RETIREMENT (Defined Benefit Plan) Sample Clauses

RETIREMENT (Defined Benefit Plan). The City will provide a defined benefit program for all bargaining unit employees employed prior to May 20, 2019, with the following provisions, beginning July 1, 2001: Pension Eligibility 50 years of age or 25 years of service Benefit Factor .025 Compensation Factor Highest three years of Base Salary Years of Service Cap at 25 years, actual employment Pension Formula Compensation Factor times .025 times Years of Service COLA 3% per year until Social Security The Normal Retirement Age for payment of pension benefits shall be age 50. Pension benefit shall be calculated using an average final compensation equal to the employee’s base salary formula as defined in the City Retirement Plan Document plus 25% of the base salary in overtime. Benefit Offset: Years of Service at Age 50 or on June 30, 2002 % of Social Security Offset 25 Years or less 50% 26 45% 27 40% 28 35% 29 30% 30 or more 25% Benefit offset is calculated on City earnings only and will be calculated at the time of the first Social Security payment. Employees who wish to separate city and outside wages are responsible for determining outside earnings and Social Security impact. Full Vesting 7 years Employee Contribution 7.5 % of Adjusted Base + % of overtime Health/Dental Benefits An employee who is 50 years of age (including Medicare gap) at the time the employee leaves service may turn in unused sick leave which shall be credited to a sick leave bank to pay the cost of insurance. Sick leave bank will be established by multiplying hours of accrued sick leave at the time of retirement, times the employee’s final hourly compensation. An employee who completes 25 years of service and leaves service before reaching age 50 shall be eligible to redeem unused sick leave and receive compensation consistent with current formulas set forth in the City Personnel Rules and Regulations, but shall not be eligible to have unused sick leave credited to a sick leave bank to pay the cost of health insurance. Employees may schedule contributions to ICMA –RC plans at their option. Employees exercising the sick leave bank must join the City’s health plan at the January or July participation date closest to retirement, if not already enrolled. Employee’s surviving spouse shall receive the same health and dental benefits. Only years of service in the Police Department will count toward pension benefits. Police pension benefits will not accrue to non-sworn, non-dispatch personnel hired after March 1, 2003. Those individu...
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Related to RETIREMENT (Defined Benefit Plan)

  • Defined Benefit Plan A plan under which a Participant’s benefit is determined by a formula contained in the plan and no Employee accounts are maintained for Participants.

  • Defined Benefit Pension Plan 1. The Employer and the Union hereby agree to the continuation of the existing Northern California Glaziers, Architectural Metal and Glass Workers Pension Trust Agreement ("Defined Benefit Pension Trust").

  • Retirement Plan The 2.7% at 55 retirement plan will be available to eligible bargaining unit members covered by this Section 6.1.1.

  • Sick Leave Benefit Plan The Sick Leave Benefit Plan will provide sick leave days and short term disability days for reasons of personal illness, personal injury, including personal medical appointments and personal dental appointments.

  • Health Benefit Plan Par. 1. The Health Benefit Plan covering life insurance, sickness and accident benefits, and hospitalization insurance, or any changes thereto that are in accordance with the National Elevator Industry Health Benefit Plan and Declaration of Trust, shall be a part of this Agreement and adopted by all parties signatory thereto.

  • Retirement Plans In connection with the individual retirement accounts, simplified employee pension plans, rollover individual retirement plans, educational IRAs and XXXX individual retirement accounts (“XXX Plans”), 403(b) Plans and money purchase and profit sharing plans (collectively, the “Retirement Plans”) within the meaning of Section 408 of the Internal Revenue Code of 1986, as amended (the “Code”) sponsored by a Fund for which contributions of the Fund’s shareholders (the “Participants”) are invested solely in Shares of the Fund, JHSS shall provide the following administrative services:

  • Benefit Plan If an employee maintains coverage for benefit plans while on maternity or parental leave, the Employer agrees to pay the Employer's share of these premiums.

  • Post Retirement Health Care Benefit Employees who separate from State service and who, at the time of separation are insurance eligible and entitled to immediately receive an annuity under a State retirement program, shall be entitled to a contribution of two hundred fifty dollars ($250) to the Minnesota State Retirement System’s (MSRS) Health Care Savings Plan. Employees who have a HCSP waiver on file shall receive a two hundred fifty dollars ($250) cash payment. If the employee separates due to death, the two hundred fifty dollars ($250) is paid in cash, not to the HCSP. An employee who becomes totally and permanently disabled on or after January 1, 2008, who receives a State disability benefit, and is eligible for a deferred annuity under a State retirement program is also eligible for the two hundred fifty dollar ($250) contribution to the MSRS Health Care Savings Plan. Employees are eligible for this benefit only once.

  • RETIREMENT PICK-UP 257. For the term of this Agreement, the CITY shall pick up the full amount of the employees’ contribution to retirement.

  • Oregon Public Service Retirement Plan Pension Program Members For purposes of this Section 2, “employee” means an employee who is employed by the State on or after August 29, 2003 and who is not eligible to receive benefits under ORS Chapter 238 for service with the State pursuant to Section 2 of Chapter 733, Oregon Laws 2003.

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