Retirement benefits.
Section 12
SEC. 12. Retirement benefits.— Upon retirement an Employee shall be entitled to a life annuity payable monthly as long as he lives but in no case for less than two year The amount of his monthly annuity shall be whatever eighty per centum of the premiums credited to his account with three per centum per annum interest, compounded monthly, shall purchase at his retirement, according to the mortality table and rate of interest adopted by the Commission: Provided, That the percentage of the premiums with interest to the credit of an employee which may be applied to the purchase of retirement benefits may be changed by the Commission in accordance with such rules as it may adopt, but in no case shall such percentage be less than seventy per cent nor more than ninety per cent of the premiums with interest to the credit of the employee: Provided, further, That if the employee has paid his contributions for at least ten years and has rendered to an employer at least three years of continuous service immediately prior to his retirement, the minimum amount of the monthly annuity shall be twenty-five pesos: Provided, further, That if the premiums set aside for the purchase of the annuity be not sufficient to satisfy the said minimum amount, one-half of the deficit shall be borne and paid to the System by his last employer in accordance with such rules to cover the other half, the employee's monthly contribution provided in section nineteen hereof shall be continued and regulations as the Commission may prescribe, and deducted from his annuity as long as necessary, but in no case for a period exceeding ten years. During the reemployment of a retired employee his annuity shall be suspended and he shall be subject agai1 to the provisions of section nineteen hereof, and his employer to section twenty. On reaching the age of sixty years and after having rendered at least five years of service in an employment, covered employee shall have the option to retire under this Act.