Firefighters’ Relief and Pension Fund Changes Sample Clauses

Firefighters’ Relief and Pension Fund Changes. The Union agrees to cooperate with the City of Pensacola in making the following changes to the existing Firefighters’ Relief and Pension Fund provisions as soon as practical: OT TOWARDS PENSION  300 hours of annual OT will remain pensionable for those employees vested as of June 10, 2015.  200 hours of annual OT will be pensionable for those employed but NOT vested as of June 10, 2015.  0 hours of annual OT will be pensionable for those employees HIRED AFTER June 10, 2015.  All of these pensionable OT caps DO NOT include OTA. CALCULATION OF FINAL COMPENSATION FOR PENSION  Those employees with 20 years or more of service as of June 10, 2015 continue with calculations of average final compensation based on best 2 out of the last 5 years.  Those with less than 20 years of service as of June 10, 2015 will have their average final compensation for pension calculated based on best 5 out of the last 5 years. CITY DROP PROGRAM For purposes of this article only:  Those employees in the DROP or entering the DROP on or before June 10, 2015 will continue to receive status quo.  Those employees who enter the DROP AFTER June 10, 2015 will receive a 1.3% guaranteed rate of return on their DROP monies BUT will NOT receive COLA on their DROP funds / pension while participating in the DROP. COLA FOR FUTURE RETIREES Those employees participating in the DROP on or BEFORE June 10, 2015 will continue to receive status quo with respect to COLA adjustments on post‐DROP retirement benefits.  Those employees entering the DROP AFTER June 10, 2015 will be eligible to receive UP TO a maximum 2% annual COLA on their post‐DROP retirement benefits (using the same formula that has always been used)  Employees hired AFTER June 10, 2015 will be eligible to receive UP TO a maximum 1.25% COLA on their post‐DROP retirement benefits (using the same formula that has always been used.) SPOUSAL BENEFIT & SOCIAL SECURITY REPLACEMENT  All employees HIRED BEFORE June 10, 2015 will continue to receive the spousal benefits as currently provided for in the plan documents.  Those employees hired AFTER June 10, 2015 will be eligible for a spousal benefit in the same manner that spousal benefits are available to Florida Retirement System (FRS) participants. However, those employees Xxxxx AFTER the date of the pension changes will also be offered a social security replacement plan commensurate with the Plan provided to the City’s Police Officers. PENSION CONTRIBUTIONS  Pension contributions fo...