METHOD TWO. Use the total of the Periodic Pensionable Earnings from the highest three calendar (payroll) years. These years need not be consecutive years. There shall be no skips and drops within the three calendar (payroll) years. Add the total Periodic Pensionable Earnings to Terminal Earnings and then divide by 36. VTA shall change retirement tables to 2% at age fifty-five (55) with a maximum of 2.4% at age sixty-five and thereafter, for employees covered by this Agreement who retire on or after July 1, 2002. VTA and the Union agree that all incremental increases in Pension payments as negotiated since July 1973 shall be continued. The "Rule of 70" pre-retirement death benefit, with a reduced benefit for the survivor, will be available at no cost to the employee. In the event an active employee dies before retirement, VTA shall pay and furnish the Medical Plan for the spouse/registered domestic partner and dependents covered by the Plan at time of death for the next continuous 12 months. VTA and the Union shall continue to enforce Item 7 of the 1987-90 Pension Sideletter. The parties agree that effective February 4, 2002, in accordance with Part A, Section 5.2, the wage payable will be reduced by five cents per hour for all classifications covered by this Agreement, except Bus Operator Trainee and Rail Operator Trainee. This reduction will be added to the four existing reductions, bringing the total paid contribution to the Spousal Medical Fund for all hours paid to twenty-five (.25) cents per hour. For each hour worked (regardless of the rate, premium or type of pay) VTA shall continue to contribute the twenty-five (.25) cents per hour to the Fund, which is administered by the Board of Pensions. Said Fund is to be used for the purpose of providing Retiree Spousal Medical Plan coverage. Any other use of this Fund for Retiree Spousal benefits must be approved by the Board of Pensions. Should funds be insufficient to provide Spousal Medical Benefits, no cost shall be incurred by VTA. The Board of Pensions may also approve charges against the Fund for administrative costs. The Board of Pensions shall also determine the starting date, method, manner, and application of the benefit. The parties agree that effective February 5, 2001, in accordance with Part A, Section 5.2, the wage payable will be reduced by an accumulative ten (.10) cents per hour for all classifications covered by this Agreement, except Bus Operator Trainee and Rail Operator Trainee. This reduction will be contributed to the Retiree Vision/Dental Fund. Said Fund is to be used for the purposes of providing Retiree vision care coverage and then Retiree dental care coverage. This Vision/Dental Fund shall be administered by the Board of Pensions in the same manner as the Spousal Medical Fund. The parties recognize that Assembly Xxxx (AB) 1064, effective January 1, 2004 will require administrative changes to the Santa Xxxxx Valley Transportation (VTA)-Amalgamated Transit Union, Local 265 (ATU) Pension Plan. The parties agree that required changes shall be made to the Plan to implement the provisions of this Xxxx. Should the provisions of this Xxxx change, or new legislation be passed that alter these requirements, the parties agree that the Plan shall be amended to reflect these changes. Contributions for Spousal Medical and Retiree Vision/Dental shall continue to be made in the amounts and by the methodology indicated above until 3/22/2010.
Appears in 3 contracts
METHOD TWO. Use the total of the Periodic Pensionable Earnings from the highest three calendar (payroll) years. These years need not be consecutive years. There shall be no skips and drops within the three calendar (payroll) years. Add the total Periodic Pensionable Earnings to Terminal Earnings and then divide by 36. VTA shall change retirement tables to 2% at age fifty-five (55) with a maximum of 2.4% at age sixty-five and thereafter, for employees covered by this Agreement who retire on or after July 1, 2002. VTA and the Union agree that all incremental increases in Pension payments as negotiated since July 1973 shall be continued. The "Rule of 70" pre-retirement death benefit, with a reduced benefit for the survivor, will be available at no cost to the employee. In the event an active employee dies before retirement, VTA shall pay and furnish the Medical Plan for the spouse/registered domestic partner and dependents covered by the Plan at time of death for the next continuous 12 months. VTA and the Union shall continue to enforce Item 7 of the 1987-90 Pension Sideletter. The parties agree that effective February 4, 2002, in accordance with Part A, Section 5.2, the wage payable will be reduced by five cents per hour for all classifications covered by this Agreement, except Bus Operator Trainee and Rail Operator Trainee. This reduction will be added to the four existing reductions, bringing the total paid contribution to the Spousal Medical Fund for all hours paid to twenty-five (.25) cents per hour. For each hour worked (regardless of the rate, premium or type of pay) VTA shall continue to contribute the twenty-five (.25) cents per hour to the Fund, which is administered by the Board of Pensions. Said Fund is to be used for the purpose of providing Retiree Spousal Medical Plan coverage. Any other use of this Fund for Retiree Spousal benefits must be approved by the Board of Pensions. Should funds be insufficient to provide Spousal Medical Benefits, no cost shall be incurred by VTA. The Board of Pensions may also approve charges against the Fund for administrative costs. The Board of Pensions shall also determine the starting date, method, manner, and application of the benefit. The parties agree that effective February 5, 2001, in accordance with Part A, Section 5.2, the wage payable will be reduced by an accumulative ten (.10) cents per hour for all classifications covered by this Agreement, except Bus Operator Trainee and Rail Operator Trainee. This reduction will be contributed to the Retiree Vision/Dental Fund. Said Fund is to be used for the purposes of providing Retiree vision care coverage and then Retiree dental care coverage. This Vision/Dental Fund shall be administered by the Board of Pensions in the same manner as the Spousal Medical Fund. The parties recognize that Assembly Xxxx Bill (AB) 1064, effective January 1, 2004 will require administrative changes to the Santa Xxxxx Valley Transportation (VTA)-Amalgamated Transit Union, Local 265 (ATU) Pension Plan. The parties agree that required changes shall be made to the Plan to implement the provisions of this XxxxBill. Should the provisions of this Xxxx Bill change, or new legislation be passed that alter these requirements, the parties agree that the Plan shall be amended to reflect these changes. Contributions for Spousal Medical and Retiree Vision/Dental shall continue to be made in the amounts and by the methodology indicated above until 3/22/2010.
Appears in 2 contracts
