Viewing page 92 of 127

This transcription has been completed. Contact us with corrections.

-8- 
the date on which the annuity began to accrue. Individuals receiving annuities shall report to the Board immediately all such compensated service. 

COMPUTATION OF RETIREMENT ANNUITIES
SECTION 3. 
(a) The retirement annuity shall be computed, (i) by multiplying an individual's "year of service" by the following percentages of his "monthly compensation": 2 per centum of the first $50; 1 1/2 per centum of the next $100; and 1 per centum of the excess over $150, and (ii) by subtracting from the product in 9i0 the "air line share" of any primary insurance benefit which the individual would be entitled to receive, upon application therefor, pursuant to section 202(a) of the Social Security Act, as amended. Such subtraction shall be made at such time as the individual may, upon filling application therefor, become entitled to such primary insurance benefit. For the purpose of this subsection the "air line share" shall mean the primary insurance benefit to which a pilot would be entitled pursuant to section 202(a) of the Social Security Act, as amended, if the wages (as defined in section 209 (a) of the Social Security Act, as amended, and not in excess of $3000 in any single calendar year) paid after 1936 to such pilot by an employer as defined in section l(a) were the total of the wages on which such primary insurance benefit was based: PROVIDED, HOWEVER, That, in no event shall the "air line share" be smaller in relation to such total primary insurance benefit to which such pilot is entitled than the ration of the wages (as defined in section 209(a) of the Social Security Act, as amended, and not in excess of $3000 in any single calendar year) paid after 1936 to such pilot by an employer as defined in section l(a) is of the total wages on which such primary insurance benefit is based.