Common use of Widows Benefit Clause in Contracts

Widows Benefit. Effective July 1, 2023, all Pay Schedule 1-C members will contribute an additional 1% contribution to the Employees' Retirement System. Effective July 1, 2026, all Pay Schedule 1-C members who have completed at least twenty-five (25) years of creditable service will be entitled to the Option 7 benefit, a 50% spousal benefit at no cost to the employee in retirement, provided the member meets the 36-month contribution requirement to pay for the Option 7 benefit. A Pay Schedule 1-C member who retires between July 1, 2023 and June 30, 2026 may purchase the Option 7 benefit by paying a post-tax 1% lump -sum equivalent of contributions for the period of time between their retirement effective date and July 1, 2026 based on the member's base salary at the time of retirement. The lump sum payment must be made on or before the member's retirement effective date and will not be included in the member's DROP Account. A Pay Schedule 1-C member who retires on or after July 1, 2026 and selects both the DROP and the Option 7 benefit may recoup some of the additional contributions for the Option 7 benefit in the member's DROP account. In order to meet the 36-month contribution requirement to pay for the Option 7 benefit, those members who select both the DROP and the Option 7 benefit must pay a post-tax lump-sum equivalent of contributions to cover the portion of the 36-month requirement that was included in the member's DROP benefit. The lump sum payment must be made prior to the member's retirement effective date. The additional contributions will be codified in Section 5-1-203 of the County Code. The Option 7 benefit will be codified in Section 5-1-231 of the County Code and the County Code will be the controlling document in the case of any discrepancies.

Widows Benefit. ‌ Effective July 1, 2023, all Pay Schedule 1-C members will contribute an additional 1% contribution to the Employees' Retirement System. Effective July 1, 2026, all Pay Schedule 1-C members who have completed havecompleted at least twenty-five (25) years of creditable service will be entitled to the Option 7 benefit, a 50% spousal benefit at no cost to the employee in retirement, provided the member meets the 36-month contribution requirement to pay for the Option 7 benefit. A Pay Schedule 1-C member who retires between July 1, 2023 and June 30, 2026 may purchase the Option 7 benefit by paying a post-tax 1% lump -sum equivalent of contributions for the period of time between their retirement effective date and July 1, 2026 based on the member's base salary at the time of retirement. The lump sum payment must be made on or before the member's retirement effective date and will not be included in the member's DROP Account. A Pay Schedule 1-C member who retires on or after July 1, 2026 and selects both the DROP and the Option 7 benefit may recoup some of the additional contributions for the Option 7 benefit in the member's DROP account. In order to meet the 36-month contribution requirement to pay for the Option 7 benefit, those members who select both the DROP and the Option 7 benefit must pay a post-tax lump-sum equivalent of contributions to cover the portion of the 36-month requirement that was included in the member's DROP benefit. The lump sum payment must be made prior to the member's retirement effective date. The additional contributions will be codified in Section 5-1-203 of the County Code. The Option 7 benefit will be codified in Section 5-1-231 of the County Code and the County Code will be the controlling document in the case of any discrepancies.

Widows Benefit. ‌ Effective July 1, 2023, all Pay Schedule 1-C members will contribute an additional 1% contribution to the Employees' Retirement System. Effective July 1, 2026, all Pay Schedule 1-C members Cmembers who have completed havecompleted at least twenty-five (25) years of creditable service will be entitled to the Option 7 benefit, a 50% spousal benefit at no cost to the employee in retirement, provided the member meets the 36-month contribution requirement to pay for the Option 7 benefit. A Pay Schedule 1-C member who retires between July 1, 2023 and June 30, 2026 may purchase the Option 7 benefit by paying a post-tax 1% lump -sum equivalent of contributions for the period of time between their retirement effective date and July 1, 2026 based on the member's base salary at the time of retirement. The lump sum payment must be made on or before the member's retirement effective date and will not be included in the member's DROP Account. A Pay APay Schedule 1-C member who retires on or after July 1, 2026 and selects both the DROP and the Option 7 benefit may recoup some of the additional contributions for the Option 7 benefit in the member's DROP account. In order to meet the 36-month contribution requirement to pay for the Option 7 benefit, those members who select both the DROP and the Option 7 benefit must pay a post-tax lump-sum equivalent of contributions to cover the portion of the 36-month requirement that was included in the member's DROP benefit. The lump sum payment must be made prior to the member's retirement effective date. The additional contributions will be codified in Section 5-1-203 of the County Code. The Option 7 benefit will be codified in Section 5-1-231 of the County Code and the County Code will be the controlling document in the case of any discrepancies.