Common use of Pension Calculation Clause in Contracts

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. For any employee hired on or before December 31, 2001 or who is vested as of February 27May 1, 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. For any employee hired on or before December 31, 2001 or who is vested as of February 27July 24, 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. For any employee hired on or before December 31, 2001 or who is vested as of February 27May 1, 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 's credited service multiplied by the sum of 2.4% of the employee’s '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 's credited service multiplied by the sum of 2.2% of the employee’s 's final average compensation for all years of service.

Pension Calculation. For any employee hired on or before December 31, 2001 or who is vested as of February 27June 19, 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. For any employee hired on or before December 31, 2001 or who is vested as of February 27September 14, 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.