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15.9 percent, and constitute the taxable portion of the Transfer
Refund.
Petitioner did not roll over the Transfer Refund into either
an individual retirement account or an individual retirement
annuity.
When petitioner transferred from the Retirement System to
the Pension System, he had attained the age of 66. If petitioner
had not transferred to the Pension System but had remained a
member of the Retirement System, he would have been entitled to
retire and receive a normal service retirement benefit, including
a regular monthly annuity. He would not have been entitled to
receive a Transfer Refund because a Transfer Refund is payable
only as a consequence of transferring from the Retirement System
to the Pension System.
Also, as a consequence of transferring from the Retirement
System to the Pension System, petitioner became, and presently
is, a member of the Pension System. As a member of the Pension
System, petitioner is entitled to receive a retirement benefit
based upon his salary and his creditable years of service,
specifically including those years of creditable service
recognized under the Retirement System.5 However, because
petitioner received the Transfer Refund on account of
5 Petitioner became a member of the Retirement System in
1966 and therefore had been a member of the Retirement System for
some 24 years at the time of his election to transfer to the
Pension System.
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