Multiplier. The retirement allowance factor for employees who retire on or after July 1, 1996 shall be 2.4 for all years of credited service. The maximum portion of the retirement allowance financed by the Employer shall not exceed seventy-five percent (75%) of the employee's final average compensation.
Appears in 6 contracts
Samples: Labor Agreement, Labor Agreement, Labor Agreement
Multiplier. The retirement allowance factor for employees who retire on or after July January 1, 1996 2000, shall be 2.4 2.5% for all years of credited service. The maximum portion of the retirement allowance financed by the Employer shall not exceed seventy-five percent (75%) of the employee's final average compensation.
Appears in 3 contracts
Samples: Labor Agreement, Labor Agreement, Labor Agreement
Multiplier. The retirement allowance factor for employees who retire prior to July 1, 1996 shall be 2.4 for the first 25 years and 1.0 for each year thereafter. The retirement allowance factor for employees who retire on or after July 1, 1996 shall be 2.4 for all years of credited service. The maximum portion of the retirement allowance financed by the Employer shall not exceed seventy-seventy five percent (75%) of the employee's final average compensation.
Appears in 1 contract
Samples: Labor Agreement
Multiplier. The retirement allowance factor for employees who retire on or after July 1, 1996 shall be 2.4 2.5 for all years of credited service. The maximum portion of the retirement allowance financed by the Employer shall not exceed seventy-five percent (75%) of the employee's final average compensation.
Appears in 1 contract
Samples: Collective Bargaining Agreement
Multiplier. The retirement allowance factor for employees who retire on or after July 1, 1996 shall be 2.4 for all years of credited service. The maximum portion of the retirement allowance financed by the Employer shall not exceed seventy-seventy five percent (75%) of the employee's final average compensation.
Appears in 1 contract
Samples: Labor Agreement
