Pension Reform. In the event that there are any changes in Illinois law which increase the financial obligation of the Board to implement the foregoing retirement benefit, including but not limited to a cost-shift of pensions to local school districts, the Board and the NSSEA shall reopen negotiations regarding the retirement benefit and modify the retirement benefit to avoid the increase in cost to the Board. Pending the conclusion of such negotiations, the Board shall not be obligated to implement a retirement benefit for which Board costs have increased due to changes in Illinois law. The Board and the NSSEA may agree to postpone the negotiations if litigation is filed which challenges the relevant change(s) in Illinois law that increase the cost to the Board. However, if the parties negotiate an alternative benefit and a court decision later declares that the change in Illinois law is invalid, the original benefit shall be reinstated for the remainder of this Agreement, and the alternative negotiated benefit rescinded, as best as practicable and in a manner that is cost-neutral to the Board. (i.e., “cost-neutral” means that the Board’s aggregate cost to implement a negotiated alternative benefit and the return to the original benefit will not exceed the cost of the original benefit).
Pension Reform. Support to the Borrower for the implementation of pension sector reforms aimed at establishing a sustainable pension system through: (i) carrying out independent audits and actuarial review of the present pension system; (ii) carrying out an information system needs assessment; and (iii) producing a new investment policy, an assessment of valuation rules and of reporting and disclosure standards, a civil service integration cost analysis, a study of the development of contractual savings and of regulatory and supervision issues, an analysis of the social assistance scheme, and a coverage strategy; all through the provision of technical advisory services, training, carrying out of workshops, and acquisition of equipment. Part B: Enhancing Private Sector Competitiveness
Pension Reform. Notwithstanding the provisions above, effective January 1, 2013, new members as defined by California Public Employees’ Pension Reform Act of 2013 (hereinafter “AB 340”) will be covered under the 2% at 62 Miscellaneous retirement formula or the 2.7% at 57 Safety retirement formula, with a final compensation measurement period of the average of the highest three (3) consecutive years, as well as all other statutory requirements of AB 340. Effective January 1, 2014, new employees and/or members as defined by AB 340 shall contribute half the normal cost for benefits, as defined by AB 340; the City will not pay any portion of these employees’ required contributions. As provided under the law, some new City employees may qualify as “classic” employees by virtue of their prior government service.
Pension Reform. In the event that the Public Employees Benefits Reform Initiative and/or the Public Employees Benefits Reform Act (“the Act”) becomes effective as a matter of State law as a result of a vote of the electors of this State in an election occurring in 2008 the Act will, pursuant to its terms, apply to all employees hired after July 1, 2009. If a court of competent jurisdiction later finds the Act to be invalid, this provision will have no further force and effect.
Pension Reform. The Pensions (Public Service) Act was passed in the Houses of Parliament and assented by the Governor General on October 23, 2017. THE PARTNERS AGREE that The Act will become effective on a day to be appointed by the Minister by Xxxxxx published in the Gazette. The PARTNERS agree that the Regulations to the Act will be finalized after consultations with the unions through a working group established for that purpose.
Pension Reform. They are the people who create the prosperity of our country. Therefore, everyone deserves to know that he is financially secure when he is old. We will prepare a reform that reflects merit and also promotes intergenerational solidarity in families as well. The reform of the pension system will be built on society-wide consensus, which will ensure a long-term perspective.
Pension Reform. OCMA will participate in any countywide discussions which occur during the term of the contract regarding pension reform. APPENDIX A – JOB TITLES 8011MA ADMINISTRATIVE MANAGER I 8012MA ADMINISTRATIVE MANAGER II 8013MA ADMINISTRATIVE MANAGER III 8014MA ADMINISTRATIVE MANAGER III (SPL)
