Common use of Section II Clause in Contracts

Section II. of the firefighters’ pension shall apply to all employees hired after May 28, 1992, Section II of the pension plan shall include, and the current pension ordinanc- es of the City shall be modified, to reflect the following concepts:  Non-Service related disability - same as Section I  Widows and survivors benefits - same as Section I  Income Offset - same as Section I  Retirement after 20 years - 50%  Retirement after 30 years – 75% (2% per year from 21 to year 25, and 3% per year from 26 and 30 years of service not to exceed 75% total.  No smoking as a condition of employment  Mandatory physical fitness program for all employees hired after May 28, 1992  Age at hiring - no less than 21 years of age and no greater than 30 years of age  Pension benefit based on the last three years of service. Effective January 1, 2005, pension benefits will be based upon the last year of service, which benefits shall be calculated by using daily pro-ration.  Any employee retiring between July 1, 2005, and September 18, 2005, shall have his or her pension calculated at 50% of creditable income for 20 years of service plus 3% for each year of service between years 21 and 30 to a maximum of 80% (pro- rated daily for partial years of service). After September 18, 2005, no employee shall retire at a percentage higher than 75%.  COLA capped at 3% annually  66⅔% for job-related disabilities of heart, lung, cancer and Social Security qualified disabilities in the same manner as prescribed in Section 4 (d) above.  Conclusive presumption language as in the present collective bargaining agreement  Funding for Section II Pension shall be 1/3 of the cost by the employee and 2/3 by the City. The initial contribution is expected to be 11% by the employee and 22% by the City.