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received a distribution (the Transfer Refund) from the Retirement
System in the amount of $348,483.42, which petitioner received in
the form of a check dated February 28, 1991.
The Transfer Refund consisted of $21,461.94 in previously
taxed contributions made by petitioner, and $327,655.59 of
earnings in the form of interest.5 The earnings constitute the
taxable portion of the Transfer Refund.
If petitioner had not transferred to the Pension System but
had remained a member of the Retirement System, she would have
been entitled to retire and receive a normal service retirement
benefit, including a regular monthly annuity, at age 60. She
would not have been entitled to receive a Transfer Refund because
a Transfer Refund is payable only as a result of transferring
from the Retirement System to the Pension System.
As a result 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
her salary and her creditable years of service, specifically
including those years of creditable service recognized under the
Retirement System. However, because petitioner received the
5 So stipulated. However, the sum of these two amounts
equals $349,117.53, which sum exceeds the amount of the Transfer
Refund (i.e., $348,483.42) by $634.11. This discrepancy is not
explained in the record.
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Last modified: May 25, 2011