Benefits Provided General Employees Sample Clauses

Benefits Provided General Employees. Normal and discontinued service retirement upon meeting age and service requirements • Occupational disability benefits upon entry into the System • Disability benefits for non-occupational related injury or illness upon attaining 10 years of creditable service. • Occupational death benefits resulting from an injury in actual performance of the job • Non-occupational death benefit coverage after five years of creditable service • Credit for unused sick leave and military service • Service credit for transfer time from a Maryland state or local municipal retirement system • Cost of living adjustments are provided if sufficient excess earnings exist in the Fund • DROP eligibility if hired prior to 7/1/07, minimum age 55, and Rule-of-85 (age and service) • Option not to join pension system at age 55 NORMAL SERVICE RETIREMENT BENEFITS FOR MEMBERS HIRED PRIOR TO 7/1/07: Members are eligible for normal service retirement after the attainment of age 60 with 5 years of creditable service or after 30 years of creditable service regardless of age. If a member is age 60 as of 6/30/07 and attains 5 years of creditable service, retires at age 65 with 5 years of creditable service, or retires with 30 years of creditable service regardless of age, the member will earn 1/55th for each year of creditable service times the member’s Average Final Compensation (AFC). If the member does not meet the above criteria but otherwise meets retirement eligibility, the member shall receive 1/55th for each year of service prior to 7/1/07 and 1/70th for each year of service on or after 7/1/07 times the member’s AFC. AFC is the rate of annual earnable compensation during the highest 12 or 36 consecutive months of service, depending upon the employee’s applicable benefit basis. DEFERRED RETIREMENT OPTION PROGRAM (DROP) General employees who were hired prior to July 1, 2007 may elect a Deferred Retirement Option Program (DROP) upon eligibility. Eligibility is based on a combined total of age and qualifying service of at least 85 and a minimum age of 55 (e.g., 30 years’ service + 55 years old = 85). Qualifying service includes unused sick time and military time but excludes outside transfer service. Elected officials and appointed department heads are not eligible. The DROP allows eligible members to receive a lump sum payment at retirement in exchange for a reduced monthly benefit. When a member enters the DROP, they continue to work, their pension benefit is determined, and a DROP account...
Sample 1
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Related to Benefits Provided General Employees

  • Termination This Agreement may be terminated at any time prior to the Closing:

  • Insurance The Company and the Subsidiaries are insured by insurers of recognized financial responsibility against such losses and risks and in such amounts as are prudent and customary in the businesses in which the Company and the Subsidiaries are engaged, including, but not limited to, directors and officers insurance coverage. Neither the Company nor any Subsidiary has any reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business without a significant increase in cost.

  • Definitions As used in this Agreement, the following terms shall have the following meanings:

  • Miscellaneous The Vendor acknowledges and agrees that continued participation in TIPS is subject to TIPS sole discretion and that any Vendor may be removed from the participation in the Program at any time with or without cause. Nothing in the Agreement or in any other communication between TIPS and the Vendor may be construed as a guarantee that TIPS or TIPS Members will submit any orders at any time. TIPS reserves the right to request additional proposals for items or services already on Agreement at any time.

  • Indemnification In the event any Registrable Securities are included in a Registration Statement under this Agreement:

  • WHEREAS the Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"); and

  • Confidentiality (a) Subject to Section 7.15(c), during the Term and for a period of three

  • Term The term of this Agreement will be ten (10) years from the Effective Date (as such term may be extended pursuant to Section 4.2, the “Term”).

  • Governing Law This Agreement shall be governed by and construed in accordance with the laws of the State of New York.

  • Severability Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

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