Conditions of Eligibility for Retirement Benefits. A. The Defined Benefit Formula (Plan in effect prior to January 1, 1995) will continue to be available to RNs currently enrolled in this option.
B. Any RN hired, rehired and/or reinstated after August 29, 1994, is enrolled automatically in the Cash Balance Retirement Plan after the RN meets eligibility requirements of length of employment and hours worked.
C. The following conditions apply to the Cash Balance Retirement Plan and the Retiree Insurance Program:
1. Years of credited service- any year in which the RN works at least one thousand (1000) hours, including PTO, HC, ESL, Jury Duty, EL and overtime pay.
2. An actuarial statement of the retirement/pension plan will be sent yearly to PRN.
3. A copy of the Cash Balance Retirement Plan Summary Plan Description will be provided to each RN enrolled.
Conditions of Eligibility for Retirement Benefits. The Defined Benefit Formula (plan in effect prior to January 1, 1995) will continue to be available to RNs currently enrolled in this option.
