Payments Commence 2 Years after Retirement Plan Sample Clauses

Payments Commence 2 Years after Retirement Plan. Effective July 1, 2008 for employees retiring after July 1, 2007, the City shall begin making payments to or on behalf of the retiree or his or her surviving spouse two (2) years after the employee retirees. The maximum amount the City shall pay to or on behalf of the retiree is based on the following schedule: Years of Service Percentage to be Paid by the City 10 years of Service City to pay an amount equal to 25% of the 2-party Kaiser plan rate 15 years of Service City to pay an amount equal to 50% of the 2-party Kaiser plan rate 20 years of Service City to pay an amount equal to 100% of the 2-party Kaiser plan rate For the purposes of this Section, a “retiree” is anyone who separated from the City on or after July 1, 2007, is vested in CalPERS, has ten years of service as a sworn officer with the Berkeley Police Department and has reached the age of 50.
Sample 1
AutoNDA by SimpleDocs
Payments Commence 2 Years after Retirement Plan. Effective July 1, 2008 for employees retiring after July 1, 2007, the City shall begin making payments to or on behalf of the retiree or his or her surviving spouse two (2) years after the employee retirees. The maximum amount the City shall pay to or on behalf of the retiree is based on the following schedule: Years of Service Percentage to be Paid by the City 10 years of Service City to pay an amount equal to 25% of the 2- party Kaiser plan rate 15 years of Service City to pay an amount equal to 50% of the 2- party Kaiser plan rate 20 years of Service City to pay an amount equal to 100% of the 2- party Kaiser plan rate For the purposes of this Section, a “retiree” is anyone who separated from the City on or after July 1, 2007, is vested in CalPERS, has ten years of service as a sworn officer with the Berkeley Police Department and has reached the age of 50. 2021 - 2023 Memorandum of Understanding City of Berkeley Berkeley Police Association However, a “retiree” is also anyone, regardless of age, who receives a disability or industrial disability retirement benefit from CalPERS and has at least ten (10) years of sworn service with the Berkeley Police Department.
Sample 1
Payments Commence 2 Years after Retirement Plan. For employees retiring after July 1, 2007, the City shall begin making payments to or on behalf of the retiree or their surviving spouse two (2) years after the employee retirees. The maximum amount the City shall pay to or on behalf of the retiree is based on the following schedule: Years of Service Percentage to be Paid by the City 10 years of Service City to pay an amount equal to 25% of the 2- party Kaiser plan rate 15 years of Service City to pay an amount equal to 50% of the 2- party Kaiser plan rate 20 years of Service City to pay an amount equal to 100% of the 2- party Kaiser plan rate
Sample 1

Related to Payments Commence 2 Years after Retirement Plan

  • 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.

  • Re-employment After Retirement Employees who have reached retirement age as prescribed under the Pension (Municipal) Act and continue in the Employer's service, or are re-engaged within three (3) calendar months of retirement, shall continue at their former increment step in the pay rate structure of the classification in which they are employed, and the employee's previous anniversary date shall be maintained. All perquisites earned up to the date of retirement shall be continued or reinstated.

  • Special Parental Allowance for Totally Disabled Employees (a) An employee who:

  • Normal Retirement Date The date on which the Executive attains age sixty-five (65).

  • 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.

  • Unpaid Leave - After Three Years For every three (3) years' continuous service, an employee may request, in writing, an extended unpaid leave of absence, giving the longest possible advance notice. Every reasonable effort shall be made to comply with such requests providing that replacements to ensure proper operation of the Employer's business can be found. Notice of the Employer's decision shall be in writing.

  • Oregon Public Service Retirement Plan Pension Program Members For purposes of this Section 2, “employee” means an employee who is employed by the State on or after August 29, 2003 and who is not eligible to receive benefits under ORS Chapter 238 for service with the State pursuant to Section 2 of Chapter 733, Oregon Laws 2003.

  • Normal Retirement Age Normal Retirement Age shall mean the date on which the Executive attains age sixty-five (65).

  • Special Maternity Allowance for Totally Disabled Employees (a) An employee who:

  • 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.

Time is Money Join Law Insider Premium to draft better contracts faster.