Common use of Monthly Retirement Benefit Clause in Contracts

Monthly Retirement Benefit. Effective January 1, 2001, the pension multiplier shall be 2.8% percent for all eligible years of service. The number of eligible years multiplied by the pension multiplier shall not exceed 80%. The retirement benefit shall be calculated by multiplying the FAC (the employee’s highest consecutive 5 year income average) by the number of eligible years of service by the pension multiplier (2.8%). Credited compensation shall include base pay plus overtime and longevity pay only, and shall not include holiday bonus days, sick bank payoff or other payments of any kind.

Monthly Retirement Benefit. Effective January 1, 2001, the The multiplier for pension multiplier calculation shall be 2.8% percent for all eligible years of service, up to 25 years. The number of eligible 1.0 multiplier for all subsequent years multiplied by the pension multiplier shall not exceed beyond 25 years, to 80%. The retirement benefit shall be calculated by multiplying the FAC (the employee’s highest consecutive 5 year income average) by the number of eligible years of service by the pension multiplier (2.8%)% maximum. Credited compensation shall include base pay plus overtime and longevity pay only, and shall not include holiday bonus days, sick bank payoff or other payments of any kind.