MONTHLY PENSION Clause Samples
MONTHLY PENSION. The monthly pension payable to a member at his normal retirement date shall be the sum of:
(a) $17.00 for each year of pensionable service up to May 31, 1990, plus
(b) Effective June 1, 2013, $47.50 for each year of pensionable service from June 1, 1990. However, for a member whose employment ceases on or after June 1, 2014, the monthly pension payable for each year of pensionable service after June 1, 1990. will increase to $48.25 and, for a member whose employment ceases on or after June 1, 2015, the monthly pension payable for each year of pensionable service from June 1, 1990 will increase to $49.25.
MONTHLY PENSION. The monthly pension payable to a member at his normal retirement date shall be the sum of:
(a) $17.00 for each year of pensionable service up to May 31, 1990, plus
(b) Effective June 1, 2020, $51.00 for each year of pensionable service from June 1, 1990. However, for a member whose employment ceases on or after June 1, 2022, the monthly pension payable will be $51.75.