2000 Retirement Benefit Changes Clause Samples
The "2000 Retirement Benefit Changes" clause outlines modifications to retirement benefits that took effect in the year 2000. It typically details adjustments to pension formulas, eligibility requirements, or benefit calculations for employees retiring after a specified date. For example, the clause may specify new accrual rates or updated vesting schedules that apply to service rendered from 2000 onward. Its core function is to clearly communicate changes in retirement plan provisions, ensuring that affected employees understand how their future benefits may differ from previous terms and addressing the need for transparency and compliance with updated regulations.
2000 Retirement Benefit Changes. City and POA, having met and conferred, and having participated in the settlement of a class action lawsuit challenging the calculation of “compensation earnable” have agreed to benefit changes to SDCERS. The benefit changes resulting from this class action settlement were approved by the CERS active and retired membership in June, 2000.
2000 Retirement Benefit Changes. City and Local 145, having met and conferred, and having participated in the settlement of a class action lawsuit challenging the calculation of “compensation earnable” have agreed to benefit changes to SDCERS. The benefit changes resulting from this class action settlement were approved by the SDCERS active and retired membership in June 2000.
2000 Retirement Benefit Changes. City and Local 145, having met and conferred, and having participated in the settlement of a class action lawsuit challenging the calculation of “compensation earnable” have agreed to benefit changes to SDCERS. The benefit changes resulting from this class action settlement were approved by the SDCERS active and retired membership in June, 2000.
a. Formula Change for Calculation of SDCERS Monthly Retirement Benefit. The Retirement Calculation Factor to be applied to the Fire Safety Member’s high one year salary at specified ages may be increased from the current levels to those shown below for all retirements effective on or after July 1, 2000 if the Fire Safety Member selects this option. Retirement Age Retirement Calculation Factor effective Retirement Calculation Factor effective 1/01/97-6/30/00 [Current] 7/01/00 [New] 50 2.50% 3.00% 51 2.60% 3.00% 52 2.70% 3.00% 53 2.80% 3.00%