Military Time. The City shall grant additional service credit up to three (3) years for military service rendered prior to employment by the City. The additional military service credit would be used only in the computation of pension benefits; such credit would not be used to meet eligibility requirements for voluntary retirement. The employee shall contribute six percent (6%) of his current rate of pay in effect at the time of his election for each year of service, plus simple interest at the rate on one percent (1%) per year for each year from the date of hire to the date of election and payment. The payment shall be in cash and paid within thirty (30) days prior to the retirement date. To be eligible for claiming such military time, the employee will be required to furnish proof of honorable discharge for the years claimed.
Military Time. 1. The maximum buy-back is 5 years and may be accomplished in the same manner as the municipal buy-back, using the calculation of the current employee contribution rate, times the annual salary, times the number of years/months of prior service.
2. Honorable discharge is required with a copy of the employee’s DD-214, or other authentication documentation of full-time service, as verification of service. Receipt or eligibility for a military retirement bars a buy-back of military service. The pension system actuaries shall determine the cost of the buyback and the employee shall pay 50% of the cost of this calculation, upon receipt of the report from the actuaries. Employees are limited to purchasing a combined municipal and military buy-back of 5 years. If income information from municipal time or military time is unavailable, then the current annual salary for the employee times the current pension contribution rate shall be used to determine the buy-back cost for 1 year of prior municipal time. This purchase of prior municipal or military time will not be recognized for years of credited service towards eligibility for retiree health coverage or amount of City payment therefore. Any buy-back must be for full-time military duty or full-time municipal employment.
Military Time. 1. The maximum buy-back is 5 years and may be accomplished in the same manner as the municipal buy-back, using the calculation of the current employee contribution rate, times the annual salary, times the number of years/months of prior service.
2. Honorable discharge is required with a copy of the employee’s DD-214 as verification of service. Receipt or eligibility for a military retirement bars a buy-back of military service. The pension system actuaries shall determine the cost of the buyback and the employee shall pay 50% of the cost of this calculation, upon receipt of the report from the actuaries. Employees are limited to purchasing a combined municipal and military buy-back of 5 years. If income information from municipal time or military time is unavailable, then the current annual salary for the employee times the current pension contribution rate shall be used to determine the buy-back cost for 1 year of prior municipal time. This purchase of prior municipal or military time will be recognized for years of credited service towards eligibility for retiree health coverage or amount of City payment therefore. Any buy-back must be for full-time military duty or full-time municipal employment. The effective date of this agreement, all new hired Public Safety Officers have the option upon hiring, to be members of the defined benefit program provided by the Oak Park Employee’s Retirement System, or participate in a defined contribution program. The City will contribute 7.5% of base compensation to the defined contribution program (based upon an 84 hour workweek) and match up to an additional 3% of base compensation contributed by the employee. Employees are 100% vested after 1 year of employment. Current employees could decide to convert from their defined benefit pension to the defined contribution program by July 1, 2006. Any conversion will be actuarially computed to an equivalent value and cause no financial harm to the Retirement System. Employees will pay the cost for this calculation.
Military Time. 1. The maximum buy-back is 5 years and may be accomplished in the same manner as the municipal buy-back, using the calculation of the current employee contribution rate, times the annual salary, times the number of years/months of prior service.
2. Honorable discharge is required with a copy of the employee’s DD-214 as verification of service. Receipt or eligibility for a military retirement bars a buy-back of military service. The pension system actuaries shall determine the cost of the buyback and the employee shall pay 50% of the cost of this calculation, upon receipt of the report from the actuaries. Employees are limited to purchasing a combined municipal and military buy- back of 5 years. If income information from municipal time or military time is unavailable, then the current annual salary for the employee times the current pension contribution rate shall be used to determine the buy-back cost for 1 year of prior municipal time. This purchase of prior municipal or military time will be recognized for years of credited service towards eligibility for retiree health coverage or amount of City payment therefore. Any buy-back must be for full-time military duty or full-time municipal employment.
Military Time. The County of St. Clair, on behalf of the trustees of the St. Clair County Retirement Plan and the Police Officers Association of Michigan on behalf of the St. Clair County Sheriff Department Employees - POAM, St. Clair County Sheriff Department Corrections Supervisors – COAM, St. Clair County Communications Officers - POAM and St. Clair County Probate Court Clerical Employees - TPOAM hereby establish and agree as follows:
Military Time. After ten (10) years of credited service, up to five (5) years of military service may be purchased by the employee.
Military Time. In the event the apprenticeship of an employee is interrupted by a period of military service and such employee upon completion of such service returns to the Company and completes his apprenticeship, he shall receive seniority credits as set out above and shall receive an additional seniority credit equal to the length of his service in the Armed Forces.
Military Time. Employees of the Kalkaska Police Department have the option to buy up to four (4) years of military time toward their retirement at their cost, no cost to the Village of Kalkaska.
Military Time. 1. The maximum buy-back is 5 years and may be accomplished in the same manner as the municipal buy-back, using 3.8%, times the annual salary, times the number of years/months of prior service.
2. Honorable discharge is required with a copy of the employee’s DD-214 as verification of service. Receipt or eligibility for a military retirement bars a buy-back of military service.
3. Military time bought back shall count towards vesting for retiree health care coverage. The pension system actuaries shall determine the cost of the buyback and the employee shall pay 50% of the cost of this calculation, upon receipt of the report from the actuaries. Employees are limited to purchasing a combined municipal and military buy-back of 5 years. If income information from municipal time is unavailable, then the current annual salary for the employee times 3.8% shall be used to determine the buy-back cost for 1 year of prior municipal time. Any buy-back must be for full-time military duty or full-time municipal employment.
Military Time i. The maximum buy-back is 5 years and may be accomplished in the same manner as the municipal buy-back, using the calculation of the current employee contribution rate, times the annual salary, times the number of years/months of prior service.
ii. Honorable discharge is required with a copy of the employee’s DD-214, or other authentication documentation of full-time service, as verification of service. Receipt or eligibility for a military retirement bars a buy-back of military service.
iii. The pension system actuaries shall determine the cost of the buyback and the employee shall pay 50% of the cost of this calculation, upon receipt of the report from the actuaries.
iv. Employees are limited to purchasing a combined municipal and military buy- back of 5 years.
v. If income information from municipal time or military time is unavailable, then the current annual salary for the employee times the current pension contribution rate shall be used to determine the buy-back cost for 1 year of prior municipal time.
vi. This purchase of prior municipal or military time will be recognized for years of credited service towards eligibility for retiree health coverage or amount of City payment therefore.
vii. Any buy-back must be for full-time military duty or full-time municipal employment.
