Benefit Computation Clause Samples

Benefit Computation. All hours paid to an employee shall be considered as hours worked for the purpose of computing any of the benefits under this Agreement.

Benefit Computation. For purposes of this Agreement and the method of computing EIB, PTO, seniority, and other benefit conditions of employment, except as otherwise provided for herein, a “month” shall be defined as one hundred seventy-three and thirty-three one hundredths (173.33) hours of work, and a “year” shall be defined as two thousand eighty (2,080) hours of work. Time worked, which is paid on an overtime basis, shall count as time worked for purposes of computing benefits not to exceed two thousand eighty (2,080) hours within any twelve (12) month period. Regular full-time and part-time nurses who are asked not to report for work as scheduled or are sent home because of low census shall also have their low census day hours count for purposes of computing service increments and accrual of fringe benefits. Nurses shall be eligible to receive accrued benefits on a calendar year basis, but their benefits shall be computed on the basis of two thousand eighty (2,080) paid hours and low census hours per year as defined above. Service increments shall become effective at the beginning of the first payroll period following completion of one (1) year of employment as defined above.

Benefit Computation. An eligible employee, upon early retirement, shall receive as early retirement benefits, a one time amount based upon computations associated with employee’s salary as of September 1,1981, based upon the 1981-1982 Salary Schedule. following as benefits on September 1, 1982. 1. Age 60:100% of the difference between the salary associated with Class 1-Step 4 and the employees salary as of September 1, 1981, on the 1981-82 salary schedule. 2. Age 61: 90% of the difference between the salary associated with Class I-Step 4 and the employee’s salary as of September 1, 1981, on the 1981-82 salary schedule. 3. Age 62: 80% of the difference between the salary associated with Class I-Step 4 and the employee’s salary as of September 1, 1981, on the 1981-82 salary schedule. 4. Age 63: 70% of the difference between the salary associated with Class I-Step 4 and the employee’s salary as of September 1, 1981, on the 1981-82 salary schedule. 5. Age 64: 60% of the difference between the salary associated with Class 1-Step 4 and the employee’s salary as of September 1, 1981, on the 1981-82 salary schedule. 6. Age 65: 50% of the difference between the salary associated with Class 1-Step 4 and the employee’s salary as of September 1, 1981, on the 1981-82 salary schedule.

Benefit Computation. For purposes of this Agreement and the method of computing EIB, PTO, seniority, and other benefit conditions of employment, except as otherwise provided for herein, a “month” shall be defined as one hundred seventy-three and thirty-three one hundredths (173.33) hours of work, and a “year” shall be defined as two thousand eighty (2,080) hours of work. Time worked, which is paid on an overtime basis, shall count as time worked for purposes of computing benefits not to exceed two thousand eighty (2,080) hours within any twelve (12) month period. Regular full-time and part-time nurses who are asked not to report for work as scheduled or are sent home because of low census shall also have their low

Benefit Computation. A. The monthly pension benefits of Officers who retire due to age and service, or on account of service-connected total disability, shall be based upon the Officer’s monthly average salary during his/her last thirty-six (36) months of employment, referred to as final average salary (“FAS”). The compensation to be used in determining the FAS shall be the same compensation used by the Social Security Administration in its computation of the Medicare portion of the Social Security tax. FAS shall include all payments which a member contributes to a Section 125 plan and/or a 457 plan by payroll deduction. B. Opt-out payments earned after January 1, 2017 will not be included in the FAS calculation, nor shall they be subject to a pension deduction/contribution. C. In addition, Officers who retire who were recipients of Heart and Lung/Workers Compensation benefits paid by the Township in their last 36 months of employment shall have those payments considered as compensation for the purposes of calculating their monthly final average salary. D. The Township shall calculate the Officer’s monthly average salary during his/her final 36 months of employment in accordance with current procedures whereby the first calendar year of the calculation is prorated. Further, for an Officer paid a lump sum in lieu of using his/her remaining paid leave prior to retirement date, the calculation will add the days representing the lump sum to the actual retirement date to create a new effective date for monthly average salary calculation purposes only. E. There shall be zero percent (0%) Social Security Offset for Officers who retire under the terms of this Agreement.

Benefit Computation. Compensatory time off taken by an eligible employee during the employees regularly scheduled working hours shall be considered as time worked in computing benefits for that employee. (In no event may an employee be credited with more than forty hours worked in a work week).