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When petitioner transferred from the Retirement System to
the Pension System, she had attained the age of 61. 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
Transfer Refund on account of transferring from the Retirement
System to the Pension System, petitioner's monthly annuity is
less than the monthly annuity she would have received if she had
not transferred to the Pension System but had retired under the
Retirement System.
In 1991, petitioner received annuity payments from the
Pension System in the total amount of $6,814, of which $6,798 was
the taxable amount.
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Last modified: May 25, 2011