Common use of Normal Retirement and Pension Amount Clause in Contracts

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.

Normal Retirement and Pension Amount. (1. An ) A full-time 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 55 or older with 25 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 County last terminates.

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 55 or older with 25 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-one- half (2.5%) percent of the employee's final average compensation multiplied by his his/her 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.six

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 55 or older with 25 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 County last terminates; provided however that premium overtime wages earned shall be excluded from this determination of final average compensation.