Common use of Supplemental Retirement Benefit Clause in Contracts

Supplemental Retirement Benefit. Employees who retire from the City with at least ten (10) years of continuous City service are eligible to receive a supplemental retirement benefit. This benefit shall be equal to $274.72, less the amount provided for under PEMHCA as described in Section 7.01, Medical Insurance. This supplemental benefit is provided in the form of cash to the retiree on a monthly basis. In order to receive this benefit, the retiree must begin receiving pension benefits within one hundred twenty days (120) of leaving City employment and be enrolled in a CalPERS sponsored healthcare plan as a retiree of the City of Hayward. Retirees are solely responsible for any tax consequences associated with the receipt of benefits under this Section.

Supplemental Retirement Benefit. Employees who retire from the City with at least ten (10) years of continuous City service are eligible to receive a supplemental retirement benefit. This benefit shall be equal to $274.72, less the amount provided for under PEMHCA as described in Section 7.01, Medical Insurance. This supplemental benefit is provided in the form of cash to the retiree on a monthly basis. In order to receive this benefit, the retiree must begin receiving pension benefits within one one-hundred twenty days (120) days of leaving City employment and must be enrolled in a CalPERS sponsored healthcare plan as a retiree of the City of Hayward. Retirees are solely responsible for any tax consequences associated with the receipt of benefits under this Section.

Supplemental Retirement Benefit. Employees who retire from the City with at least ten (10) years of continuous City service are eligible to receive a supplemental retirement benefit. This benefit shall be equal to $274.72, less the amount provided for under PEMHCA as described in the Section 7.01, Medical Insurance7.01 above. This supplemental benefit is provided in the form of cash to the retiree on a monthly basis. In order to receive this benefit, the retiree employee must begin receiving pension benefits within one hundred twenty days (120) of leaving City employment employment, and be enrolled in a CalPERS sponsored healthcare plan as a retiree of the City of Hayward. Retirees are solely responsible for any tax consequences associated with the receipt of benefits under this Section.