Additional Retirement Benefits. Effective as of the Termination Date, the Executive’s interest in all Relevant Plans shall become fully vested and nonforfeitable. In addition, Key shall pay to Executive, at the time specified in Section 1.5 an additional retirement benefit that shall equal the benefits that Executive otherwise would have been entitled to receive under the Retirement Plan, the Supplemental Retirement Plan and the Savings Plan had Executive remained an active full time employee of Key during the period beginning on the Termination Date and ending eighteen months following the Termination Date (the “18-month Continuing Benefit Period”). In calculating Executive’s additional retirement benefit under the respective Plans (i) the entire 18-month Continuing Benefit Period shall be included for purposes of determining Executive’s years of service for both vesting and benefit accrual purposes, (ii) the amount to be provided to Executive under clause 1.2(b)(i) will be deemed to be Executive’s base salary paid ratably during the 18-month Continuing Benefit Period, (iii) the amounts to be provided to Executive under clause 1.2(b)(ii) will be deemed to be Executive’s incentive compensation paid ratably during the 18-month Continuing Benefit Period, and (iv) the rate of employer matching contributions allocated under the Savings Plan shall reflect Executive’s rate of employer matching contributions under such Plans immediately prior to the Termination Date. The payment of Executive’s additional retirement benefit, as if accrued under the Retirement Plan and the Supplemental Retirement Plan, shall be paid to Executive as an annuity payment in a form elected by Executive under the annuity benefit payment options otherwise provided under the Retirement Plan and Supplemental Retirement Plan, and the additional retirement benefit payment as if accrued under the Savings Plan shall be paid to Executive in a single lump sum cash payment.
Additional Retirement Benefits. 1. 2% at 60" formula as adopted by the City, effective July 1, 1971.
2. 1959 Survivors Benefit Level Three as adopted by the City, effective November 5, 1994.
3. Survivors Continuance benefit as adopted by the City, effective July 1, 1971.
4. One time five percent (5%) increase for employees retired prior to January 1, 1971, adopted by the City, effective July 1, 1975.
5. One-year highest compensation formula as adopted by the City effective September 1, 1976.
6. One time fifteen percent (15%) increase for employees retired prior to July 1, 1971, adopted by the City, effective October 1, 1977.
7. Post retirement survivors allowance to continue after re-marriage, effective August 13, 1985.
8. Military buy back effective November 8, 1991.
9. “2% at 55" formula as adopted by the City effective October 1, 1994.
10. 1959 Survivor’s Benefit - Level Four- as adopted by the City effective October, 1997.
11. Unused Sick Leave Credits (Gov’t. Code 20965) effective June 30, 1998.
12. “2.5% at 55” formula effective December 1, 2005 (single highest year).
Additional Retirement Benefits. All employees shall receive the following additional contracted for optional CalPERS benefits: Section 20965, Credit for Unused Sick Leave Section 21574, 1959 Survivors Benefit, Fourth Level Section 21548, Pre-retirement Option 2W Death Benefit
Additional Retirement Benefits. In addition to mandatory retirement benefits, the City provides the following benefits:
1. One-year highest compensation as specified in Government Code, Section 20042;
2. Military service credit as specified in Government Code, Section 21024;
3. Post-retirement survivor allowance as specified in Government Code, Section 21624-21626;
4. One-time five (5) range point increase (e.g., ten [10] half-points) for employees retired prior to January 1971 as specified in Government Code, Section 21222.1.
5. Effective January 1984, or as soon thereafter as possible, 1959 survivor benefits, as specified in Government Code Section 21572.
6. Effective August 18, 2001, the City shall report the value of Employer Paid Member Contributions as additional compensation as provided in Government Code, Section 20636. On or about July 18, 2016, this provision was eliminated per Article Three, Section I Salary, B & C. Salary Increases with Corresponding Pre-Tax CalPERS Contributions.
7. Effective January 1, 2002, the City shall provide the 3% @ 50 formula in accordance with Government Code, Section 21362.2.
Additional Retirement Benefits. An additional amount of monthly retirement income shall be payable on and after July 1, 1980, for a participant who was a participant under the Prior Employees’ Plan and whose retirement date occurred on or before July 1, 1980, in an amount equal to the product of (a) and (b):
(a) His monthly Accrued Benefit on his retirement date.
(b) 10%. An additional amount of monthly retirement income shall be payable on and after July 1, 1985, for a participant who was a participant under the Prior Officers’ Plan and whose retirement date occurred before January 1, 1984, in an amount equal to the product of (c) and (d):
(c) His monthly Accrued Benefit on his retirement date.
(d) 5%. An additional amount of monthly retirement income shall be payable on and after June 1, 1994, for a participant whose retirement date occurred before June 1, 1994, and whose amount of monthly retirement income prior to June 1, 1994, was less than $450.00, in an amount equal to the product of (e) and (f):
(e) His monthly Accrued Benefit.
(f) 25%; provided, however, such a participant’s amount of monthly retirement income, as increased by the provisions of this paragraph, shall not exceed $450.00, as of such June 1, 1994.
Additional Retirement Benefits. Torrent may establish, at its discretion, an additional retirement plan for Xxxxxxxx (the “Additional Retirement Benefits”). The amount of Torrent’s annual contributions, if any, shall be determined annually by the Board. The terms of the retirement plan established shall control and provide that the annual contributions, if any, will be made during the first quarter of each year of the Employment Period and that Xxxxxxxx shall be paid the deferred benefit upon separation from Torrent in a manner required by or exempt from Section 409A of the Internal Revenue Code of 1986, as amended, or any regulations or Treasury guidance promulgated thereunder (“Section 409A”).
Additional Retirement Benefits. In addition to and not in lieu of any amounts payable by the Corporation to the Executive under any other subsection of this Section 5, the Corporation shall pay to the Executive additional retirement benefits as follows:
Additional Retirement Benefits. Non‑Sworn" Unit Employees (Police Officer Recruit) 51
Additional Retirement Benefits. 17.1 If Gillxxxxx'x xxxloyment with Key terminates before March 26, 2009 (his 65th birthday) for any reason other than (a) a Voluntary Resignation that is effective before the end of the Scheduled Term, or (b) Cause and Gillxxxxx (xx any person claiming through Gillxxxxx) receives retirement benefits under one or more of the Retirement Plans at any time after March 26, 1999 (Gillxxxxx'x 00xh birthday), Key shall pay to Gillxxxxx, xx his contingent annuitant, to his term-certain beneficiary, and/or to his other beneficiary under each such plan, on each date after March 26, 1999 on which a payment is payable under any such plan, a supplemental retirement benefit equal to the excess, if any, of (x) the amount that would be payable on that date under that plan if, at his Termination Date, Gillxxxxx xxx attained age 65 (so that there would be no reduction in the amount of the benefit due to commencement of payment before age 65) and had completed 40 and 3/4 years of service with Key (so that he would be treated as having the same number of years of service as if he had continued in the employ of Key through his 65th birthday), over (y) the amount actually payable on that date under that plan. Any amount paid pursuant to this Section 17.1 shall be treated, for purposes of this Agreement, as paid from a Retirement Plan.
17.2 If Gillxxxxx'x xxxloyment with Key is terminated by a Voluntary Resignation that is effective before the end of the Scheduled Term and Gillxxxxx xxxcts to begin receiving retirement benefits under one or more of the Retirement Plans after his 60th birthday but before his 65th birthday, Key shall pay to Gillxxxxx, xx his contingent annuitant, to his term-certain beneficiary, and/ or to his other beneficiary under each such plan, on the date any payment is payable under such plan, a supplemental retirement benefit equal to the amount by which that payment is reduced because Gillxxxxx xxxan to receive benefits under that plan before his 65 birthday. Any amount paid pursuant to this Section 17.2 shall be treated, for purposes of this Agreement, as paid from a Retirement Plan.
Additional Retirement Benefits. 39.01 Police Officers who retire either through a service retirement or a disability retirement will be given their service weapon and their badge. Any employee whose retirement is due to a diagnosed mental condition shall not be provided their service weapon but shall be provided their badge.
39.02 Police Officers retiring from the City of Tallmadge on or after January 1, 1996, through either service or disability, upon written request to the Chief of Police, shall be entitled to receive their service weapon, if that weapon is not in service. If that weapon has been assigned to another officer, an identical or similar weapon shall be provided.
39.03 Police Officers retiring from the City of Tallmadge on or after January 1, 2007, through either service or disability, upon written request to the Chief of Police, shall also be entitled to receive their badge, if that badge has not been assigned to another officer.
39.04 The rules governing how the service weapon will be provided to the retiree at retirement is entirely at the discretion of the City Law Director per City Policy. Such rules may include having the retiree purchase their weapon for $1.00 in order to transfer ownership or to sign a liability waiver as provided for by the Law Director.
