Common use of Tier III Clause in Contracts

Tier III. Subject to the enactment of enabling legislation amending the 1937 Employees’ Retirement Act to allow such election, the County will permit certain Tier II employees to elect a Tier III Retirement Plan under the following conditions: A. The County and the Labor Coalition must agree on the wording of the legislation and both parties must support the legislation. B. Except for disability, all benefit rights, eligibility for and amounts of all other benefit entitlements for Tier III, from and after the date of implementation, shall be the same as Tier I. The disability benefits for Tier III shall be the same as the current Tier II disability provisions.

Tier III. Subject to the enactment of enabling legislation amending the 1937 Employees’ Retirement Act to allow such election, the County will permit certain Tier II employees to elect a Tier III Retirement Plan under the following conditions: A. a. The County and the Labor Coalition must agree on the wording of the legislation and both parties must support the legislation. B. b. Except for disability, all benefit rights, eligibility for and amounts of all other benefit entitlements for Tier III, from and after the date of implementation, shall be the same as Tier I. The disability benefits for Tier III shall be the same as the current Tier II disability provisions. c. The amount of the employee's required retirement contribution shall be established by the County Employees' Retirement Association