Longevity Payment Schedule Sample Clauses
Longevity Payment Schedule. For the purpose of determining the District’s longevity payment towards a retiree’s Retiree HRA Trust account; years of credited service shall mean: a minimum of ten (10) years of service with a California PERS participating agency(ies) ,and a minimum of five (5) years of service, of the ten (10) years of service must be performed exclusively for the District. Credited Years Of Service District Longevity Payment (Percentage of Premium Cost) 1-9 MEC 10........................................................................................................50 11........................................................................................................55 12........................................................................................................60 13........................................................................................................65 14........................................................................................................70 15........................................................................................................75 16........................................................................................................80 17........................................................................................................85 18........................................................................................................90 19........................................................................................................95 20 or more 100 Employees who retire for disability are considered fully vested annuitants entitled to the full employer health benefit contribution equivalent to 100% of the cost of coverage under their selected eligible plan capped at the greater of the highest cost basic or PERS Choice plan in the Bay Area Region, or when applicable, the greater of the appropriate highest Medicare/Combination HMO or PERS Choice Plan offered by the CalPERS Health Benefit Program in the Bay Area Region. The District shall make longevity payment contributions into a retiree’s Retiree HRA Trust Account for the duration of the retiree’s life and that of their eligible surviving spouse or surviving state registered domestic partner and/or qualified dependent children as determined by PEMHCA. The District shall cease to make contributions into a retiree’s Retiree HRA Trust Account upon the retiree’s death if the retiree does not have a surviving spouse, state regis...
Longevity Payment Schedule. An employee completing five (5) years of full-time continuous service at the College prior to December 1st shall receive a Longevity payment of $300 payable the last pay period prior to Christmas Holiday. An employee completing ten (10) years of full-time continuous service at the College prior to December 1st shall receive a Longevity payment of $400 payable the last pay period prior to Christmas Holiday. An employee completing fifteen (15) years of full-time continuous service at the College prior to December 1st shall receive a Longevity payment of $600 payable the last pay period prior to Christmas Holiday. An employee completing twenty (20) years of full-time continuous service at the College prior to December 1st shall receive a Longevity payment of $850 payable the last pay period prior to Christmas Holiday.
Longevity Payment Schedule. For the purpose of determining the District’s longevity payment towards a retiree’s Retiree HRA Trust account, years of credited service shall mean the employee’s years of service with the District, as follows: Credited Years District’s Longevity Payment Of Service with the District Percentage of Premium Cost 0 – 9 years MEC 10 – 14 years 25% 15 – 19 years 50% 20 – 24 years 75% 25 + years 100% Employees who retire for disability are considered fully vested annuitants entitled to the full employer health benefit contribution equivalent to 100% of the lesser of the cost of coverage under their selected eligible plan capped at the lesser of the lowest cost Basic HMO or PERS Choice plan in the Bay Area Region, or when applicable, the lesser of the appropriate lowest cost Medicare/Combination HMO or PERS Choice plan offered by the CalPERS Health Benefit Program in the Bay Area Region. The District shall cease to make contributions into a retiree’s Retiree HRA Trust Account upon the retiree’s death if the retiree does not have a surviving spouse, state registered domestic partner, or eligible dependent(s), or upon the surviving spouse or state registered domestic partner’s or eligible dependent(s) death if these should succeed the retiree, or earlier, on the date the surviving spouse, state registered domestic partner’s or eligible dependent(s) cease to be eligible participants in the CalPERS Health Benefit Program (PEMHCA).
Longevity Payment Schedule. All longevity payments shall be made in November in accordance with regular payroll procedures and shall be subject to all applicable deductions. Any employee whose employment terminates prior to November 15 shall receive no part of any longevity payment.