Common use of Member Option Clause in Contracts

Member Option. Pursuant to the class action settlement, a Lifeguard Member may choose, upon application for retirement, one of the following two options: i. The Retirement Calculation Factor in effect on July 1, 2000, with no change in the Lifeguard Member’s Final Compensation; OR ii. A ten% increase in the Lifeguard Member’s Final Compensation, with the Lifeguard Member’s Unmodified Service Retirement Allowance calculated using the Retirement Calculation Factor in effect on June 30, 2000.

Member Option. Pursuant to the class action settlement, a Lifeguard Member may choose, upon application for retirement, one of the following two options: i. a. The Retirement Calculation Factor in effect on July 1, 2000, with no change in the Lifeguard Member’s Final Compensation; OR ii. b. A ten% ten percent increase in the Lifeguard Member’s Final Compensation, with the Lifeguard Member’s Unmodified Service Retirement Allowance calculated using the Retirement Calculation Factor in effect on June 30, 2000.