Act 345 Sample Clauses

Act 345. All Sworn Officers of the Police Department will receive pension provisions in accordance with Act 345, P.A. 1937, last amended. The pension program will be administered by the Police-Fire Retirement Board. Effective upon signing of the contract, straight life pension equals 3.0% of 3 year average final compensation times the first 25 years of service plus 1.5% times years of service in excess of 25 years, to a maximum of 80%. The employee’s contribution shall be 5%. Final average compensation is defined as the highest 3 consecutive years’ compensation during the employee’s final 10 years of employment with the City of Marquette. Current employees are subject to a cap of up to a maximum of 1,980 hours of accrued time off (sick, vacation, holiday and compensatory time) to be counted towards their final average compensation (FAC 3). Hours in excess of 1,980 will be paid out but will not count towards final average compensation. New employees hired after the signing of this Agreement are subject to a cap of up to a maximum of 1,000 hours of accrued time off (sick, vacation, holiday and compensatory time) to be counted towards their final average compensation (FAC 3). Hours in excess of 1,000 will be paid out but will not count towards final average compensation. Notwithstanding any other provisions of this agreement, the parties specifically agree that any coordination of benefits provided by Act 345 to participants of this Employer under the pension program does not apply to any payments received or to be received under service connected duty disability pension provided by the same Employer which plan is in existence and is administered by the local Police Fire Pension Board on the effective date of this agreement. A Service connected duty disability entered into or renewed after the effective date of this agreement shall provide that the payments under that service connected duty disability, provided by the Agreement, shall not be subject to any coordination of benefits, including Worker's Compensation.
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Act 345. All employees of the Ypsilanti Fire Department shall be covered under Act 345 of Public Acts of 1937, as amended.

Related to Act 345

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