HomeMy WebLinkAbout04/28/1943
SUFFOLK COUNTY WAR COUNCIL
Griffing Ave.
Riverhead New York
April 28 1943
To
Deputy County ~irectors, Chairmen of Local
War P"r'ice & Ratj.oning Boards and Supervisors
Cnair~an, Suffolk County War Council
Retirement System Fund
From
Subject
.
.
Many of the clerks and stenographers employed in local
township offices of Civilian Protection, Rationing Boards and
Volunteer Offices have been taken off the County payroll by
the Federal Government or some other employer, and have left
their retirement contribution fund intact,
There has been some inquiry from several former employees
as to what happens to this fund, and the following is quoted
from a statemer:t issued by the County Auditor;
"Employees of the County of Suffolk, members of the New York
State Retirement System, when leaving the service of the County
of Suffolk, may: if they so desire, allow their contributions
to remain in the Recirement Fund for a period of five years
after the termination of their services; or they may withdraw
their contributions immediately when leaving the employ of the
county.
"Contrib'.ltions remaining intact in the Retirement Fund, tho the
employee is employed elsewhere outside of the county government,
will draw interest at 4% per year; this rate of interest applies
to only such employees as are members as of June 30, 1943;
members joining the Retirement System after July 1, 1943 will be
credited with interest at 3% per year on all of their contrib-
utions.
"Contribution rates are based on the age of the employee at time
of joining the Retirement System. It is to the advantage of the
employee, who has left the employ of the county, and in
anticipation of returning later to county service, to allow his
contribution to remain in the Retirement Fund. Thus, when such
employees re-enter the service of the county, their contributions
are intact and have earned interest at .~% and the employee will
continue to contribute on his original rate of contribution.
"In the case of employees who withdraw all of their contributions
when leaving the employ of the county, and who later re-enter
the service of the county, they will have to refund all with-
drawn amounts in order to receive credit for their past services,
and what is more Significant, they have to join the Retirement
System as new members and their rate of contribution will be
greater by the number of years absence from county service, as
the rate of contribution increases with the age of the employee.
"Vihile the above information is given in connection with county
service, it also applies to all Towns, Villages and other
municipal divisions of the County of Suffolk. However, it does
not apply to Federal service. The Federal Government has its
own Retirement System and transfers are not made between that
and the State system."
This office would appreciate your informing any former
employee that this sum of money to his or her credit, may be
obtained upon application to the County Auditor at Riverhead.
iaf
J.I3~~
L. BARRON HILL, Chairman
per ~