Common use of Defined Benefit Retirement Plan Clause in Contracts

Defined Benefit Retirement Plan. Any employee covered under this agreement and hired in the Lenawee County Sheriff’s Department on or after July 1, 2005 is not eligible for participation in the County’s Defined Benefit Retirement Plan. The following table applies only to those employees covered under this agreement and hired before July 1, 2005: LENAWEE COUNTY DEFINED BENEFIT RETIREMENT PLAN Description Benefit Normal retirement Age 65 and vested or age 55 and 25 years service Retirement benefit formula (annual) 2.5% X yrs svc X ave. highest 48 consecutive months Vesting 8 years Mandatory retirement none Early retirement (reduced benefit) 55/10 years (less than 25 years service) Early retirement reduction .56% X no months preceding 65th birthday, max: 60 months (33%) .28% X no months preceding 60th birthday, max: 60 months (17%) Deferred retirement 8 or more years: 65-regular 10 or more years:55-reduced Disability retirement total & permanent disability w/10 or more years; worker's compensation offset Death benefit survivor's annuity (50%) for spouse and/or children Duty connected death benefit none Maximum Benefit 32 Years (Effective 01/01/2001) Compensation cap Not to exceed 80% of average monthly earnings (Effective 01/01/2001) Optional forms of payment straight life; optional reduced survivor's benefits Member contributions 5% of gross pay (pre-tax) (Effective 08/1998) 6% of gross pay (pre-tax) (Effective 01/01/2008) 7% of gross pay (pre-tax) (Effective 01/01/2009) 8.5% of gross pay (pre-tax) (Effective 01/01/2013) 10% of gross pay (pre-tax) (Effective 12/31/2013) Effective January 1, 2008 the employee pension contribution for the defined benefit plan shall be increased by one percent (1%) to six percent (6%). Effective January 1, 2009 the employee pension contribution for the defined benefit plan shall be increased by one percent (1%) to seven percent (7%). Effective January 1, 2013 the employee pension contribution for the defined benefit plan shall be increased by one and one half percent (1.5%) to eight and one half percent (8.5%). Effective December 31, 2013 the employee pension contribution for the defined benefit plan shall be increased by one and one half percent (1.5%) to ten percent (10%).

Defined Benefit Retirement Plan. Any employee covered under this agreement and hired in the Lenawee County Sheriff’s Department on or after July 1, 2005 is not eligible for participation in the County’s Defined Benefit Retirement Plan. The following table applies only to those employees covered under this agreement and hired before July 1, 2005: LENAWEE COUNTY DEFINED BENEFIT RETIREMENT PLAN Description Benefit Normal retirement Age 65 and vested or age 55 and 25 years service Retirement benefit formula (annual) 2.5% X x yrs svc X x ave. highest 48 consecutive months Vesting 8 years Mandatory retirement none Early retirement (reduced benefit) 55/10 years (less than 25 years service) Early retirement reduction .56% X no months preceding 65th birthday, maxXxx: 60 months (33%) .28% X no months preceding 60th birthday, maxXxx: 60 months (17%) Deferred retirement 8 or more years: 65-regular 10 or more years:55years: 55-reduced Disability retirement total Total & permanent disability w/10 or more years; : worker's ’s compensation offset Death benefit survivor's Survivor’s annuity (50%) for spouse and/or children Duty connected death benefit none None Maximum Benefit 32 Years (Effective effective 01/01/2001) Compensation cap Not to exceed 80% of average monthly earnings (Effective 01/01/2001) Optional forms of payment straight Straight life; optional reduced survivor's ’s benefits Member contributions 5% of gross pay (pre-tax) (Effective 08/1998) 6% of gross pay (pre-tax) (Effective 01/01/2008) 7% of gross pay (pre-tax) (Effective 01/01/2009) 8.5% of gross pay (pre-tax) (Effective 01/01/2013) 10% of gross pay (pre-tax) (Effective 12/31/2013) Effective January 1, 2008 the employee pension contribution for the defined benefit plan shall be increased by one percent (1%) to six percent (6%). Effective January 1, 2009 the employee pension contribution for the defined benefit plan shall be increased by one percent (1%) to seven percent (7%). Effective January 1, 2013 the employee pension contribution for the defined benefit plan shall be increased by one and one half percent (1.5%) to eight and one half percent (8.5%). Effective December 31, 2013 the employee pension contribution for the defined benefit plan shall be increased by one and one half percent (1.5%) to ten percent (10%).

Defined Benefit Retirement Plan. Any employee covered under this agreement and hired in the Lenawee County Sheriff’s Department on or after July 1, 2005 is not eligible for participation in the County’s Defined Benefit Retirement Plan. The following table applies only to those employees covered under this agreement and hired before July 1, 2005: LENAWEE COUNTY DEFINED BENEFIT RETIREMENT PLAN Description Benefit Normal retirement Age 65 and vested or age 55 and 25 years service Retirement benefit formula (annual) 2.5% X x yrs svc X x ave. highest 48 consecutive months Vesting 8 years Mandatory retirement none Early retirement (reduced benefit) 55/10 years (less than 25 years service) Early retirement reduction .56% X no months preceding 65th birthday, maxMax: 60 months (33%) .28% X no months preceding 60th birthday, maxXxx: 60 months (17%) Deferred retirement 8 or more years: 65-regular 10 or more years:55years: 55-reduced Disability retirement total Total & permanent disability w/10 or more years; : worker's ’s compensation offset Death benefit survivor's Survivor’s annuity (50%) for spouse and/or children Duty connected death benefit none None Maximum Benefit 32 Years (Effective effective 01/01/2001) Compensation cap Not to exceed 80% of average monthly earnings (Effective 01/01/2001) Optional forms of payment straight Straight life; optional reduced survivor's ’s benefits Member contributions 5% of gross pay (pre-tax) (Effective 08/1998) 6% of gross pay (pre-tax) (Effective 01/01/2008) 7% of gross pay (pre-tax) (Effective 01/01/2009) 8.5% of gross pay (pre-tax) (Effective 01/01/2013) 10% of gross pay (pre-tax) (Effective 12/31/2013) Effective January 1, 2008 the employee pension contribution for the defined benefit plan shall be increased by one percent (1%) to six percent (6%). Effective January 1, 2009 the employee pension contribution for the defined benefit plan shall be increased by one percent (1%) to seven percent (7%). Effective January 1, 2013 the employee pension contribution for the defined benefit plan shall be increased by one and one half percent (1.5%) to eight and one half percent (8.5%). Effective December 31, 2013 the employee pension contribution for the defined benefit plan shall be increased by one and one half percent (1.5%) to ten percent (10%).

Defined Benefit Retirement Plan. Any employee covered under this agreement and hired in the Lenawee County Sheriff’s =s Department on or after July 1, 2005 is not eligible for participation in the County’s =s Defined Benefit Retirement Plan. The following table applies only to those employees covered under this agreement and hired before July 1, 2005: LENAWEE COUNTY DEFINED BENEFIT RETIREMENT PLAN Description Benefit Normal retirement Age 65 and vested or age 55 and 25 years service Retirement benefit formula (annual) 2.5% X yrs svc X ave. highest 48 consecutive months Vesting 8 years Mandatory retirement none Early retirement (reduced benefit) 55/10 years (less than 25 years service) Early retirement reduction .56% X no months preceding 65th birthday, max: 60 months (33%) .28% X no months preceding 60th birthday, max: 60 months (17%) Deferred retirement 8 or more years: 65-regular 10 or more years:55-reduced Disability retirement total & permanent disability w/10 or more years; worker's compensation offset Death benefit survivor's annuity (50%) for spouse and/or children Duty connected death benefit none Maximum Benefit 32 Years (Effective 01/01/2001) Compensation cap Not to exceed 80% of average monthly earnings (Effective 01/01/2001) Optional forms of payment straight life; optional reduced survivor's benefits Member contributions 5% of gross pay (pre-tax) (Effective 08/1998) 6% of gross pay (pre-tax) (Effective 01/01/2008) 7% of gross pay (pre-tax) (Effective 01/01/2009) 8.5% of gross pay (pre-tax) (Effective 01/01/2013) 10% of gross pay (pre-tax) (Effective 12/31/2013) Effective January 1, 2008 the employee pension contribution for the defined benefit plan shall be increased by one percent (1%) to six percent (6%). Effective January 1, 2009 the employee pension contribution for the defined benefit plan shall be increased by one percent (1%) to seven percent (7%). Effective January 1, 2013 the employee pension contribution for the defined benefit plan shall be increased by one and one half percent (1.5%) to eight and one half percent (8.5%). Effective December 31, 2013 the employee pension contribution for the defined benefit plan shall be increased by one and one half percent (1.5%) to ten percent (10%).