Common use of Normal Retirement and Pension Amount Clause in Contracts

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: (i) A full-time 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 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 Employer last terminates. (ii) A full-time employee who is hired (or reemployed) by the Employer on or after April 3, 2012 and prior to November 6, 2022 shall be eligible for normal retirement upon attaining age 60 or older with 8 or more years of credit service. The benefit formula applicable to retirement for all employees in the bargaining unit who elect to retire shall be one and one- half (1.5%) 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 monthly 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 Employer last terminates.

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: (i) A full-time An employee who is hired (or reemployed) by the County Employer prior to April 3January 1, 2012 2011 shall be eligible for normal retirement upon attaining age 60 or older with 8 or more years of credited service, or age 55 50 or older with 30 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 Employer 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. (ii) A full-time An employee who is hired (or reemployed) by the Employer on or after April 3January 1, 2012 2011 and prior to November 6January 1, 2022 2021 shall be eligible for normal retirement upon attaining age 60 or older with 8 or more years of credit service. The benefit formula applicable to retirement for all employees in the bargaining unit who elect to retire shall be one and one- one-half (1.5%) 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 monthly 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 Employer 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.

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: (i) A full-time An employee who is hired (or reemployed) by the County Employer prior to April 3January 1, 2012 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 Employer last terminates; provided however that premium overtime wages earned shall be excluded from this determination of final average compensation. (ii) A full-time An employee who is hired (or reemployed) by the Employer on or after April 3January 1, 2012 2011 and prior to November 6January 1, 2022 2021 shall be eligible for normal retirement upon attaining age 60 or older with 8 or more years of credit service. The benefit formula applicable to retirement for all employees in the bargaining unit who elect to retire shall be one and one- one-half (1.5%) 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 monthly 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 Employer last terminates.six

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: (i) A full-time An employee who is hired (or reemployed) by the County Employer prior to April 3January 1, 2012 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-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 Employer last terminates; provided however that premium overtime wages earned shall be excluded from this determination of final average compensation. (ii) A full-time An employee who is hired (or reemployed) by the Employer on or after April 3January 1, 2012 2011 and prior to November 6January 19, 2022 2021 shall be eligible for normal retirement upon attaining age 60 or older with 8 or more years of credit service. The benefit formula applicable to retirement for all employees in the bargaining unit who elect to retire shall be one and one- one-half (1.5%) 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 monthly 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 Employer last terminates; provided however that premium overtime wages earned shall be excluded from this determination of final average compensation.