Common use of Pension and Retirement Clause in Contracts

Pension and Retirement. 28.1 The City shall continue funding the Defined Benefit and Defined Contribution Pension Plans. The City agrees that the current pension benefits shall not be reduced during the term of this Contract. Specific provisions for all pension benefits are found in the completed plan documents. 28.2 Bargaining Unit members, who continue to participate in the Defined Benefit (DB) Pension Plan, will continue to contribute an amount of their pensionable income as provided by the plan. The current contribution is four and eighty-eight hundredth percent (4.88%) of pensionable income and is subject to periodic actuarial review up or down based upon the terms of the plan’s amendments. During the term of this agreement, there will be no change in the contribution amount based upon an actuarial review of previous plan amendments. 28.3 Bargaining Unit members hired on or after October 1, 1998, shall be participants in the Defined Contribution (DC) Pension Plan. Defined Contribution Pension Plan participants may elect to contribute up to three percent (3%) of their pensionable income to the DC Pension Fund. All pension plan participant contributions will be deducted from each paycheck. 28.4 Earnings for pension purposes, regardless of plan participation, (DB or DC) means base pay, shift differential, longevity, sick leave, personal leave, holiday pay, compensatory time and working out of class pay. Earnings do not include lump sum payments for leave, or bonus payments, or as otherwise are excluded by the Plan. No more than two thousand eighty (2,080) hours of pay shall be credited in any plan year. 28.5 In the event changes to benefits contained in the City’s Defined Benefit (DB) Pension Plan are proposed by the plan’s Pension Advisory Committee, all eligible participants of the DB Pension Plan will be allowed to vote on whether or not they approve those benefit changes and costs. All voting would be conducted in accordance with procedures developed by the Pension Advisory Committee. Any changes recommended by the members voting are subject to final approval of the Orlando City Council sitting as the Pension Plan’s Pension Board. 28.6 Two members of the Union shall be appointed as representatives on the Pension Advisory Committee (PAC) of the General Employees' Pension Plan. A proportionate number of Union representatives shall also be appointed by the Union to any new advisory body that might be created. PAC members will be granted time-off with pay to attend regularly scheduled PAC meetings. Furthermore, these members may be provided time during their regular working hours to meet with Bargaining Unit members to discuss plan changes referenced above. Such time is to be requested and must be approved by the Human Resources Division Manager.

Pension and Retirement. 28.1 The City shall continue funding the Defined Benefit and Defined Contribution Pension Plans. The City agrees that the current pension benefits shall not be reduced during the term of this Contract. Specific provisions for all pension benefits are found in the completed plan documents. 28.2 Bargaining Unit members, who continue to participate in the Defined Benefit (DB) Pension Plan, will continue to contribute an amount of their his/her pensionable income as provided by the plan. The current contribution is four and eighty-eight hundredth percent (4.88%) of pensionable income and is subject to periodic actuarial review up or down based upon the terms of the plan’s amendments. During the term of this agreement, there will be no change in the contribution amount based upon an actuarial review of previous plan amendments. 28.3 Bargaining Unit members hired on or after October 1, 1998, shall be participants in the Defined Contribution (DC) Pension Plan. Defined Contribution Pension Plan participants may elect to contribute up to three percent (3%) of their his/her pensionable income to the DC Pension Fund. All pension plan participant contributions will be deducted from each paycheck. 28.4 Earnings for pension purposes, regardless of plan participation, (DB or DC) means base pay, shift differential, longevity, sick leave, personal leave, holiday pay, compensatory time and working out of class pay. Earnings do not include lump sum payments for leave, or bonus payments, or as otherwise are excluded by the Plan. No more than two thousand eighty (2,080) hours of pay shall be credited in any plan year. 28.5 In the event changes to benefits contained in the City’s Defined Benefit (DB) Pension Plan are proposed by the plan’s Pension Advisory Committee, all eligible participants of the DB Pension Plan will be allowed to vote on whether or not they approve those benefit changes and costs. All voting would be conducted in accordance with procedures developed by the Pension Advisory Committee. Any changes recommended by the members voting are subject to final approval of the Orlando City Council sitting as the Pension Plan’s Pension Board. 28.6 Two members of the Union shall be appointed as representatives on the Pension Advisory Committee (PAC) of the General Employees' Pension Plan. A proportionate number of Union representatives shall also be appointed by the Union to any new advisory body that might be created. PAC members will be granted time-off with pay to attend regularly scheduled PAC meetings. Furthermore, these members may be provided time during their his/her regular working hours to meet with Bargaining Unit members to discuss plan changes referenced above. Such time is to be requested and must be approved by the Human Resources Division Department Manager.