Defined Benefit Pension Provision Clause Samples
Defined Benefit Pension Provision. Members of the bargaining unit shall be provided pension benefits in accord with the Fire and Police Pension and Retirement Act 345 of P.A. of 1937 as amended. Employees who retire on or after November 1, 2007 Section 6(1)(e) of Act 345 shall be amended to provide that upon retirement from service, as provided in this subsection, a member shall receive a regular retirement pension payable throughout the member’s life as follows: The regular retirement pension shall be equal to 2.8% of the member’s final average compensation multiplied by the years of service credited to the member, with a maximum benefit of 70% of Final Average Compensation (FAC). Employees who have entered the DROP plan, prior to the execution of this agreement, and have an FAC in excess of 70% shall be allowed to maintain their existing pension without change. There shall be no reduction in pension benefits upon attainment of full social security age. It is agreed that Captains ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ and ▇▇▇▇ ▇▇▇▇▇▇ are entitled to a 2.8 multiplier, unreduced at social security age. Members of the Collective Bargaining Group shall be entitled to regular retirement benefits with twenty-five (25) years of service with the Clinton Township Police Department, regardless of their age. However, upon taking any employment after retirement, the employee shall notify the Charter Township of Clinton who their employer is and whether or not health care insurance is available to them, and if the employer offers health care insurance, the Township shall drop the employee from the Township’s insurance for health care until such time as the employee ceases employment, at which time he/she shall be reinstated with the Township health care insurance as soon as possible.
Defined Benefit Pension Provision. Members of the bargaining unit shall be provided pension benefits in accord with the Fire and Police Pension and Retirement Act 345 of P.A. of 1937 as amended. Employees who retire on or after November 1, 2007 Section 6(1)(e) of Act 345 shall be amended to provide that upon retirement from service, as provided in this subsection, a member shall receive a regular retirement pension payable throughout the member’s life as follows: Members of the Collective Bargaining Group shall be entitled to regular retirement benefits with twenty-five (25) years of service with the Clinton Township Police Department, regardless of their age. However, upon taking any employment after retirement, the employee shall notify the Charter Township of Clinton who their employer is and whether or not health care insurance is available to them, and if the employer offers health care insurance, the Township shall drop the employee from the Township’s insurance for health care until such time as the employee ceases employment, at which time he/she shall be reinstated with the Township health care insurance as soon as possible. The regular retirement pension shall be based upon 2.8% of the member’s average final compensation multiplied by the first 25 years of service credited to the member, plus 1% of the member’s average final compensation multiplied by the number of years, and fraction of a year, of service rendered by the member in excess of 25 years of service, without a maximum benefit of Final Average Compensation (FAC). There shall be no reduction in pension benefits upon attainment of full social security age. The regular retirement pension shall be equal to 2.8% of the member’s final average compensation multiplied by the years of service credited to the member, with a maximum benefit of 70% of Final Average Compensation (FAC). There shall be no reduction in pension benefits upon attainment of full social security age.