Common use of Continuation of Pension Contributions Clause in Contracts

Continuation of Pension Contributions. ‌ Where, due to a layoff, a full-time employee has had their hours of work reduced and their employment status changed, the employee shall continue to contribute to the Municipal Pension Plan. Contributions made by the City and the employee shall be made on the basis of the new hours worked and are subject to the requirements of the Municipal Pension Plan. 10.14.1 Pension “Buy-Back” Provision a) Subject to the qualifying provision contained in the Municipal Pension Plan, the City agrees to participate in such contributions as are necessary to extend pensionable service of an employee covered by this Agreement up to a maximum of six (6) months. The said extension represents that time served by the employee in a probationary capacity with the City which has not heretofore been considered as pensionable service. Such benefit to be subject to the following: i. An employee must have a vested interest in the Municipal Pension Plan and have reached the minimum retirement age in order to qualify. ii. Any eligible employee who wishes to take advantage of this benefit must give at least one (1) month notice in advance of the contemplated retirement date and make such arrangements as are necessary at that time regarding the employee's own contributions. Provided, however, the time constraints provided for in this paragraph may be waived under special circumstances by application to and with the approval of the City. iii. Cost of increased benefits, as defined by the Municipal Pension Plan, is shared 50/50 by the employee and the City as per Section 9(1)(b) of the Municipal Pension Plan. b) Where an employee has, prior to retirement, paid the full cost of extending their pensionable service as provided herein, the Employer shall, upon the employee’s retirement, reimburse the employee for one-half (½) of the cost previously paid by the employee provided the employee has reached the minimum retirement age.

Continuation of Pension Contributions. ‌ Where, due to a layoff, a full-time employee has had their hours of work reduced and their employment status changed, the employee shall continue to contribute to the Municipal Pension Plan. Contributions made by the City and the employee shall be made on the basis of the new hours worked and are subject to the requirements of the Municipal Pension Plan. 10.14.1 Pension “"Buy-Back” " Provision a) Subject to the qualifying provision contained in the Municipal Pension Plan, the City agrees to participate in such contributions as are necessary to extend pensionable service of an employee covered by this Agreement up to a maximum of six (6) months. The said extension represents that time served by the employee in a probationary capacity with the City which has not heretofore been considered as pensionable service. Such benefit to be subject to the following: i. An employee must have a vested interest in the Municipal Pension Plan and have reached the minimum retirement age in order to qualify. ii. Any eligible employee who wishes to take advantage of this benefit must give at least one (1) month notice in advance of the contemplated retirement date and make such arrangements as are necessary at that time regarding the employee's own contributions. Provided, however, the time constraints provided for in this paragraph may be waived under special circumstances by application to and with the approval of the City. iii. Cost of increased benefits, as defined by the Municipal Pension Plan, is shared 50/50 by the employee and the City as per Section 9(1)(b) of the Municipal Pension Plan. b) Where an employee has, prior to retirement, paid the full cost of extending their pensionable service as provided herein, the Employer shall, upon the employee’s retirement, reimburse the employee for one-one- half (½) of the cost previously paid by the employee provided the employee has reached the minimum retirement age.

Continuation of Pension Contributions. ‌ Where, due to a layoff, a full-time employee has had their hours of work reduced and their employment status changed, the employee shall continue to contribute to the Municipal Pension Plan. Contributions made by the City and the employee shall be made on the basis of the new hours worked and are subject to the requirements of the Municipal Pension Plan. 10.14.1 Pension “"Buy-Back” " Provision a) Subject to the qualifying provision contained in the Municipal Pension Plan, the City agrees to participate in such contributions as are necessary to extend pensionable service of an employee covered by this Agreement up to a maximum of six (6) months. The said extension represents that time served by the employee in a probationary capacity with the City which has not heretofore been considered as pensionable service. Such benefit to be subject to the following: i. An employee must have a vested interest in the Municipal Pension Plan and have reached the minimum retirement age in order to qualify. ii. Any eligible employee who wishes to take advantage of this benefit must give at least one (1) month notice in advance of the contemplated retirement date and make such arrangements as are necessary at that time regarding the employee's own contributions. Provided, however, the time constraints provided for in this paragraph may be waived under special circumstances by application to and with the approval of the City. iii. Cost of increased benefits, as defined by the Municipal Pension Plan, is shared 50/50 by the employee and the City as per Section 9(1)(b) of the Municipal Pension Plan. b) Where an employee has, prior to retirement, paid the full cost of extending their pensionable service as provided herein, the Employer shall, upon the employee’s retirement, reimburse the employee for one-half (½) of the cost previously paid by the employee provided the employee has reached the minimum retirement age.

Continuation of Pension Contributions. ‌ Where, due to a layoff, a full-time employee has had their hours of work reduced and their employment status changed, the employee shall continue to contribute to the Municipal Pension Plan. Contributions made by the City Board and the employee shall be made on the basis of the new hours worked and are subject to the requirements of the Municipal Pension Plan. 10.14.1 10.13.1 Pension “"Buy-Back” " Provision a) Subject to the qualifying provision contained in Section 9(1) of the Municipal Pension Plan, the City Board agrees to participate in such contributions as are necessary to extend pensionable service of an employee covered by this Agreement up to a maximum of six (6) months. The said extension represents to represent that time served by the employee in a probationary capacity with the City Board which has not heretofore been considered as pensionable service. Such benefit to be subject to the following: i. An employee must have a vested interest in the Municipal Pension Plan and have reached the minimum retirement age in order to qualify. ii. Any eligible employee who wishes to take advantage of this benefit must give at least one (1) month notice in advance of the contemplated retirement date and make such arrangements as are necessary at that time regarding the employee's own contributions. Provided, however, the time constraints provided for in this paragraph may be waived under special circumstances by application to and with the approval of the CityBoard. iii. Cost of increased benefits, as defined by the Municipal Pension Plan, is shared 50/50 by the employee and the City Board as per Section 9(1)(b) of the Municipal Pension Plan. b) Where an employee has, prior to retirement, paid the full cost of extending their pensionable service as provided herein, the Employer Board shall, upon the employee’s retirement, reimburse the employee for one-half (½) of the cost previously paid by the employee provided the employee has reached the minimum retirement age.