employees; conditions; rulesand regulations.Any school employee who has been credited under the rules andregulations of such board of education with an aggregate of 30years of school service to such board of education and has attained the ageof 60 may be retired by such board of education, or at the requestof the employee shall be retired by such board of education. No creditshall be given any school employee for additional years of school servicein excess of 30 years. Any school employee so retired under theforegoing provisions of this section shall be entitled to receive a schoolannuity from such retirement fund so long as such school employee may live,in equal monthly installments which shall aggregate annually 1/2of the average annual salary for any five years in which the highestcompensation was received during the last 10 years of school serviceto the board of education.
Any school employee, who has been credited under the rules andregulations of such board of education with an aggregate of less than 30but not less than 20 years ofschool service to theboard of education and has attained the age of 60, may be retiredby such board of education, or at the request of the employee shall beretired by such board of education. Any school employee, so retired withless than 30 years but not less than20 years, shall beentitled to receive a school annuity from such retirement fund so long assuch school employee may live, in equal monthly installments, the annualaggregate of which shall be such percentage of 1/2 of the averageannual salary for any five years in which the highest compensation wasreceived during the last 10 years of service tothe board ofeducation as the number of years of such accredited school service of theannuitant shall bear to the term of 30 years. All school annuities shallbe paid in equal monthly installmentsbeginning on the first day of the month following such retirement. Prior school service shall be credited tothe school employee's service record up to and including, but not in excessof 20 years before September 1, 1939, except that should any schoolemployee on September 1, 1939,be unable to obtain anaggregate of 20 years of school service before attaining age 70,then such school employee with15 or more years ofschool service may be retired and then shall be entitled to receive aschool annuity from such retirement fund so long as such school employeemay live, in equal monthly installments, the annual aggregate of whichshall be such percentage of 1/2 of the average annual salary for thelast 10 years of school service to the boardof education as thenumber of years of such accredited school service of the annuitant shallbear to the term of 30 years.School annuitants retired by the board of education prior to the time thisamendment takes effect shall receive school annuities as provided in thestatutes in effect at the time of their retirement.
History: L. 1939, ch. 264, § 4; L. 1943, ch. 252, § 1; L. 1949,ch. 367, § 1; L. 1967, ch. 384, § 2; L. 1984, ch. 289, § 4; July 1.
