Form of Benefits. The survivor income benefit shall be paid to the Executive's beneficiary in a lump sum within sixty (60) days after the Executive's death.
Form of Benefits. 3.1. All persons identified in section 2.2 shall be eligible to purchase health insurance from the City at prices and coverage levels that are identical to those offered to active employees of the City, to the extent required by law or permitted under the applicable insurance policy.
3.2. The dollar value of benefits provided to persons who've met the eligibility criteria in section 2.2 as of October 1, 2008 currently takes the form of a benefit stated as a percentage of the prevailing health insurance premium charged by the City to those retired employees or qualified surviving dependent who have elected to purchase health insurance directly from the City.
3.2.1. The actual benefit percentage awarded to each person as of October 1, 2008 shall remain unchanged thru December 31, 2009.
3.2.2. Effective on January 1, 2010 the stated percentage will be reduced by 50 percent.
3.2.3. Effective January 1, 2011 that benefit will cease in its entirety.
3.3. For persons who meet the eligibility criteria in section 2.2 after October 1, 2008 and before December 31, 2010, the benefit stated as a percentage of the health insurance premium charged by the City, shall be based on the following schedule:
3.3.1. For the calendar year ending December 31, 2009 Year of Service upon Retirement Percentage of Insurance Premium 10-14 15% 15-19 25% 20+ 35%
3.3.2. For the calendar year ending December 31, 2010 Year of Service upon Retirement Percentage of Insurance Premium 10-14 7.5% 15-19 12.5% 20+ 17.5%
3.3.3. For all calendar years after December 31, 2010, the subsidy stated as a percentage of the health insurance premium charged by the City shall cease in its entirety.
3.4. Commencing January 1, 2010, all persons identified in section 2.2 who were originally hired into full-time regular status prior to January 1, 2003 will be eligible to receive a monthly benefit equal to $2.50 per month for each year of service (up to a maximum of $75 per month). Effective January 1, 2011, this amount will be increased to $5.00 per month for each year of service (up to a maximum of $150 per month). This benefit will be paid in addition to any benefit payable as per sections 3.1 and 3.2 above, if any. For purposes of administering this benefit:
3.4.1. Years of service performed while an employee is enrolled in DROP will not be considered in determining the amount of this monthly benefit.
3.4.2. Years of Service will be calculated in monthly increments, with one full month credited for any monthly...
Form of Benefits. Normal form. Payments of benefits in the normal form shall commence on the first day of the month for which the benefit is for, if the participant is then living, and shall be pro rated and paid on the first day of the month of the participant's actual retirement date. Payments of benefits shall be payable monthly thereafter during his lifetime, and terminating with the last payment on the first day of the month of the death of the participant.
Form of Benefits. Section 1. Purchase of Annuities or Payment of Lump Sum 67 Section 2. Qualified Joint and 50% Survivor Annuity 68 Section 3. Optional Forms of Benefits 69 Section 4. Small Benefits 72 Section 5. Direct Rollovers 73
Form of Benefits. 3.1. All persons identified in section 2.2 who were originally hired into full-time regular status prior to January 1, 2003-will be eligible to receive a monthly benefit equal to $5.00 per month for each year of service (up to a maximum of $150 per month). This benefit will be paid in addition to any benefit payable as per sections 3.1 and 3.2 above, if any. For purposes of administering this benefit:
3.1.1. Years of service performed while an employee is enrolled in DROP will not be considered in determining the amount of this monthly benefit.
3.1.1.1. Years of service performed while an employee is enrolled in the 401(a) plan WILL be considered in determining the amount of this monthly benefit
3.1.2. Years of Service will be calculated in monthly increments, with one full month credited for any monthly period in which service was provided to the City as a full-time, regular employee
3.1.3. Employees who separate from service prior to vesting in a retirement plan sponsored by the City will be refunded their payroll contributed (.5%) to the plan.
Form of Benefits. The survivor income benefit shall be equal to SEVENTY-FIVE PERCENT (75%) of the Executive's final annual salary that was paid to him at the time of his death and shall be paid to the Executive's beneficiary in one hundred twenty (120) equal monthly installments payable on the first day of each month commencing with the first day of the month following the Executive's death until one hundred twenty (120) payments have been made.
Form of Benefits. The survivor income benefit shall be paid to the Executive's beneficiary in 120 equal monthly installments payable on the first day of each month commencing with the first day of the month following the Executive's death.
Form of Benefits. The normal retirement benefit shall be payable in the form of a monthly annuity for the life of the member, unless an election of optional benefit is made as hereinafter provided.
Form of Benefits. The annual benefit amount payable following Normal Retirement, Early Retirement, or Disability shall be paid in equal monthly installments (1/12 of the annual benefit) for a period of one hundred and eighty (180)) months; provided, however, that such benefits shall cease upon the Executive’s death. The benefit amounts payable following Involuntary Termination under Section 3.03 above and following a Change of Control under Section 3.05 above shall be payable in a lump sum within 30 days following the event.
Form of Benefits. 3.1. All persons identified in section 2.2 who were originally hired into full-time regular status prior to January 1, 2003-will be eligible to receive a monthly benefit equal to $5.00 per month for each year of service (up to a maximum of $150 per month). This benefit will be paid in addition to any benefit payable as per sections 3.1 and 3.2 above, if any. For purposes of administering this benefit:
3.1.1. Years of service performed while an employee is enrolled in DROP will not be considered in determining the amount of this monthly benefit.
3.1.1.1. Years of service performed while an employee is enrolled in the 401(a) plan WILL be considered in determining the amount of this monthly benefit
3.1.2. Years of Service will be calculated in monthly increments, with one full month credited for any monthly period in which service was provided to the City as a full-time, regular employee
3.1.3. Employees who separate from service prior to vesting in a retirement plan sponsored by the City will be refunded their payroll contributed (.5%) to the plan.
3.1.4. To the extent the value of any benefit payable per this section plus the value of any benefit payable per sections 3.1 equals or exceeds the cost of health insurance purchased from the City, the benefit is non-taxable. Combined benefit amounts in excess of that cost will be considered taxable income.
3.1.5. In the case of a qualified surviving dependent of deceased city employees, the employment date and years of service criteria used in this section shall be those of the deceased city employee of whom the individual is a qualified surviving dependent.
3.2. All persons identified in section 2.2 who are hired in a fulltime, regular status after January 1, 2003, will be enrolled in a Retiree Health Savings (RHS) account administered by a third party. For purposes of administering this benefit:
3.2.1 The employee contribution of .5% of payroll will be deposited directly into the account.
