Pension Calculation. For any employee hired on or before December 31, 2001 or who is vested as of February 27, 2009, the County pension, which when added to an employee pension, will provide a straight life retirement allowance equal to the number of years, and fraction of a year, of an employee’s credited service multiplied by the sum of 2.4% of the employee’s final average compensation for the first twenty-six (26) years of service and one percent (1%) for each year of service thereafter. For employees hired after January 1, 2002, the County pension, which when added to an employee pension, will provide a straight life retirement allowance equal to the number of years, and fraction of a year, of an employee’s credited service multiplied by the sum of 2.2% of the employee’s final average compensation for all years of service.
Pension Calculation. The following is an example of how the pension of an employee in a Reduced Hours of Work arrangement would be calculated. Assume an employee has the following years of employment: 20 years full-time, followed by 5 years of 50% part-time, and then 10 years full-time. For pension eligibility purposes the employee has 35 years' service, i.e. 20 + 5 + 10 to calculate the amount of pension to be received the part-time years are pro-rated. 20 + 5/2 + 10 = 32.5 years pensionable service 30 + 5/2 x 2% = 65% pension. If the reduced hours years were the last five years, i.e. 30 years full-time + 5 last years at 50% part-time, the part-time earnings would be annualized as follows, assuming the part-time earnings are $25,000 or 50% of the yearly rate of $50,000 for the last three years of employment. The calculation is as follows: (30 + 5/2) x 2% = 65% pension annualized pension is $50,000 x 65% = $32,500/year.
Pension Calculation. An employee who qualifies for Long Term Disability on or after January 1, 2000, and who retires will have his pension calculated based on the greater of: his rate at the time of disability as defined in the Collective Agreement; or, the base rate in the Mill (Labourer rate) in each of the years used to calculate his pension.
Pension Calculation. The formula for determining employee monthly retirement benefit shall be as determined by the Township Retirement Board as set forth in the By-Laws of the Municipal Employees Pension Fund of Upper Xxxxx and the Pension Plan Handbook. The Township shall be responsible for contributing such funds as may be necessary as recommended by the actuary in order to meet the expected costs of present and future plan benefits resulting from calculation change set forth in this paragraph.
Pension Calculation. If Xx. Xxxxx elects to receive his benefits under the non tax-qualified pension programs sponsored by the Corporation in the form of a lump sum distribution, upon retirement such benefits shall be calculated as if his total pension benefits were determined using the applicable interest rates and mortality tables in effect for retirements on January 31, 2003, instead of the applicable interest rates and mortality tables in effect at the date of his retirement. This provision supersedes the Corporation’s obligation under the August 8, 2001 agreement between USX Corporation (now Marathon Oil Corporation (“Marathon”)) and Xx. Xxxxx (the “Retention Agreement”) with respect to the non tax-qualified pension plans sponsored by the Corporation but will have no impact on the obligation of Marathon under the terms of the Retention Agreement.
