Common use of Benefit Determination Clause in Contracts

Benefit Determination. Employees retiring on or after September 15th, 1988 will be provided with a pension equal to 1.55% of annual earnings times number of years of service at time of retirement. Effective September 15, 2006: Employees retiring on or after September 15, 2006 will be provided with a pension equal to 1.6% of annual earnings times number of years of service at time of retirement. Effective September 15, 2009: Employees retiring on or after September 15, 2009 will be provided with a pension equal to 1.65% of annual earnings times number of years of service at time of retirement. Earnings will be determined by the rate of the retiring employee's job times the total number of normal hours worked in a year, per the employee's regular schedule.

Benefit Determination. Employees retiring on or after September 15th, 1988 will be provided with a pension equal to 1.55% of annual earnings times number of years of service at time of retirement. Effective September 15, 2006: Employees retiring on or after September 15, 2006 will be provided with a pension equal to 1.6% of annual earnings times number of years of service at time of retirement. Effective September 151, 2009: Employees retiring on or after September 151, 2009 will be provided with a pension equal to 1.65% of annual earnings times number of years of service at time of retirement. Earnings will be determined by the rate of the retiring employee's job times the total number of normal hours worked in a year, per the employee's regular schedule.