[NRO T. 4, §§ 5201 to 5204
(Secs. 2-661 to 2-664 of the 1987 Code)]
All teachers of the City who are eligible and
are desirous of securing a pension upon retirement shall make application,
pay the required contributions and retain membership in the state
teacher's retirement association of which he or she is qualified to
become a member.
Any teacher of the City who retains membership
in the state teacher's retirement association at the time of his or
her retirement and whose annual benefits therefrom at retirement do
not amount to a sum equal to 1/2 of the basic annual salary for the
municipal fiscal year next preceding retirement shall, when annually
recommended and approved in accordance with the provisions of present
existing pension laws by the respective boards now having jurisdiction
in such matters, receive annually thereafter and if necessary, from
the City, a supplemental pension in an amount which, when added to
the annual benefits received from the retirement system, will equal
but not exceed 1/2 of the basic annual salary received for the municipal
fiscal year next preceding retirement.
All municipal pensions for teachers granted
and approved prior to December 31, 1945, and in full force and effect
as of that date, shall be continued when approved annually in accordance
with the provisions of the present laws governing the granting and
payment of the same.
No application for a pension made in accordance
with the provisions of existing local pension acts shall be considered
or approved if submitted by a teacher of the City who is eligible
to membership in the state teacher's retirement association and who
neglects to attain membership in that system.
