Common use of - Pension Escalator Clause in Contracts

- Pension Escalator. Effective October 1, 1998 employees retiring after said date shall receive a post-retirement adjustment to their original pension benefit, (after recalculation due to annuity withdrawal), equal to five percent (5%) of the original benefit beginning on the fifth (5th) year anniversary of retirement; an additional five percent (5%) increase to the original pension benefit beginning on the tenth (10th) year anniversary of retirement; and finally, an additional increase of five percent (5%) of the original pension benefit amount beginning on the fifteenth (15th) year anniversary of retirement. This pension escalator shall only be calculated on credited service prior to July 1, 2014.

- Pension Escalator. Effective October 1, 1998 employees Employees retiring after said date shall receive a post-retirement adjustment to their original pension benefit, (after recalculation due to annuity withdrawal), equal to five three and one-half percent (53.5%) of the original benefit beginning on the fifth (5th) year anniversary of retirement; an additional five to three and one-half percent (53.5%) increase to the original pension benefit beginning on the tenth (10th) year anniversary of retirement; and finally, an additional increase of five to three and one half percent (53.5%) of the original pension benefit amount beginning on the fifteenth (15th) year anniversary of retirement. This pension escalator shall only be calculated on credited service prior to July 1, 2014.