MAINE PUBLIC EMPLOYEES STATE RETIREMENT BENEFIT Sample Clauses

MAINE PUBLIC EMPLOYEES STATE RETIREMENT BENEFIT. 1. It is a condition of employment that employees of the Police Department, on entering City service, are entitled to provision of the Maine Public Employees Retirement System and the benefits provided by the Social Security program. The City agrees to continue to participate in the cost of benefits available from both systems. Participation in the Maine Public Employees Retirement System is optional for employees of the South Portland Police Department.
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MAINE PUBLIC EMPLOYEES STATE RETIREMENT BENEFIT. It is a condition of employment that employees of the Police Department, on entering City service, are entitled to provision of the Maine Public Employees Retirement System and the benefits provided by the Social Security program. The City agrees to continue to participate in the cost of benefits available from both systems. Participation in the Maine Public Employees Retirement System is optional for employees of the South Portland Police Department. The City agrees to extend the provisions of the Survivor Benefits Section of the Maine Public Employees Retirement Law. Until June 30, 2009, the City shall extend to all eligible employees and participants of the Maine Public Employees Retirement Plan as of June 30, 1995, a retirement pension under Maine Public Employees Retirement System Consolidation Plan entitling employees to one-half (½) salary after having completed twenty-five (25) years of service regardless of age; which benefit shall be based on one-half of the average of the employee’s top three years of pay, including the 2% retirement option, COLA, in accordance with and subject to the provisions of the statutes of the State of Maine and the rules of the Maine Public Employees Retirement System now applicable or as they may hereinafter be amended. Effective July 1, 1995, the employee's rate of contribution shall be increased to 6.5% of gross weekly earnings and shall be a condition of plan participation.
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Related to MAINE PUBLIC EMPLOYEES STATE RETIREMENT BENEFIT

  • Post-Retirement Benefits The present value of the expected cost of post-retirement medical and insurance benefits payable by the Borrower and its Subsidiaries to its employees and former employees, as estimated by the Borrower in accordance with procedures and assumptions deemed reasonable by the Required Lenders is zero.

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  • REGISTERED RETIREMENT SAVINGS PLAN 1. In this Article:

  • Retirement Benefits Due to either investment or employment during the marriage, either the Husband or Wife: (check one) ☐ - DO NOT have retirement plans. ☐ - HAVE retirement plans. The Couple has the following retirement plans: (“Retirement Plans”). Upon signing this Agreement, the Retirement Plans shall be owned by: (check one) ☐ - Husband ☐ - Wife ☐ - Both Spouses ☐ - Other. .

  • Early Retirement Benefits If elected in the Adoption Agreement, an Early Retirement benefit may be available to individuals who meet the age and Service requirements that are specified in the Adoption Agreement. A Participant who attains his or her Early Retirement Date will become fully vested, regardless of any vesting schedule which otherwise might apply. If a Participant separates from Service with a nonforfeitable benefit before satisfying the age requirements, but after having satisfied the Service requirement, the Participant will be entitled to elect an Early Retirement benefit upon satisfaction of the age requirement.

  • Pre-Retirement Leave (a) An employee, who is scheduled to retire and to receive a superannuation allowance under the Pension (Public Service) Act, or who has reached the mandatory retiring age, shall be entitled to:

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