Defined Benefit Plan Option. The defined benefit plan is closed. The plan was only available to employees hired before July 1, 2000. The defined benefit plan provides for normal retirement benefits at age 55. Normal retirement benefits are based upon two and seven tenths percent (2.7%) of the employee’s average annual compensation multiplied by the number of years of service, not to exceed eighty percent (80%). Average annual compensation shall be determined by an average of the five (5) highest compensated years within the last ten (10) years preceding retirement. Participants shall contribute seven percent (7%) of their compensation (pre-tax) to the plan.
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Defined Benefit Plan Option. The defined benefit plan option is closed. The plan was only available to employees hired before July 1, 2000. The defined benefit plan provides for normal retirement benefits at age 55. Normal retirement benefits benefit are based upon two and seven tenths percent (2.7%) of the employee’s average annual compensation multiplied by the number of years of service, not to exceed eighty percent (80%). Average annual compensation shall be determined by an average of the five (5) highest compensated years within the last ten (10) years preceding retirement. Participants Effective July 1, 2009 participants shall contribute seven percent (7%) of their compensation (pre-tax) to the plan.
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Samples: Agreement
