Common use of Calculation of Service Retirement Allowance Clause in Contracts

Calculation of Service Retirement Allowance. The only service retirement allowance calculation formulae for employees hired on or after July 1, 2005, will be 2.5% at age 55 for General Members and 3.0% at age 50 for Safety Members, with the existing tiers for those formulae. Article 4, Division 4 of the Municipal Code will be revised to reflect this change. For employees hired before July 1, 2005, the retirement allowance calculation formulae will remain as currently provided under Article 4, Division 4 of the Municipal Code.

Calculation of Service Retirement Allowance. The only service retirement allowance calculation formulae formula for employees hired on or after July 1, 20052005 and, subject to Article 4.B.1, before July 20, 2012, will be 2.5% at age 55 for General Members and 3.0% at age 50 for Safety Members, with the existing tiers for those formulae. Article 4, Division 4 of the Municipal Code will be has been revised to reflect this change. For employees hired before July 1, 2005, the retirement allowance calculation formulae formula will remain as currently provided under Article 4, Division 4 of the Municipal Code.

Calculation of Service Retirement Allowance. The only service retirement allowance calculation formulae formula for employees hired on or after July 1, 20052005 and subject to Article 4 E, will be 2.5% at age 55 for General Members and but before July 20, 2012, is 3.0% at age 50 for Safety Members, with the existing tiers for those formulaeformula. Article 4, Division 4 of the Municipal Code will be has been revised to reflect this change. For employees hired before July 1, 2005, the retirement allowance calculation formulae formula will remain as currently provided under Article 4, Division 4 of the Municipal Code.

Calculation of Service Retirement Allowance. The only service retirement allowance calculation formulae formula for employees hired on or after July 1, 2005, will be 2.5% at age 55 for General Members and 3.0% at age 50 for Safety Members, with the existing tiers for those formulaeformula. Article 4, Division 4 of the Municipal Code will be revised to reflect this change. For employees hired before July 1, 2005, the retirement allowance calculation formulae will remain as currently provided under Article 4, Division 4 of the Municipal Code.

Calculation of Service Retirement Allowance. The only service retirement allowance calculation formulae for employees hired on or after July 1, 2005, will be 2.5% 2.5 percent at age 55 fifty-five for General Members and 3.0% 3.0 percent at age 50 fifty for Safety Members, with the existing tiers for those formulae. Article 4, Division 4 of the Municipal Code will be revised to reflect this change. For employees hired before July 1, 2005, the retirement allowance calculation formulae will remain as currently provided under Article 4, Division 4 of the Municipal Code.

Calculation of Service Retirement Allowance. The only service retirement allowance calculation formulae formula for employees hired on or after July 1, 2005, will be 2.5% 3.0 percent at age 55 for General Members and 3.0% at age 50 fifty for Safety Members, with the existing tiers for those formulae. Article 4, Division 4 of the Municipal Code will be revised to reflect this change. For employees hired before July 1, 2005, the retirement allowance calculation formulae will remain as currently provided under Article 4, Division 4 of the Municipal Code.

Calculation of Service Retirement Allowance. The only service retirement allowance calculation formulae for employees hired on or after July 1, 2005, will be 2.5% 2.5 percent at age 55 for General Members and 3.0% at age 50 for Safety Members, with the existing tiers for those formulae. Article 4, Division 4 of the Municipal Code will be revised to reflect this change. For employees hired before July 1, 2005, the retirement allowance calculation formulae will remain as currently provided under Article 4, Division 4 of the Municipal Code.and