- 4 - 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.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 Next
Last modified: May 25, 2011