Military Buy Back. The City has amended its contract with PERS to provide the PERS Optional Benefit Section 21024 -- Military Service Credited to Public Service. Participation in this program benefit is at the option and total expense of the employees, including any and all employee, employer and/or accrued interest costs.
Military Buy Back. Effective January 1, 1982, the Plan shall be amended to include the Military Buy-Back provision. Effective January 1, 2007, the City shall designate a thirty (30) day period of time during which employees who failed to buy back military time will be allowed to buy back up to three (3) years of military time in accordance with the military buy back provisions of the pension plan. The City shall notify employees in writing at least thirty (30) days prior to commencement of the thirty (30) day buy back period of the starting and stopping period for the buy back of military time.
Military Buy Back. The CITY shall allow employees to buy back the employee’s military service as provided by Government Code Section 20930.3.
Military Buy Back. The PERS contract is amended to include a military buy-back benefit. The cost of such buyback is to be borne by the employee.
Military Buy Back. The choice to participate in the CalPERS Military Buy Back program is solely at the discretion and cost of the employee. • Third Level 1959 Survivors Benefits This benefit was conditioned on the unit employees paying any increased cost incurred by the City as a result of the CalPERS contract amendment. In the event the City’s Employer Contribution Rate to CalPERS is increased as a result of the provision of this benefit, the Association agrees to pay any initial cost and ongoing cost of the increase. • Service Credit for Unused Sick Leave Any unused accumulated sick leave at time of retirement, for which there is no compensation or remuneration at all to the employee, would be converted to additional service credit in accordance with the CalPERS contract program.
Military Buy Back. A. Effective July 1, 2005, employees hired before July 1, 2005 who have served in the United States Military shall be given up to six (6) months to exercise an option to buyback up to a maximum of three (3) years of their service time, credited under the city of Stamford Classified Employees’ Retirement Fund (CERF) and shall be allowed up to twenty-four (24) months to pay for such credited service. This option shall not be available to any employee who has previously exercised an option for military buy-back under CERF.
B. Newly hired employees shall also be eligible to the Military Buy Back option outlined in (1) above within six (6) months of their initial date of hire.
Military Buy Back. The Department has adopted administrative provisions that allow employees to pay for prior military service credit on a pretax basis utilizing the IRS 414(h)(2) provision.
Military Buy Back. (A) Within eighteen (18) months of their appointment to the East Providence Police Department or if a current member, within eighteen (18) months of the formal ratification of this contact, a member of the bargaining unit who has served honorably in the United States armed services, as an active or reserve member, or as a member of a national guard unit, must make a written request to the East Providence Human Resources Department of his/her intention to buy back up to a maximum of (2) years said service towards the members credited pension calculation. Credits may not be purchased in increments of less than one full year.
(B) The buy-back shall be at the full actuarial cost as determined by the City’s actuary. The cost of the actuarial value study shall be at the member’s own expense. Member’s payments may be made in one lump sum payment or in installments for a period not to exceed three (3) years from the date of the actuarial report while the member is in active employment within the Department.
(C) The parties agree to adopt the appropriate Department of Defense guideline (i.e DD-214 or equivalent documents for total creditable years of service) on the calculation of military or reserve time as necessary for the purpose of determining the length of reserve service to be the equivalent of one or two years of service.
Military Buy Back. 1. Effective December 1, 1981, employees shall be afforded the opportunity to increase membership service in the Retirement System up to a maximum of three (3) years service based upon active military service prior to employment with the City. In order to be eligible for such purchase of service time, the military service must be as defined in the Michigan Compiled Laws Annotated, 35.61, as amended. Payment must be equal to the product of the Employee's current contribution rate multiplied by the Employee's current annual compensation, multiplied by the number of years and months of active military service to be purchased. It is understood that this service time shall not apply toward vesting in the Retirement System. Also, such payment shall purchase membership service time, but shall not count in the computation of average final compensation.
2. The language has been improved to conform with the Federal definition of "veteran." Unremarried widows and widowers of veterans are included in the buy-back opportunity.
3. The time purchased shall be fully paid prior to retirement, and the terms of the repayment shall be established by the Board of Trustees of the Retirement System.
