Normal Retirement and Pension Amount Sample Clauses

Normal Retirement and Pension Amount. Subject to the terms and conditions set forth in the Retirement System and hereinunder, employees shall be eligible for normal retirement with pension amounts as follows:
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Normal Retirement and Pension Amount. 1. An employee who is hired (or reemployed) by the County prior to January 1, 2011 shall be eligible for normal retirement upon attaining age 60 or older with 8 or more years of credited service, or age 50 or older with 25 or more years of credited service. The benefit formula applicable to retirement for all employees eligible for benefits under this section who elect to retire shall be two and one-half (2.5%) percent of the employee's final average compensation multiplied by his years of credited service, not to exceed seventy-five percent (75%) of the member’s final average compensation. Final average compensation shall be the average of the compensation paid an individual during the period of thirty-six (36) consecutive months of his credited service producing the highest average compensation contained within the period of 120 months of his credited service immediately preceding the date his employment with the County last terminates.
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Normal Retirement and Pension Amount. (1) A full-time employee who is hired (or reemployed) by the Court prior to January 1, 2011 shall be eligible for normal retirement upon attaining age 60 or older with 8 or more years of credited service, or age 55 or older with 30 or more years of credited service. The benefit formula applicable to retirement for all employees eligible for benefits under this section who elect to retire shall be two and one-half (2.5%) percent of the employee's final average compensation multiplied by his years of credited service, not to exceed seventy-five percent (75%) of the member’s final average compensation. Final average compensation shall be the average of the compensation paid an individual during the period of thirty-six (36) consecutive months of his credited service producing the highest average compensation contained within the period of 120 months of his credited service immediately preceding the date his employment with the Court last terminates; provided, however that premium overtime wages earned in excess of two-hundred forty (240) hours annually (January 1st –December 31st) shall be excluded from this determination of final average compensation.
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Normal Retirement and Pension Amount. 1. An employee who is hired (or reemployed) by the County prior to July 1, 2013 shall be eligible for normal retirement upon attaining age 60 or older with 8 or more years of credited service, or age 50 or older with 25 or more years of credited service. The monthly benefit formula applicable to retirement for all employees eligible for benefits under this section who elect to retire shall be two and one-half (2.5%) percent of the employee's final average monthly compensation multiplied by his years of credited service, not to exceed seventy- five percent (75%) of final average monthly compensation. Final average compensation shall be the average of the compensation paid an individual during the period of thirty-six (36) consecutive months of his credited service producing the highest average compensation contained within the period of 120 months of his credited service immediately preceding the date his employment with the County last terminates; provided, however, that premium overtime wages earned in excess of four- hundred fifty (450) hours annually (January 1st – December 31st) shall be excluded from this determination of final average compensation.
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Normal Retirement and Pension Amount. (1) An employee who is hired (or reemployed) by the County prior to April 3, 2012, shall be eligible for normal retirement upon attaining age 60 or older with 8 or more years of credited service, or age 55 or older with 30 or more years of credited service. The monthly benefit formula applicable to retirement for all employees eligible for benefits under this section who elect to retire shall be two and one-half (2.5%) percent of the employee's final average compensation multiplied by his years of credited service. Final average compensation shall be the average of the compensation paid an individual during the period of thirty-six (36) consecutive months of his credited service producing the highest average compensation contained within the period of 120 months of his credited service immediately preceding the date his employment with the County last terminates.
Sample 1Sample 2
Normal Retirement and Pension Amount. (1) An employee who is hired (or reemployed) by the County prior to January 1, 2011 shall be eligible for normal retirement upon attaining age 60 or older with 8 or more years of credited service, or age 55 or older with 30 or more years of credited service. The benefit formula applicable to retirement for all employees eligible for benefits under this section who elect to retire shall be two and one- half percent of the employee's final average compensation multiplied by her years of credited service, not to exceed 75% of the member’s final average compensation. Final average compensation shall be the average of the compensation paid an individual during the period of 36 consecutive months of her credited service producing the highest average compensation contained within the period of 120 months of her credited service immediately preceding the date her employment with the County last terminates; provided, however that premium overtime wages earned in excess of 240 hours annually (January 1st – December 31st) shall be excluded from this determination of final average compensation.
Sample 1

Related to Normal Retirement and Pension Amount

  • Normal Retirement Unless Separation from Service or a Change in Control occurs before Normal Retirement Age, when the Executive attains Normal Retirement Age the Bank shall pay to the Executive the benefit described in this section 2.1 instead of any other benefit under this Agreement. If the Executive’s Separation from Service thereafter is a Termination with Cause or if this Agreement terminates under Article 5, no further benefits shall be paid.

  • VESTED RETIREMENT GRATUITY VOLUNTARY EARLY PAYOUT a) An Employee eligible for a Sick Leave Credit retirement gratuity as per Appendix A shall have the option of receiving a payout of his/her gratuity on August 31, 2016, or on the employee’s normal retirement date.

  • Retirement Benefit Should the Director still be in the Directorship ------------------ of the Association upon attainment of his 70th birthday, the Association will commence to pay him $590 per month for a continuous period of 120 months. In the event that the Director should die after becoming entitled to receive said monthly installments but before any or all of said installments have been paid, the Association will pay or will continue to pay said installments to such beneficiary or beneficiaries as the Director has directed by filing with the Association a notice in writing. In the event of the death of the last named beneficiary before all the unpaid payments have been made, the balance of any amount which remains unpaid at said death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the estate of the last named beneficiary to die. In the absence of any such beneficiary designation, any amount remaining unpaid at the Director's death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the Director's estate.

  • RETIREMENT PICK-UP 257. For the term of this Agreement, the CITY shall pick up the full amount of the employees’ contribution to retirement.

  • Life Insurance Upon Retirement 34.1 An employee who retires from the service of the Corporation subsequent to August 1, 2001, will, provided he is 55 years of age or over and has not less than 10 years' cumulative compensated service, be entitled to the sum of $8,000.00, payable to his estate upon his death.

  • Post-Retirement Benefits The present value of the expected cost of post-retirement medical and insurance benefits payable by the Borrower and its Subsidiaries to its employees and former employees, as estimated by the Borrower in accordance with procedures and assumptions deemed reasonable by the Required Lenders is zero.

  • Retirement Payment Employees with 25 or more total years of service in the program, who give two months’ notice of intent to retire, shall be provided the equivalent of 16% of annual salary, or $16,000, whichever is greater, at date of termination. The payment shall not exceed $20,000.

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