Pension Formula Sample Clauses
The Pension Formula clause defines the method used to calculate an employee's retirement benefits under a pension plan. Typically, it specifies the variables involved, such as years of service, final average salary, and a predetermined accrual rate, which together determine the amount of pension payable upon retirement. For example, the formula might multiply an employee's average salary over their last five years of service by a percentage and the total years worked. This clause ensures transparency and predictability in benefit calculations, helping both employers and employees understand the financial outcomes of the pension plan.
Pension Formula. For an H member in the integrated retirement plan who retires on a normal retirement, the annual pension must be computed as follows:
(A) From date of retirement to the month of attainment of Social Security retirement age: 2 percent of average final earnings multiplied by years of credited service up to a maximum of 36 years, plus sick leave credits. Credited service of less than one full year must be prorated.
(B) From the month of attainment of Social Security retirement age: 1¼ percent of average final earnings up to the Social Security maximum covered compensation level at time of retirement, plus 2 percent of average final earnings above the Social Security maximum covered compensation level at time of retirement, multiplied by years of credited service up to a maximum of 36 years, plus sick leave credits. Credited service of less than one full year must be prorated. This amount is subject initially to the cost-of-living adjustment provided in the ▇▇▇▇▇▇▇▇▇▇ County Code, Article III, subsection (c) of Section 33-44 from date of retirement to Social Security retirement age.
Pension Formula. (A) With respect to a DB Member who:
(1) was employed and covered in the POAM - Deputy Sheriffs Benefit Group prior to July 1, 2013 and enters into the Command Officers bargaining unit covered under this Agreement on or after April 25, 2013;
(2) was employed and covered in the COAM – Corrections Supervisors or POAM Correction Officers Benefit Group prior to January 1, 2011, entered into the Deputy Sheriff bargaining unit on or after July 1, 2013, and thereafter enters into the Command Officers bargaining unit covered under this Agreement; or
(3) was employed and covered in the POAM – Corrections Officers bargaining unit on or after January 1, 2011, were transferred to the Deputy Sheriffs bargaining unit prior to July 1, 2013 and then enters into the Command Officers bargaining unit on or after April 25, 2013; the monthly pension formula shall equal two and one-half (2.5%) percent of the employee's final average compensation multiplied by his years of credited service, not to exceed seventy-five percent (75%) of final average compensation. Final average compensation is the monthly average of the compensation paid an individual during the period of thirty-six (36) consecutive months of his credited service producing the highest average compensation contained within the period of 120 months of his credited service immediately preceding the date his employment with the County last terminates; provided, however, that premium overtime wages earned in excess of four- hundred fifty (450) hours annually (January 1st – December 31st) shall be excluded from this determination of final average compensation.
(B) With respect to a DB Member who was employed and covered in the:
(1) POAM - Deputy Sheriffs Benefit Group on or after July 1, 2013 and enters into the Command Officers bargaining unit covered under this Agreement on or after April 25, 2013; or
(2) COAM – Corrections Supervisors or POAM Correction Officers bargaining unit on or after January 1, 2011, transfers to the Deputy Sheriffs bargaining unit on or after March 3, 2019, and thereafter enters into the Command Officers bargaining unit covered under this Agreement; the monthly pension formula shall equal one and one-half (1.5%) percent of the employee's final average compensation multiplied by his years of credited service, not to exceed seventy-five percent (75%) of final average compensation. Final average compensation shall be the monthly average of the compensation paid an individual during the period of t...
Pension Formula. The formula for calculating your monthly accrued basic pension is as follows:
Pension Formula. 1. For employees hired before July 1, 2012, the District will continue to contract with the California Public Employee Retirement System (CalPERS) to provide such employees with benefits under the “2.5% at age 55” pension formula. The District may continue to apply the 2.5% at age 55 pension formula to employees hired on or after July 1, 2012 until a new pension formula is implemented for new hires as set forth in paragraph 2 immediately below.
2. For purposes of the pension formula set forth in Sub-paragraph 8.6.A.1, final compensation will be determined as provided under Government Code §20037 (average of three highest consecutive years).
3. The Parties acknowledge that effective January 1, 2013 the District implemented the Public Employee Pension Reform Act of 2013 (hereinafter “PEPRA”), prescribing the pension benefits of certain employees. Employees subject to the PEPRA are not covered by the terms of subsection 8.6.A.1 through 8.6.A.3 above. The PEPRA will continue to apply to District employees to the extent and in the manner required by law.
Pension Formula. A participant who retires from January 1, 2012 will receive a pension equal to:
Pension Formula. Ef fective January 1, 1990, there shall be a new pension formula w hich shall be based on 1.25% of the YMPE plus 1.75% over the YMPE for all future service. Ef fective January 1, 1990, employees w ill be required to contribute 1% of their T-4 earnings to the pension plan. Pension benefits earned on or after January 1, 1990, w ill be indexed from age sixty-five (65) and thereaf t er applying the follow ing formula: - annual increase in pension equal to seventy-five (75%) of the increase in the Consumer Price Index (CPI) less one percent (1%), such increase to be limited to a maximum annual increase in CPI of ten percent (10%).
Pension Formula. 1. For employees hired before July 1, 2012, the District will continue to contract with the California Public Employee Retirement System (CalPERS) to provide such employees with benefits under the “2.5% at age 55” pension formula. The District may continue to apply the 2.5% at age 55 pension formula to employees hired on or after July 1, 2012 until a new pension formula is implemented for new hires as set forth in paragraph 2 immediately below.
2. For employees hired on or after July 1, 2012, the District will contract with CalPERS to provide such employees with the “2% at age 60” pension formula. The District will implement the 2% at 60 formula effective July 1, 2012 except that it may implement that formula at later effective date to the extent the District deems such delay necessary to ensure conformity with law and the needs of efficient administration.
3. For purposes of the pension formulas under paragraphs 1 and 2 above final compensation will be determined as provided under Goverment Code §20037 (average of three highest consecutive years).
4. The Parties acknowledge that effective January 1, 2013 the District implemented the Public Employee Pension Reform Act of 2013 (hereinafter “PEPRA”), prescribing the pension benefits of certain employees. Employees subject to the PEPRA are not covered by the terms of subsection 8.6.A.1 through 8.6.A.3 above. The PEPRA will continue to apply to District employees to the extent and in the manner required by law.
Pension Formula. Subject to section I, a Group F member who retires on a normal or disability retirement, subject to sections D and G the annual pension must equal 2.4 percent of average final earnings multiplied by years of credited service, up to a maximum of 30 years, plus sick leave credits. Years of credited service of less than one full year must be prorated. Sick leave credits used for years in excess of 30 years must be credited at 2% of average final earnings. The maximum benefit with sick leave credits must not exceed 76% of average final earnings.