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 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. 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 is established in ERS. The DROP account is a personal retirement account that accumulates monthly pension p...
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Related to Benefits Provided General Employees

  • Casual Employees A casual employee is one who is not regularly scheduled to work other than during periods that such employee shall relieve a regular full-time or regular part-time employee. Casual employees accumulate seniority on an hourly basis and are entitled to such benefits as are contained in the “Addendum - Casual Employees”.

  • Benefits Plans During the Employment Period, You will be eligible to participate in all benefit plans in effect for executives and employees of the Company, subject to the terms and conditions of such plans.

  • Provisional Employees A provisional employee is an employee who is either (1) in the first three years of employment by a school district; or (2) in the first year of employment at a school district but has at least two years of employment by another Washington school district. Rights of provisional employees are defined by state statute. The probationary process is not applicable to provisional employees.

  • Retirement Plans (a) In connection with the individual retirement accounts, simplified employee pension plans, rollover individual retirement plans, educational IRAs and XXXX individual retirement accounts (“XXX Plans”), 403(b) Plans and money purchase and profit sharing plans (“Qualified Plans”) (collectively, the “Retirement Plans”) within the meaning of Section 408 of the Internal Revenue Code of 1986, as amended (the “Code”) sponsored by a Fund for which contributions of the Fund’s shareholders (the “Participants”) are invested solely in Shares of the Fund, Transfer Agent shall provide the following administrative services: (i) Establish a record of types and reasons for distributions (i.e., attainment of eligible withdrawal age, disability, death, return of excess contributions, etc.); (ii) Record method of distribution requested and/or made; (iii) Receive and process designation of beneficiary forms requests; (iv) Examine and process requests for direct transfers between custodians/trustees, transfer and pay over to the successor assets in the account and records pertaining thereto as requested; (v) Prepare any annual reports or returns required to be prepared and/or filed by a custodian of a Retirement Plan, including, but not limited to, an annual fair market value report, Forms 1099R and 5498; and file same with the IRS and provide same to Participant/Beneficiary, as applicable; and (vi) Perform applicable federal withholding and send Participants/Beneficiaries an annual TEFRA notice regarding required federal tax withholding. (b) Transfer Agent shall arrange for PFPC Trust Company to serve as custodian for the Retirement Plans sponsored by a Fund. (c) With respect to the Retirement Plans, Transfer Agent shall provide each Fund with the associated Retirement Plan documents for use by the Fund and Transfer Agent shall be responsible for the maintenance of such documents in compliance with all applicable provisions of the Code and the regulations promulgated thereunder.

  • Health and Welfare Benefits applies to full-time nurses only)

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