Employee Retirement System Sample Clauses

Employee Retirement System. The parties will submit legislation to the County Council that would amend ▇▇▇▇▇▇▇▇▇▇ County Code to provide for the following revisions affecting bargaining unit employees. (a) Group E (1) Non-integrated Plan: (A) Pension Formula - 60 percent @ 25 years; 72 percent max plus sick leave credits for an overall max of 76 percent. For a Group E member who is a member of the optional plan and retires on a normal retirement, the annual pension must equal 2.4 percent of average final earnings, for each of the first 25 years of credited service completed, and 2 percent of average final earnings for each year of credited service of more than 25 years, to a maximum of 31 years plus sick leave credits. Years of credited service of less than one full year must be prorated. Sick leave credits used for years in excess of 25 years must be credited at 2 percent of average final earnings. The maximum benefit with the application of sick leave credits must not exceed 76 percent of average final earnings. (B) Contributions For members of group E who are in the Optional Retirement Plan, the contribution is 8½ percent.5 (2) Integrated Plans (Optional and Mandatory): (A) Pension Formula – 60 percent @ 25 years; 72 percent max plus sick leave credits for an overall max of 76 percent, up to SSNRA; reduce the pre-SS benefit to 1.25 percent of average final earnings after attainment of SSNRA. For a Group E member in the integrated retirement plan who retires on a normal retirement, the annual pension must be computed as follows: (i) From the date of retirement to the month that the member reaches Social Security normal retirement age:

Employee Retirement System