Optional Xxxxxxx Xxxxxxxxxx. Any member of the bargaining unit who retires may elect, not less than thirty days or greater than ninety days prior to the effective date of retirement, to be paid the total accumulated contributions (excluding interest, military buy back and CETA buy back contributions) in the reserve for employee's contributions. If a member makes such an election, the retiring member's monthly pension shall be reduced by an amount which is the actuarial equivalent of the accumulated contributions paid. The actuarial equivalent shall be determined on the basis of the interest rate established by the Pension Benefit Guarantee Corporation for immediate annuities.
Optional Xxxxxxx Xxxxxxxxxx. Any member of the bargaining unit who retires may elect, not less than thirty days or greater than ninety days prior to the effective date of retirement, to be paid the total accumulated contributions (excluding interest, military buy back and CETA buy back contributions) in the reserve for employee’s contributions. If a member makes such an election, the retiring member’s monthly pension shall be reduced by an amount which is the actuarial equivalent of the accumulated contributions paid. The actuarial equivalent shall be determined on the basis of the interest rate established by the Pension Benefit Guarantee Corporation for immediate annuities. The parties agree that the de facto operation of the Retirement System for the General Employees of the City of Xxxxxx, since at least July 1, 1982, consists of a defined benefit plan, commonly referred to as a pension plan and a defined contribution plan, commonly referred to as an annuity plan which plans have been treated by the parties to this Agreement and the Board of Trustees of the General Retirement System as qualified plans under the provisions of the Internal Revenue Code. The parties will continue the qualified status of the two plans within the Pension Trust Fund and agree to take action which may be required by Internal Revenue Service rules and regulations and the tax laws to maintain qualified plan status of the defined benefit plan (pension plan) and the defined contribution plan (annuity plan) under Section 401(a) or any other applicable Section of the Internal Revenue Code. The parties will request, and cooperate with, the Board of Trustees to apply for qualified plan status determination letters for each (i.e., the pension and annuity) of the plans of the General Retirement System. It is agreed that, other than additional administrative and processing costs which shall be borne by the General Retirement System, the actions required by the City pursuant to this Section shall not result in additional costs to the Employer of the Pension Fund. Effective September 1, 1994, retirees shall have fifty percent (50%) of their total monthly premium for dental insurance deducted from their monthly pension check, provided they elect such coverage. The remainder of the dental insurance premium shall be paid as hereinbefore provided for health insurance. Retirees shall continue to receive all health insurance benefits as currently detailed in Article 21. The City agrees to give employees covered by this con...
