Common use of Fifteen-Year Retiree Clause in Contracts

Fifteen-Year Retiree. Medical Benefit)] and be at least 50 years of age or, in the case of option "C.3." of this subsection, be within 1 or more of the 3 calendar years ending prior to the calendar year of his/her planned Normal Retirement Age (NRA). 1. Unused sick leave may be redeemed during the final pay period prior to retirement for a lump-sum cash settlement paid at the rate of 2 hours of accumulated sick leave redeemed for 1 hour of wages at the employee's current base rate of pay. Applicable payroll taxes would apply. 2. The City's CalPERS contract provides an option for normal service retirees to receive additional time-in-service credit by converting sick leave at the rate of 8 hours of sick leave accrual for .004-year-of-service credit. 3. Pursuant to federal and state law and the City’s deferred compensation plan, employees may take advantage of the 457 Deferred Compensation Plan "Catch-Up" provisions and allowances as defined in the City's Great West 457 Plan document. Employees may not make "Special Section 457 Catch-Up" contributions in the year they attain their Normal Retirement Age (NRA). To the extent allowed by federal and state law and the City's deferred compensation plan, the City will allow, in 1 or more of the 3 calendar years ending prior to the calendar year of an employee's planned NRA (or alternate NRA), the conversion of accrued sick leave at a rate of 2 hours for 1 hour of cash contribution, at the employee's base rate of pay in effect at the time of conversion, to the City's 457 Deferred Compensation Plan. Sick leave conversion contributions for the "457 Catch-Up" will normally be distributed over the 3 calendar years ending prior to the calendar year of an employee's planned NRA (or alternate NRA). However, based on the total amount of "457 Catch-Up" contributions available to the employee, accumulated sick leave hours, and the employee's designated NRA (or alternate NRA), "457 Catch-Up" contributions may occur over a shorter period of time prior to retirement; in no event, however, shall any contribution occur in the year the employee actually attains his/her NRA. To be eligible to participate, the employee must be within 1 or more of the 3 calendar years ending prior to the calendar year of his/her planned NRA (or alternate NRA), have "457 Catch-Up" privileges available to him/her, be enrolled in the City-sponsored 457 Deferred Compensation Plan, and maintain a minimum of 192 hours (270 hours for Fire shift employees) of sick leave in his/her accrual account after conversion during each year of participation. For purposes of this paragraph only, sick leave hours used for the "457 Catch-Up" shall be the first earned with respect to accumulation. Contributions made pursuant to this paragraph shall be reported as City contributions and shall not be fully vested with the employee until the actual date of retirement. (For additional deferred compensation policies and restrictions, also see Section

Fifteen-Year Retiree. Medical Benefit)] and be at least 50 years of age or, in the case of option "C.3." of this subsection, be at least 47 years of age and within 1 or more of the 3 calendar years ending prior to the calendar year of his/her planned Normal Retirement Age (NRA)retirement date. 1. Unused sick leave may be redeemed during the final pay period prior to retirement for a lump-sum cash settlement paid at the rate of 2 hours of accumulated sick leave redeemed for 1 hour of wages at the employee's current base rate of pay. Applicable payroll taxes would apply. 2. The City's CalPERS contract provides an option for normal service retirees to receive additional time-in-service credit by converting sick leave at the rate of 8 hours of sick leave accrual for .004-year-of-service credit. 3. Pursuant to federal and state law and the City’s deferred compensation planlaw, employees under the "3% @ 60" CalPERS retirement formula attaining the minimum age of 47 who are within 3 years of their planned retirement date may take advantage of the 457 Deferred Compensation Plan "Catchcatch-Upup" provisions and allowances as defined in the City's Great West 457 Plan document. Employees may not make "Special Section 457 Catch-Up" contributions in the year they attain their Normal Retirement Age (NRA)federal and state law. To the extent allowed by federal and state law and the City's deferred compensation planplan administrator, the City will allow, in 1 or more of once annually during the 3 calendar years ending prior to the calendar year of an employee's planned NRA (or alternate NRA)retirement date, the conversion of accrued sick leave at a rate of 2 2.25 hours for 1 hour of cash contribution, at the employee's base rate of pay in effect at the time of conversion, to the City's 457 Deferred Compensation Plan. Sick leave conversion contributions for the "457 Catchcatch-Upup" will shall normally be distributed over the 3 calendar years ending prior to the calendar year of an employee's last 3 years prior to his/her planned NRA (or alternate NRA)retirement date. However, based on the total amount of annual "457 Catchcatch-Upup" contributions available to the employee, accumulated sick leave hours, and the employee's designated NRA (or alternate NRA)retirement date, "457 Catchcatch-Upup" contributions may occur over a shorter period of time prior to retirement; in no event, however, shall any contribution occur in during the year employee's final payroll compensation period with the employee actually attains his/her NRACity. To be eligible to participate, the employee must be within 1 or more of the 3 calendar years ending prior to the calendar year of his/her planned NRA (or alternate NRA)retirement date, have "457 Catchcatch-Upup" privileges available to him/her, be enrolled in the City-sponsored 457 Deferred Compensation Plan, and maintain a minimum of 192 hours (270 hours for Fire shift employees) of sick leave in his/her accrual account after conversion during each year of participation. For purposes of this paragraph only, sick leave hours used for the "457 Catchcatch-Upup" shall be the first earned with respect to accumulation. Contributions made pursuant to this paragraph shall be reported as City contributions and shall not be fully vested with the employee until the actual date of retirement. (For additional An employee leaving City service by means other than normal service retirement shall be required to reimburse to the City all cash contributions to the deferred compensation policies plan that were converted from accrued sick leave; reimbursement to be enforced by agreement with the administrator of the City-sponsored deferred compensation plan. In the event that such action for reimbursement cannot be effected through the deferred compensation plan administrator, the employee grants to the City the right to withhold payment on other leave balances due to the employee at the time of separation. The City retains the right to pursue other legal remedies appropriate to recovering disbursed moneys. Moneys not recovered by the City shall be reported to the Internal Revenue Service as a benefit conversion to cash subject to personal income taxes. It is the employee's responsibility to select one of the options defined herein and restrictionsnotify the Administrative Services Department of his/her choice in a timely manner sufficient to allow implementation. If option "C.3." is selected, also see Sectionremaining sick leave in the employee's accrual bank shall be converted to a cash settlement in the final pay period prior to retirement pursuant to the provisions contained in option "C.1."

Fifteen-Year Retiree. Medical Benefit)] and be at least 50 years of age or, in the case of option "C.3." of this subsection, be within 1 or more of the 3 calendar years ending prior to the calendar year of his/her planned Normal Retirement Age (NRA). 1. Unused sick leave may be redeemed during the final pay period prior to retirement for a lump-sum cash settlement paid at the rate of 2 hours of accumulated sick leave redeemed for 1 hour of wages at the employee's current base rate of pay. Applicable payroll taxes would apply. 2. The City's CalPERS contract provides an option for normal service retirees to receive additional time-in-service credit by converting sick leave at the rate of 8 hours of sick leave accrual for .004-year-of-service credit. 3. Pursuant to federal and state law and the City’s deferred compensation plan, employees may take advantage of the 457 Deferred Compensation Plan "Catch-Up" provisions and allowances as defined in the City's Great West 457 Plan document. Employees may not make "Special Section 457 Catch-Up" contributions in the year they attain their Normal Retirement Age (NRA). To the extent allowed by federal and state law and the City's deferred compensation plan, the City will allow, in 1 or more of the 3 calendar years ending prior to the calendar year of an employee's planned NRA (or alternate NRA), the conversion of accrued sick leave at a rate of 2 hours for 1 hour of cash contribution, at the employee's base rate of pay in effect at the time of conversion, to the City's 457 Deferred Compensation Plan. Sick leave conversion contributions for the "457 Catch-Up" will normally be distributed over the 3 calendar years ending prior to the calendar year of an employee's planned NRA (or alternate NRA). However, based on the total amount of "457 Catch-Up" contributions available to the employee, accumulated sick leave hours, and the employee's designated NRA (or alternate NRA), "457 Catch-Up" contributions may occur over a shorter period of time prior to retirement; in no event, however, shall any contribution occur in the year the employee actually attains his/her NRA. To be eligible to participate, the employee must be within 1 or more of the 3 calendar years ending prior to the calendar year of his/her planned NRA (or alternate NRA), have "457 Catch-Up" privileges available to him/her, be enrolled in the City-sponsored 457 Deferred Compensation Plan, and maintain a minimum of 192 hours (270 hours for Fire shift employees) of sick leave in his/her accrual account after conversion during each year of participation. For purposes of this paragraph only, sick leave hours used for the "457 Catch-Up" shall be the first earned with respect to accumulation. Contributions made pursuant to this paragraph shall be reported as City contributions and shall not be fully vested with the employee until the actual date of retirement. (For additional deferred compensation policies and restrictions, also see Section.

Fifteen-Year Retiree. Medical Benefit)] and be at least 50 years of age or, in the case of option "C.3C.4." of this subsection, be at least 47 years of age and within 1 or more of the 3 calendar years ending prior to the calendar year of his/her planned Normal Retirement Age (NRA)retirement date. 1. Unused sick leave may be redeemed during the final pay period prior to retirement for a lump-sum cash settlement paid at the rate of 2 hours of accumulated sick leave redeemed for 1 hour of wages at the employee's current base rate of pay. Applicable payroll taxes would apply. 2. The City's CalPERS contract provides an option for normal service retirees to receive additional time-in-service credit by converting sick leave at the rate of 8 hours of sick leave accrual for .004-year-of-service credit. 3. Pursuant to federal and state law and the City’s deferred compensation planlaw, employees under the "3% @ 60" CalPERS retirement formula attaining the minimum age of 47 who are within 3 years of their planned retirement date may take advantage of the 457 Deferred Compensation Plan "Catchcatch-Upup" provisions and allowances as defined in the City's Great West 457 Plan document. Employees may not make "Special Section 457 Catch-Up" contributions in the year they attain their Normal Retirement Age (NRA)federal and state law. To the extent allowed by federal and state law and the City's deferred compensation planplan administrator, the City will allow, in 1 or more of once annually during the 3 calendar years ending prior to the calendar year of an employee's planned NRA (or alternate NRA)retirement date, the conversion of accrued sick leave at a rate of 2 2.25 hours for 1 hour of cash contribution, at the employee's base rate of pay in effect at the time of conversion, to the City's 457 Deferred Compensation Plan. Sick leave conversion contributions for the "457 Catchcatch-Upup" will shall normally be distributed over the 3 calendar years ending prior to the calendar year of an employee's last 3 years prior to his/her planned NRA (or alternate NRA)retirement date. However, based on the total amount of annual "457 Catchcatch-Upup" contributions available to the employee, accumulated sick leave hours, and the employee's designated NRA (or alternate NRA)retirement date, "457 Catchcatch-Upup" contributions may occur over a shorter period of time prior to retirement; in no event, however, shall any contribution occur in during the year employee's final payroll compensation period with the employee actually attains his/her NRACity. To be eligible to participate, the employee must be within 1 or more of the 3 calendar years ending prior to the calendar year of his/her planned NRA (or alternate NRA)retirement date, have "457 Catchcatch-Upup" privileges available to him/her, be enrolled in the City-sponsored 457 Deferred Compensation Plan, and maintain a minimum of 192 hours (270 hours for Fire shift employees) of sick leave in his/her accrual account after conversion during each year of participation. For purposes of this paragraph only, sick leave hours used for the "457 Catchcatch-Upup" shall be the first earned with respect to accumulation. Contributions made pursuant to this paragraph shall be reported as City contributions and shall not be fully vested with the employee until the actual date of retirement. (For additional An employee leaving City service by means other than normal service retirement shall be required to reimburse to the City all cash contributions to the deferred compensation policies plan that were converted from accrued sick leave; reimbursement to be enforced by agreement with the administrator of the City-sponsored deferred compensation plan. In the event that such action for reimbursement cannot be effected through the deferred compensation plan administrator, the employee grants to the City the right to withhold payment on other leave balances due to the employee at the time of separation. The City retains the right to pursue other legal remedies appropriate to recovering disbursed moneys. Moneys not recovered by the City shall be reported to the Internal Revenue Service as a benefit conversion to cash subject to personal income taxes. It is the employee's responsibility to select one of the options defined herein and restrictionsnotify the Administrative Services Department of his/her choice in a timely manner sufficient to allow implementation. If option "C.3." is selected, also see Sectionremaining sick leave in the employee's accrual bank shall be converted to a cash settlement in the final pay period prior to retirement pursuant to the provisions contained in option "C.1."

Fifteen-Year Retiree. Medical Benefit)] and be at least 50 years of age or, in the case of option "C.3." of this subsection, be within 1 or more of the 3 calendar years ending prior to the calendar year of his/her planned Normal Retirement Age (NRA). 1. Unused sick leave may be redeemed during the final pay period prior to retirement for a lump-sum cash settlement paid at the rate of 2 hours of accumulated sick leave redeemed for 1 hour of wages at the employee's current base rate of pay. Applicable payroll taxes would apply. 2. The City's CalPERS contract provides an option for normal service retirees to receive additional time-in-service credit by converting sick leave at the rate of 8 hours of sick leave accrual for .004-year-of-service credit. 3. Pursuant to federal and state law and the City’s deferred compensation plan, employees may take advantage of the 457 Deferred Compensation Plan "Catch-Up" provisions and allowances as defined in the City's Great West 457 Plan document. Employees may not make "Special Section 457 Catch-Up" contributions in the year they attain their Normal Retirement Age (NRA). To the extent allowed by federal and state law and the City's deferred compensation plan, the City will allow, in 1 or more of the 3 calendar years ending prior to the calendar year of an employee's planned NRA (or alternate NRA), the conversion of accrued sick leave at a rate of 2 hours for 1 hour of cash contribution, at the employee's base rate of pay in effect at the time of conversion, to the City's 457 Deferred Compensation Plan. RAFT Sick leave conversion contributions for the "457 Catch-Up" will normally be distributed over the 3 calendar years ending prior to the calendar year of an employee's planned NRA (or alternate NRA). However, based on the total amount of "457 Catch-Up" contributions available to the employee, accumulated sick leave hours, and the employee's designated NRA (or alternate NRA), "457 Catch-Up" contributions may occur over a shorter period of time prior to retirement; in no event, however, shall any contribution occur in the year the employee actually attains his/her NRA. To be eligible to participate, the employee must be within 1 or more of the 3 calendar years ending prior to the calendar year of his/her planned NRA (or alternate NRA), have "457 Catch-Up" privileges available to him/her, be enrolled in the City-sponsored 457 Deferred Compensation Plan, and maintain a minimum of 192 hours (270 hours for Fire shift employees) of sick leave in his/her accrual account after conversion during each year of participation. For purposes of this paragraph only, sick leave hours used for the "457 Catch-Up" shall be the first earned with respect to accumulation. Contributions made pursuant to this paragraph shall be reported as City contributions and shall not be fully vested with the employee until the actual date of retirement. (For additional deferred compensation policies and restrictions, also see Section

Fifteen-Year Retiree. Medical Benefit)] and be at least 50 years of age or, in the case of option "C.3." of this subsection, be within 1 or more of the 3 calendar years ending prior to the calendar year of his/her planned Normal Retirement Age (NRA). 1. Unused sick leave may be redeemed during the final pay period prior to retirement for a lump-sum cash settlement paid at the rate of 2 hours of accumulated sick leave redeemed for 1 hour of wages at the employee's current base rate of pay. Applicable payroll taxes would apply. 2. The City's CalPERS contract provides an option for normal service retirees to receive additional time-in-service credit by converting sick leave at the rate of 8 hours of sick leave accrual for .004-year-of-service credit. 3. Pursuant to federal and state law and the City’s deferred compensation plan, employees may take advantage of the 457 Deferred Compensation Plan "Catch-Up" provisions and allowances as defined in the City's Great West 457 Plan document. Employees may not make "Special Section 457 Catch-Up" contributions in the year they attain their Normal Retirement Age (NRA). To the extent allowed by federal and state law and the City's deferred compensation plan, the City will allow, in 1 or more of the 3 calendar years ending prior to the calendar year of an employee's planned NRA (or alternate NRA), the conversion of accrued sick leave at a rate of 2 hours for 1 hour of cash contribution, at the employee's base rate of pay in effect at the time of conversion, to the City's 457 Deferred Compensation Plan. Sick leave conversion contributions for the "457 Catch-Up" will normally be distributed over the 3 calendar years ending prior to the calendar year of an employee's planned NRA (or alternate NRA). However, based on the total amount of "457 Catch-Up" contributions available to the employee, accumulated sick leave hours, and the employee's designated NRA (or alternate NRA), "457 Catch-Up" contributions may occur over a shorter period of time prior to retirement; in no event, however, shall any contribution occur in the year the employee actually attains his/her NRA. To be eligible to participate, the employee must be within 1 or more of the 3 calendar years ending prior to the calendar year of his/her planned NRA (or alternate NRA), have "457 Catch-Up" privileges available to him/her, be enrolled in the City-sponsored 457 Deferred Compensation Plan, and maintain a minimum of 192 hours (270 hours for Fire shift employees) of sick leave in his/her accrual account after conversion during each year of participation. For purposes of this paragraph only, sick leave hours used for the "457 Catch-Up" shall be the first earned with respect to accumulation. Contributions made pursuant to this paragraph shall be reported as City contributions and shall not be fully vested with the employee until the actual date of retirement. (For additional deferred compensation policies and restrictions, also see Section.