Common use of Retirement System Clause in Contracts

Retirement System. 36.1 The employee’s contribution to the Warwick Retirement System shall be the following percentages (%s):  Effective July 1, 2015 – 8%  Effective July 1, 2016 – 8.5%  Effective July 1, 2017 – 9% 36.2 In addition to its regular employer contributions, the City agrees to pay the difference in the normal costs of the system less employee contributions as specified in Section 1 above. 36.3 Employees will be entitled to designate one beneficiary, more than one beneficiary, a contingent beneficiary or beneficiaries and cancel beneficiary or beneficiaries in accordance with regulations prescribed by the Secretary of the Warwick Retirement System Board of Trustees. If there is no beneficiary living, and not inconsistent with state and federal law, any unpaid compensation which becomes payable after the death of an employee will be payable to the first person or persons listed below who are alive on the date entitled to the payment arises in the following order of precedence. Order of Precedence: (a) To the widow or widower. (b) If neither of the above, to the child or children in equal shares, with the share of any deceased child distributed among the descendants of that child. (c) If none of the above, to the parents in equal shares or the entire amount to the surviving parent. (d) If there be none of the above, to the duly appointed representative of the estate of the deceased employee, or if there be none, to the person or persons determined to be entitled thereto under the laws of the domicile of the deceased employee. 36.4 The City agrees to review with the Union any changes, which may be proposed to the City of Warwick Retirement Board of Trustees, which would affect benefits of employees covered under this Agreement. 36.5 Effective January 1, 1987 the City will provide an 85 Plan as outlined in Chapter 60, Section 102 of the City of Warwick Code of Ordinance. 36.6 A Union member shall be elected to the Retirement Board and the President of Local 1651 shall be an ex-officio member of the Retirement Board. 36.7 Effective September 1, 1994, The City agrees to include step increases (formerly called longevity) in the base for the purposes of computing pension entitlements, provided further that employee contributions will be increased from 6% of salary to 7% of salary (including longevity compensation).

Retirement System. 36.1 ‌ (a) The employee’s contribution to the Warwick Retirement System shall be the following percentages (%s):  • Effective July 1, 2015 2021 – 810%  • Effective July 1,2022 – 9.5% • Effective July 1, 2016 2023 – 8.5%  Effective 9.50% (b) For all newly hired employees on or after July 1, 2017 – 92021, the employee contribution rate shall be 10.5%. 36.2 In addition to its regular employer contributions, the City agrees to pay the difference in the normal costs of the system less employee contributions as specified in Section 1 above. 36.3 Employees will be entitled to designate one beneficiary, more than one beneficiary, a contingent beneficiary or beneficiaries and cancel beneficiary or beneficiaries in accordance with regulations prescribed by the Secretary of the Warwick Retirement System Board of Trustees. If there is no beneficiary living, and not inconsistent with state and federal law, any unpaid compensation which becomes payable after the death of an employee will be payable to the first person or persons listed below who are alive on the date entitled to the payment arises in the following order of precedence. Order of Precedence:. (a) To the widow or widower. (b) If neither of the above, to the child or children in equal shares, with the share of any deceased child distributed among the descendants of that child. (c) If none of the above, to the parents in equal shares or the entire amount to the surviving parent. (d) If there be none of the above, to the duly appointed representative of the estate of the deceased employee, or if there be none, to the person or persons determined to be entitled thereto under the laws of the domicile of the deceased employee. 36.4 The City agrees to review with the Union any changes, which may be proposed to the City of Warwick Retirement Board of Trustees, which would affect benefits of employees covered under this Agreement. 36.5 Effective January 1, 1987 the City will provide an 85 Plan as outlined in Chapter 60, Section 102 of the City of Warwick Code of Ordinance. 36.6 A Union member shall be elected to the Retirement Board and the President of Local 1651 shall be an ex-officio member of the Retirement Board. 36.7 Effective September 1, 1994, The City agrees to include step increases (formerly called longevity) in the base for the purposes of computing pension entitlements, provided further that employee contributions will be increased from 6% of salary to 7% of salary include step increases (including longevity compensationformerly called longevity).

Retirement System. 36.1 The employee’s contribution to the Warwick Retirement System shall be the following percentages seven percent (7%s):  ) of basic wages and step increases . Effective July 1, 2015 – 2009, the contribution shall be increased to eight percent (8%  Effective July 1, 2016 – 8.5%  Effective July 1, 2017 – 9%). 36.2 In addition to its regular employer contributions, the City agrees to pay the difference in the normal costs of the system less employee contributions as specified in Section 1 above. 36.3 Employees will be entitled to designate one beneficiary, more than one beneficiary, a contingent beneficiary or beneficiaries and cancel beneficiary or beneficiaries in accordance with regulations prescribed by the Secretary of the Warwick Retirement System Board of Trustees. If there is no beneficiary living, and not inconsistent with state and federal law, any unpaid compensation which becomes payable after the death of an employee will be payable to the first person or persons listed below who are alive on the date entitled title to the payment arises in the following order of precedence. Order of Precedence:procedure.‌‌ (a) To the widow or widower. (b) If neither of the above, to the child or children in equal shares, with the share of any deceased child distributed among the descendants of that child. (c) If none of the above, to the parents in equal shares or the entire amount to the surviving parent. (d) If there be none of the above, to the duly appointed representative of the estate of the deceased employee, or if there be none, to the person or persons determined to be entitled thereto under the laws of the domicile of the deceased employee. 36.4 The City agrees to review with the Union any changes, which may be proposed to the City of Warwick Retirement Board of Trustees, which would affect benefits of employees covered under this Agreement. 36.5 Effective January 1, 1987 the City will provide an 85 Plan as outlined in Chapter 60, Section 102 of the City of Warwick Code of Ordinance. 36.6 A Union member shall be elected to the Retirement Board and the President of Local 1651 shall be an ex-officio member of the Retirement Board. 36.7 Effective September 1, 1994, The City agrees to include step increases (formerly called call longevity) in the base for the purposes of computing pension entitlements, provided further that employee contributions will be increased from 6% of salary to 7% of salary (including longevity compensation).compensation).‌‌‌

Retirement System. 36.1 (a) The employee’s contribution to the Warwick Retirement System shall be the following percentages (%s):  • Effective July 1, 2015 2021 – 810%  • Effective July 1,2022 – 9.5% • Effective July 1, 2016 2023 – 8.5%  Effective 9.50% (b) For all newly hired employees on or after July 1, 2017 – 92021, the employee contribution rate shall be 10.5%. 36.2 In addition to its regular employer contributions, the City agrees to pay the difference in the normal costs of the system less employee contributions as specified in Section 1 above. 36.3 Employees will be entitled to designate one beneficiary, more than one beneficiary, a contingent beneficiary or beneficiaries and cancel beneficiary or beneficiaries in accordance with regulations prescribed by the Secretary of the Warwick Retirement System Board of Trustees. If there is no beneficiary living, and not inconsistent with state and federal law, any unpaid compensation which becomes payable after the death of an employee will be payable to the first person or persons listed below who are alive on the date entitled to the payment arises in the following order of precedence. Order of Precedence:. (a) To the widow or widower. (b) If neither of the above, to the child or children in equal shares, with the share of any deceased child distributed among the descendants of that child. (c) If none of the above, to the parents in equal shares or the entire amount to the surviving parent. (d) If there be none of the above, to the duly appointed representative of the estate of the deceased employee, or if there be none, to the person or persons determined to be entitled thereto under the laws of the domicile of the deceased employee. 36.4 The City agrees to review with the Union any changes, which may be proposed to the City of Warwick Retirement Board of Trustees, which would affect benefits of employees covered under this Agreement. 36.5 Effective January 1, 1987 the City will provide an 85 Plan as outlined in Chapter 60, Section 102 of the City of Warwick Code of Ordinance. 36.6 A Union member shall be elected to the Retirement Board and the President of Local 1651 shall be an ex-officio member of the Retirement Board. 36.7 Effective September 1, 1994, The City agrees to include step increases (formerly called longevity) in the base for the purposes of computing pension entitlements, provided further that employee contributions will include step increases (formerly called longevity) be increased from 6% of salary to 7% of salary (including longevity compensation).