Retirement Issues Clause Samples
The 'Retirement Issues' clause addresses matters related to an employee's retirement from an organization. It typically outlines the procedures, benefits, and obligations that apply when an employee reaches retirement age or chooses to retire, such as notice requirements, eligibility for retirement benefits, and the handling of accrued entitlements like unused leave. By clearly defining the rights and responsibilities of both the employer and employee at the point of retirement, this clause helps ensure a smooth transition and minimizes disputes regarding post-employment benefits or obligations.
Retirement Issues. ▇. ▇▇▇▇▇▇▇ Retirement Formula Determination of each employee’s pension formula will be administered as required by ▇▇▇▇▇▇▇.
1. Safety Tier 1 - Retirement benefits for Classic employees entering membership for the first time in the Safety Classification prior to October 5, 2012, shall be calculated using the retirement formula of 3% @ 50 with Single-Highest Year Final Compensation.
2. Safety Tier 2 - Retirement benefits for Classic employees entering membership for the first time in the Safety Classification on or after October 5, 2012, shall be calculated using the retirement formula of 2% @ 50, with Average of Three-Year Final Compensation.
3. Safety Tier 3 - Effective January 1, 2013, New members shall have retirement benefits calculated using the retirement formula of 2.7% at age 57, with Average of Three-Year Final Compensation.
B. Employee CalPERS Contributions Calculation of the employee contribution toward normal cost will be administered as required by ▇▇▇▇▇▇▇.
1. Employees subject to Tier 1 and Tier 2 CalPERS retirement formulas will pay the employee contribution of 9% of reportable compensation.
2. Employees subject to Tier 3 CalPERS retirement formula pay 50% of the normal cost of their pension as required by law.
Retirement Issues. Section 1. Upon retirement from the Keystone Local School District, a teacher shall be eligible for severance pay according to the following conditions:
A. Payment shall be for ¼ of the teacher’s accumulated sick leave days but not to exceed seventy-five (75) days, at the employee’s daily rate of pay.
B. Additional days for severance pay shall be granted upon meeting the following criteria:
1. One (1) additional day of severance pay for each year the teacher has accumulated three hundred (300) sick days as of the second pay in October of each year during the last five (5) years of employment.
2. A teacher meeting the requirements specified in Section 6.C. of this article.
C. No payment shall be made until the teacher has been accepted into the retirement of a state employment retirement system.
Section 2. The employee must have at least ten (10) years of service with the state of Ohio, a political subdivision, or a combination thereof.
Section 3. The severance pay benefit may be used only once.
Section 4. The severance pay policy will be in accordance with state statutes.
Section 5. In the event of the death of an employee, his/her severance pay to which he/she would have been entitled, as calculated in accordance with Sections 1 through 4, shall be paid to the beneficiary designated on his/her Board-provided life insurance.
Retirement Issues. 18.1 Reduced Workload
a. Reduced services employment may consist of either of the following: Equivalent of one-half the number of sequential days of service required by the unit member’s contract of employment during his/her final year of service in a full-time position and will commence on the first day of the first half of the work year or the first day of the second half of the work year; or; Equivalent to half-time employment per day of the full school year.
b. A unit member must have reached the age of fifty-five years prior to reduced services employment. The unit member must have been employed full-time in a position requiring certification for at least ten years of which the immediately preceding five years were full- time employment.
c. A unit member shall be paid a salary which is one-half of the salary that would have been earned had the unit member not elected to exercise the option of reduced services employment. The unit member’s State Teachers Retirement System contribution, paid by both the District and the unit member, shall be the same as if the unit member taught full-time.
d. The District shall provide participating unit members with health and welfare benefits according to Education Code 44922.
e. This section shall conform to the mandatory provisions of Education Code 44922.
Retirement Issues. A. CalPERS Retirement Formula Determination of each employee’s pension formula will be administered as required by CalPERS.
1. Tier 1 - Retirement benefits for Classic members entering membership for the first time in the miscellaneous classification prior to October 5, 2012, shall be calculated using the retirement formula of 2% @ 55 with Single-Highest Year Final Compensation.
2. Tier 2 - Retirement benefits for Classic members entering membership for the first time in the miscellaneous classification on or after October 5, 2012, shall be calculated using the retirement formula of 2% @ 60, with Average of Three-Year Final Compensation.
3. Tier 3 - Effective January 1, 2013, New members shall have retirement benefits calculated using the retirement formula of 2% at age 62, with Average of Three- Year Final Compensation.
B. CalPERS Contribution Calculation of the employee contribution toward normal cost will be administered as required by CalPERS.
1. Employees in Tier 1 and 2 will pay 7% of the CalPERS employee contribution.
2. Employees in Tier 3 pay 50% of normal cost of their pension.
Retirement Issues. The County will maintain 1959 Survivor Benefits, Level 4 pursuant to Government Code §21382.5. Each employee shall contribute the employee's contribution as required by CalPERS.
Retirement Issues.
▇. ▇▇▇▇▇▇▇ Retirement Formula Determination of each employee’s pension formula will be administered as required by ▇▇▇▇▇▇▇.
1. Safety Tier 1 - Retirement benefits for Classic members entering membership for the first time in the safety classification, prior to October 5, 2012, shall be calculated using the retirement formula of 3% @ 50 with Single-Highest Year Final Compensation.
2. Safety Tier 2 - Retirement benefits for Classic members entering membership for the first time in the safety classification, on or after October 5, 2012, shall be calculated using the retirement formula of 2% @ 50, with Average of Three-Year Final Compensation.
3. Safety Tier 3 - Effective January 1, 2013, New members shall have retirement benefits calculated using the retirement formula of 2.7% at age 57, with Average of Three-Year Final Compensation.
B. CalPERS Contribution Calculation of the employee contribution toward normal cost will be administered as required by CalPERS.
1. Safety employees subject to Tier 1 Tier 2 will pay 9% of reportable compensation to help fund their pension.
2. Safety employees subject to Tier 3 will pay 50% of the normal cost of their pension. The County agrees to continue the provisions contained in Section 414(h) (2) of the Internal Revenue Code concerning the tax treatment of employee retirement contributions to CalPERS.
Retirement Issues. The parties agree to establish a Joint Working Group to review and make recommendations with respect to employment relationships and engagement with the University for faculty and librarians approaching, at, and post retirement.
Retirement Issues.
▇. ▇▇▇▇▇▇▇ Retirement Formula.
1. Tier 1 - Retirement benefits for employees hired prior to October 5, 2012 shall be calculated using the retirement formula of 3% @ 50 with Single- Highest Year Final Compensation.
2. Tier 2 - Retirement benefits for employees hired on or after October 5, 2012 shall be calculated using the retirement formula of 2% @ 50, with Average of Three-Year Final Compensation.
3. Tier 3 - Effective January 1, 2013, new members to the CalPERS system shall have retirement benefits calculated using the retirement formula of 2.7% at age 57, with Average of Three-Year Final Compensation.
B. Employee CalPERS Contributions
1. Effective the third full pay period following adoption of the MOU by the Board of Supervisors, employees subject to Tier 1 and Tier 2 CalPERS retirement formulas will pay the employee contribution of 9% of reportable compensation.
2. Employees subject to Tier 3 CalPERS retirement formula pay 50% of the normal cost of their pension as required by law. The County shall endeavor to comply with the PEPRA pension reform statute.
Retirement Issues. 18.1 Reduced Workload Eligible unit members may be granted the right to reduce their workload to no less than half-time upon request. Participating members will share the responsibility of a full-time assignment for a minimum of one (1) year.
a. Reduced services employment may consist of either of the following: Equivalent of one-half the number of sequential days of service required by the unit member’s contract of employment during his/her final year of service in a full-time position and will commence on the first day of the first half of the work year or the first day of the second half of the work year; or; Equivalent to half-time employment per day of the full school year.
b. A unit member must have reached the age of fifty-five years prior to reduced services employment. The unit member must have been employed full-time in a position requiring certification for at least ten years of which the immediately preceding five years were full- time employment.
Retirement Issues. The County will maintain 1959 Survivor Benefits, Level 4 pursuant to Government Code §21382.5. Each employee shall contribute the employee's contribution as required by ▇▇▇▇▇▇▇.