Vesting and Eligibility for Pensions - Members Sample Clauses

Vesting and Eligibility for Pensions - Members. Hired On or After July 1, 2012. Upon the completion of ten (10) years of service with the City’s Police Department, members of the Police Department shall become vested in their right to receive a service pension from the Police Pension II Fund. Therefore, any member of the Department who retires with the (10) or more years of service with the Police Department shall be entitled to retire and receive (when eligible, as set forth herein) a service pension from the Police Pension II Fund at the applicable service pension accrual rates set forth in Subsection (C) below. Any member who retires with less than ten (10) years of service shall not receive a service pension from the Police Pension II Fund, but shall receive his/her pension contributions back, without interest. Any member of the Police Department who was hired on or after July 1, 2012 and who retires with at least twenty-five (25) years of service shall be entitled to retire and begin receiving his/her pension immediately upon such retirement. Should any vested member of the Police Department who was hired on or after July 1, 2012 retire with less than twenty-five (25) years of service, the payment of his/her service pension benefits from the Police Pension II Fund shall commence only after the date on which said member would have completed twenty-five (25) years of service had the employee continued as a member of the Department notwithstanding the age of the retired member. Unless otherwise stated, for purposes of the pension eligibility provisions and pension accrual rates set forth in this Section 30, “years of service” shall include any eligible “buy back” years established in this Agreement or in any City ordinance, resolution, or other law (i.e. Military Duty buy back years of service); provided, however, no such member shall be permitted to buy back any years of service until he/she has been employed for twenty-five (25) years. Pension Accrual Rates The amount of pension benefits payable under this Subsection (C) upon a member’s receipt of a service pension shall be based upon a designated percentage (see the pension percentages set forth below) of the amount or retirement-eligible pay received by the retiring member in his/her last full year of service. Retirement- eligible pay shall include the following: base salary, Step Increase pay, and Holiday pay. The designated percentage utilized to calculate a retiring member’s service pension benefits under this Subsection (C) shall be based upon...
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