Retirement Continued. (1) Employees under this contract who have previously added their military time to their seniority, or who have made application to do so, for purposes of retirement upon payment to the City Treasurer of five percent (5%) of their current salary times the number of years so claimed must complete any necessary transaction by June 30, 1980, at which time this military time buy back provision shall become null and void.
Retirement Continued. C) (1) Employer pickup: the City shall pick up the employee contributions required of employees for all compensation earned after the effective date of this provision, July 1, 1995. The contributions, so picked up, shall be treated as employer contributions in determining tax treatment under the United States Internal Revenue Code. The City shall pick up these employee contributions from funds established and available in the employees deferred pension contribution account, which funds would otherwise have been designated as employee contributions and paid to the retirement fund. Employee contributions picked up by the City, pursuant to this provision, shall be prorated for all other purposes, in the same manner and to the same extent, as employee contributions made prior to the effective date of this provision. Pursuant to Section 414(h) of the United States Internal Revenue Code, these employee contributions so picked up shall not be included in total income for income tax purposes.
Retirement Continued viii. An employee does not have the option of choosing to receive the contributed amounts directly instead of having them paid by the City to the retirement system.
Retirement Continued. (2) Their final compensation shall be averaged over the three (3) highest years of the last ten (10) years to determine the amount of said retirement benefits. Commencing on July 1, 1995, upon subsequent retirement from service following completion of 25 years of service, a member shall receive a retirement pension payable throughout the member's life of 2.8% of the member's final average compensation multiplied by the first 25 years of service credited to the member, plus 1% of the member’s final average compensation multiplied by the number of years, and fraction of a year, of service rendered by the member in excess of 25 years. Further, on July 1, 1995, the employee contribution to the retirement system shall increase from 5% to 11.94% of payroll. The association further agrees and understands that the 6.94% increase is based on the actuarial valuation done by Gabriel, Roeder, Xxxxx & Company, actuaries and that this valuation is based on a thirty year amortization for member contributions only. Effective October 1, 2003, the employee contribution to the retirement system shall be reduced from 11.94% to 9.41%. Effective July 1, 2011, the employee contribution to the retirement system shall be increased from 9.41% to 11.91% on a pre-tax basis. Effective with payroll check dated October 30, 2015, the employee contribution to the retirement system shall be reduced from 11.91% to 8.9% Average compensation commencing on July 1, 1985 shall not include any monies paid or due to be paid by the City for sick leave which have been accumulated and banked, nor shall average compensation include more than thirty-five days of accumulated and/or current vacation pay nor shall average compensation include more than one hundred and sixty (160) hours of accumulated compensatory time, but FAC shall include payment for overtime not related to compensatory time, and payments for shift differential, court time, holiday pay, call-in, longevity, cost of living allowance, uniform allowance, education incentive, and annual buy-back of sick leave. An employee, regardless of the method of pension calculation, shall receive all accumulated sick leave and vacation monies due and owing on retirement. An employee may at his/her option elect to leave prior to his/her normal retirement date by utilizing any accumulated vacation leave and/or compensatory time.
Retirement Continued. D) ANNUITY WITHDRAWAL A member retiring with twenty-five years of service may, at the member's option, elect to receive a refund of the member's accumulated contribution including interest on the effective day of their retirement. The member's pension shall be reduced by an amount, which is the actuarial equivalent to the refunded accumulated contribution including interest. The actuarial equivalent amount shall be computed on the basis of the 1971 group annuity, male mortality table and an interest rate equal to the weighted average yield to maturity of the Xxxxxxx Xxxxx Corporate and government master bond index, published monthly by Merrill, Lynch, Xxxxxx, Xxxxxx and Xxxxx, Inc. as provided by the actuary firm for the retirement system. Effective with the fiscal year beginning July 1, 1995, each member shall no longer be credited with two percent (2%) interest on the member contributions. Instead, as of June 30 of each year, the percentage increase or the percentage decrease, if any, in the market value of the reserve for employee contributions since the last annual adjustment and all income on the reserve for employee contributions for the period shall be credited to or reduced from each member's contribution account, whichever the case may be, which shall be determined by the ratio that each account balance bears to all member contributions in the reserve for employee contributions. Effective July 1, 2015, the pension interest on member contributions shall be calculated at 3.5%.
Retirement Continued manner and to the same extent, as employee contributions made prior to the effective date of this provision. Pursuant to Section 414(h) of the United States Internal Revenue Code, these employee contributions so picked up shall not be included in total income for income tax purposes.
Retirement Continued. Members of the bargaining unit who are owed a Termination of Service Bonus shall be paid as indicated above or by June 2022, whichever is earlier. For payments made in June 2022, only those members who retire on July 1, 2022 or August 1, 2022 may apply their TIP payout to their TDP.
Retirement Continued. The College contribution rate to the optional (TIAA-CREF) retirement program will be 13% of wages. 0501 Insurance Coverage
Retirement Continued. F. A retiree shall be defined as an Employee who retires from the University, and:
