Retirement Program. Any employee employed prior to October 1, 1977, working at least seventy (70) hours per month shall by law be a member of the Washington Public Employees Retirement system (PERS) Plan One. Any employee working at least seventy (70) hours per month, entering employment on or after October 1, 1977, shall by law be a member of the School Employees Retirement System, Plan Two or Three. The District shall provide each new employee information concerning PERS or SERS membership benefits.
Retirement Program. This retirement program is established for the express purpose of encouraging the retirement of Tenured Academic Employees at a time earlier than the Employee might otherwise retire where such early retirement will be of bona fide mutual benefit, economic or otherwise, to the College and the Academic Employee.
Retirement Program. Section 15.6 Effective January 1, 2002 the current retirement plan for employees covered by this Agreement as set forth in Appendix B shall be amended to provide that the normal retirement date will be a) age 62 and 8 years of service; or b) the participants age plus years of benefit service equals 85 (“Rule of 85”) and the employee contributions shall be increased by an additional two percent (2%) to four and one-half percent (4 ½ %) of gross pay. Effective January 1, 2007, the employee pension contribution shall be increased by one percent (1%) to five and one-half percent (5.5%). Effective January 1, 2009, the employee pension contribution shall increase by an additional one percent (1%) to six and one-half percent (6.5%). Effective January 1, 2011 eligible employees covered under this agreement who participate in the Defined Benefit Retirement Plan will have an employee contribution change from 6.5% of gross pay (pre-tax) to 8.5% of gross pay (pre-tax) for 2011. Effective January 1, 2012 eligible employees covered under this agreement who participate in the Defined Benefit Retirement Plan will have an employee contribution change from 8.5% of gross pay (pre-tax) to 10% of gross pay (pre-tax) for 2012. Beginning with the 2011 plan year, employees who participate in the Lenawee County Board of Commissioners Retirement Income Plan (Defined Benefit Plan) will have the option to freeze their Defined Benefit by opting out of the Defined Benefit Plan and be enrolled in the Lenawee County Board of Commissioners Defined Contribution Plan. Employees opting out of the Defined Benefit Plan will NOT have the opportunity to opt back in. Employees who opt out must do so during designated periods prior to the beginning of the plan year. The plan year begins on January 1 and ends on December 31.
Retirement Program. Retirement benefits are provided through TIAA and/or Fidelity Investments Retirement Plan (collectively "the Program"). The College will match the employee's own contribution up to a maximum of eight and one-half percent (8.5%) for the contract year. The employee may select 2%, 3%, 4%, 5%, 6%, 6.5%, 7%, 7.5%, 8.0%, or 8.5% as his/her own aggregate contribution rate to the retirement plan, which may be allocated to one or more of the plans, subject to minimums within any such plan. The employee's contribution rate shall be deducted from and calculated upon only that compensation earned under nine-month contracts, twelve-month contracts, and summer contracts. The College shall make no retirement contribution in respect to compensation earned under part-time and overload contracts or earned as cash-in-lieu of insurance. For details see copy of the College retirement plan document on file in the College Human Resources Office.
Retirement Program. The District and the Federation recognize the need to provide a retirement program to certificated employees who are not yet Medicare-eligible. The provisions of this program are as follows:
Retirement Program. Executive shall be entitled to all benefits pursuant to the Long Term Retirement Program, if he is a party to such program.
Retirement Program. 7.01 During the 2019 negotiations, the parties reached detailed pension agreements which are set forth in Attachment A-1 (Albertsons/Safeway) and Attachment A-2 (Kroger) to the parties’ Health & Welfare and Pension Agreement. The required employer hourly contributions are set forth in this Article below and in the parties’ pension agreements. Each Employer and the Union agree to be bound by the terms and provisions of that certain Trust Agreement creating the Sound Retirement Trust dated January 13, 1966, and as subsequently amended. Further, each Employer accepts as his representatives, for the purpose of such Trust Fund, the Employer Trustees who will be appointed by Allied Employers, Inc., to serve on the Board of Trustees of said Trust Fund and their duly appointed successors. Each Employer and the Union also agree to be bound by the terms of the parties’ Health & Welfare and Pension Agreement. At such time as the Kroger transfer to the UFCW Consolidated Fund is complete and all of the terms of the Kroger Pension Agreement have been met, Kroger will no longer participate in the Sound Retirement Trust.
Retirement Program. The District shall continue to pay the employee contribution to the Public Employees Retirement System, not to exceed six percent (6%). The parties agree that this section shall not be modified or reopened during the life of this agreement.
Retirement Program. All permanent employees, including part-time employees whose employment is considered permanent at Sauk Valley Community College, are required to participate in the State Universities Retirement System, effective with the beginning of the first day of employment. Details concerning retirement allowances, disability benefits, reciprocity, and refunds are contained in the System’s Handbook issued to every member at the beginning of his/her employment.
