the city council, no person is present pursuant to the provisions hereof to act as clerk thereof, such body shall elect one of their members as clerk pro tempore." SEC. 2. This act shall take effect upon its passage. CHAPTER 487. [2372] AN ACT AUTHORIZING THE CITY OF PROVIDENCE TO H778. Approved HIRE THE SUM OF FIVE HUNDRED THOUSAND May 7, 1923. DOLLARS FOR SEWER PURPOSES. time to It is enacted by the General Assembly as follows: SEC. 3. This act shall take effect upon its passage. CHAPTER 488. [2373] AN ACT AUTHORIZING THE CITY OF PROVIDENCE TO It is enacted by the General Assembly as follows: SECTION 1. The city of Providence is hereby authorized and empowered from time to time to hire not exceeding the sum of one hundred and twenty-five thousand dollars and to issue its notes and bonds or either therefor, and to renew any such notes from time to time as the same become due. All money raised by authority hereof shall be exclusively used and expended for the purchase and improvement of lands, the construction of buildings and the equipment and furnishing of land and buildings for public parks, parkways or playground purposes whether purchased hereunder or previously acquired for such purposes by said city. SEC. 2. The city council of said city shall cause any bonds issued by authority hereof to be issued for such time and in such amounts as shall be fixed by said city council; and after any issue of any such bonds, said city council shall annually appropriate, so long as any such bonds are outstanding, besides a sum to pay the interest thereon, a sum to be placed as a sinking fund sufficient for the redemption of said bonds when due, and all premiums arising from the sale of said bonds shall be placed to the credit of said sinking fund. SEC. 3. This act shall take effect upon its passage. CHAPTER 489. [2374] AN ACT TO PROVIDE FOR THE RETIREMENT OF EM- H 700 A. PLOYEES OF THE CITY OF PROVIDENCE. SECTION 1-Definitions. 2-Name and Date of Establishment. 3-Retirement Board. 4-Investment of Funds. 5-Method of Financing. 6-Guarantee by City. 7-Membership of Retirement System. 8-Service Creditable. 9-Benefits Payable. 10-Options. 11-Benefits to Present Beneficiaries. Benefits. 13-State Supervision. 14-Exemption from Taxation. 15-Protection against Fraud. 16-Guarantee of Present Pension 17-Referendum. It is enacted by the General Assembly as follows: Approved SECTION 1. DEFINITIONS. The following words Definitions. and phrases as used in this act, unless a different meaning is plainly required by the context shall have the following meanings: System." (1) "Retirement System" shall mean the Em- "Retirement ployees' Retirement System of the city of Providence as defined in section 2 of this act. (2) "Employee" shall mean any regular and "Employee." permanent employee or officer of the city of Provi dence, whose business time is devoted exclusively to the service of the city of Providence. The retire ment board shall determine who are employees within the meaning of this act, but under no circumstances shall any member of the city council be considered as such employee. (3) "Members" shall mean any person included in the membership of the retirement system as provided in section 7. (4) "Retirement Board" shall mean the board provided in section 3 of this act to administer the retirement system. (5) "Service" shall mean service as an employee of the city of Providence as described in subdivision (2) of this section. (6) "Prior Service" shall mean service as a member rendered before the fifth day of January, 1925, certified on his prior service certificate and allowable as provided in section 8 of this act. (7) "Total Service" shall mean prior service as defined above, plus service rendered as a member on or after the fifth day of January, 1925. (8) "Beneficiary" shall mean any person in receipt of a pension, an annuity, a retirement allowance, or other benefit as provided by this act. (9) "Regular Interest" shall mean interest at four per cent. per annum, compounded, annually. (10), "Accumulated Contributions" shall mean the sum of all the amounts deducted from the compensation of a member and credited to his individual account in the annuity savings fund, together with regular interest thereon. (11) "Final Compensation" shall mean the average annual compensation, pay or salary earnable by a member during his last ten years of service as an employee. (12) "Annuity" shall mean payments for life derived from the accumulated contributions of a member. All annuities shall be paid in equal monthly installments. (13) "Annuity Reserve" shall mean the present Reserve. value of all payments to be made on account of any annuity or benefit in lieu of any annuity granted under the provisions of this act, computed upon the basis of such mortality tables as shall be adopted by the retirement board with regular interest. (14) "Pension" shall mean annual payments for “Pension." life derived from appropriations provided by the city of Providence under the provisions of this act. Reserve. (15) "Pension Reserve" shall mean the present "Pension value of all payments to be made on account of any pension or benefit in lieu of any pension computed upon the basis of such mortality tables as shall be adopted by the retirement board with regular interest. system hereby established. SEC. 2. NAME AND DATE OF ESTABLISHMENT. Retirement A retirement system is hereby established and placed under the management of the retirement board for the purpose of providing retirement allowances for employees of the city of Providence under the provisions of this act. The retirement system so created shall begin operation as of the fifth day of January, 1925. It shall have the powers and privileges of a corporation, and shall be known as the "Employees' Retirement System of the City of Providence," and by such name all of its business shall be transacted, all of its funds invested and all of its cash and securities and other property held. SEC. 3. RETIREMENT BOARD. (1) The general administration and the responsibility for the proper operation of the retirement system and for making effective the provisions of this act are hereby vested in a retirement board. The retirement board shall from time to time establish rules and regulations imperament system to board, be vested in. |