Pension Formula Sample Clauses

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 Xxxxxxxxxx County Code, Article III, subsection (c) of Section 33-44 from date of retirement to Social Security retirement age.
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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...
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Pension Formula. The formula for calculating your monthly accrued basic pension is as follows:
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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%).
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Pension Formula. A participant who retires from January 1, 2012 will receive a pension equal to:
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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.
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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.
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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.
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Related to Pension Formula

  • Benefit Eligibility For purposes of the Benefit Plan entitlement, common-law and same sex relationships will apply as defined.

  • Benefit Level The primary care clinics available through each plan administrator are assigned a Benefit Level. The Benefit Levels are outlined in the benefit chart below. Primary care clinics may be in different Benefit Levels for different plan administrators. Family members may be enrolled in clinics that are in different Benefits Levels. Employees and their dependents may change to clinics in different Benefit Levels during the annual open enrollment. Employees and their dependents may also elect to move to a clinic in a different Benefit Level within the same plan administrator up to two (2) additional times during the plan year. Unless the individual has a referral from his/her primary care clinic, there are no benefits for services received from providers in Benefit Levels that are different from that of the primary care clinic in which the individual has enrolled.

  • Retirement Plans (a) In connection with the individual retirement accounts, simplified employee pension plans, rollover individual retirement plans, educational IRAs and XXXX individual retirement accounts (“XXX Plans”), 403(b) Plans and money purchase and profit sharing plans (“Qualified Plans”) (collectively, the “Retirement Plans”) within the meaning of Section 408 of the Internal Revenue Code of 1986, as amended (the “Code”) sponsored by a Fund for which contributions of the Fund’s shareholders (the “Participants”) are invested solely in Shares of the Fund, Transfer Agent shall provide the following administrative services: (i) Establish a record of types and reasons for distributions (i.e., attainment of eligible withdrawal age, disability, death, return of excess contributions, etc.); (ii) Record method of distribution requested and/or made; (iii) Receive and process designation of beneficiary forms requests; (iv) Examine and process requests for direct transfers between custodians/trustees, transfer and pay over to the successor assets in the account and records pertaining thereto as requested; (v) Prepare any annual reports or returns required to be prepared and/or filed by a custodian of a Retirement Plan, including, but not limited to, an annual fair market value report, Forms 1099R and 5498; and file same with the IRS and provide same to Participant/Beneficiary, as applicable; and (vi) Perform applicable federal withholding and send Participants/Beneficiaries an annual TEFRA notice regarding required federal tax withholding. (b) Transfer Agent shall arrange for PFPC Trust Company to serve as custodian for the Retirement Plans sponsored by a Fund. (c) With respect to the Retirement Plans, Transfer Agent shall provide each Fund with the associated Retirement Plan documents for use by the Fund and Transfer Agent shall be responsible for the maintenance of such documents in compliance with all applicable provisions of the Code and the regulations promulgated thereunder.

  • Provisional Employees 343. Non-permanent employees, defined as employees with no permanent classification or employees with a permanent classification serving in another classification, shall be entitled to the following: 344. 1. Non-permanent employees shall be treated as permanent employees with respect to health and welfare benefits, compensation and salary steps, seniority, retirement (upon completion of 1040 hours in any twelve month period), and leave benefits, including but not limited to sick leave, vacation and personal leave.

  • Contribution Formula - Basic Life Coverage For employee basic life coverage and accidental death and dismemberment coverage, the Employer contributes one-hundred (100) percent of the cost.

  • Incentive, Savings and Retirement Plans During the Employment Period, the Executive shall be entitled to participate in all incentive, savings and retirement plans, practices, policies and programs applicable generally to other peer executives of the Company and its affiliated companies, but in no event shall such plans, practices, policies and programs provide the Executive with incentive opportunities (measured with respect to both regular and special incentive opportunities, to the extent, if any, that such distinction is applicable), savings opportunities and retirement benefit opportunities, in each case, less favorable, in the aggregate, than the most favorable of those provided by the Company and its affiliated companies for the Executive under such plans, practices, policies and programs as in effect at any time during the 120-day period immediately preceding the Effective Date or if more favorable to the Executive, those provided generally at any time after the Effective Date to other peer executives of the Company and its affiliated companies.

  • Special Maternity Allowance for Totally Disabled Employees (a) An employee who: (i) fails to satisfy the eligibility requirement specified in subparagraph 17.02(a)(ii) solely because a concurrent entitlement to benefits under the Disability Insurance (DI) Plan, the Long term Disability (LTD) Insurance portion of the Public Service Management Insurance Plan (PSMIP) or the Government Employees Compensation Act prevents her from receiving Employment Insurance or Québec Parental Insurance Plan maternity benefits, and (ii) has satisfied all of the other eligibility criteria specified in paragraph 17.02(a), other than those specified in sections (A) and (B) of subparagraph 17.02(a)(iii), shall be paid, in respect of each week of maternity allowance not received for the reason described in subparagraph (i), the difference between ninety-three per cent (93%) of her weekly rate of pay and the gross amount of her weekly disability benefit under the DI Plan, the LTD Plan or via the Government Employees Compensation Act. (b) An employee shall be paid an allowance under this clause and under clause 17.02 for a combined period of no more than the number of weeks during which she would have been eligible for maternity benefits under the Employment Insurance or Québec Parental Insurance Plan had she not been disqualified from Employment Insurance or Québec Parental Insurance maternity benefits for the reasons described in subparagraph (a)(i).

  • SERP Executive is a participant in the BB&T Corporation Non-Qualified Defined Benefit Plan (the “SERP”). The SERP was formerly known as the Branch Banking and Trust Company Supplemental Executive Retirement Plan. The SERP is a non-qualified, unfunded supplemental retirement plan which provides benefits to or on behalf of selected key management employees. The benefits provided under the SERP supplement the retirement and survivor benefits payable from the Pension Plan. Except in the event the employment of Executive is terminated by the Employer or BB&T for Just Cause and except in the event Executive terminates Executive’s employment for any reason other than Good Reason and such termination does not occur within twelve (12) months after a Change of Control (or, if later, within ninety (90) days after a MOE Revocation), the following special provisions shall apply for purposes of this Agreement: (i) The provisions of the SERP shall be and hereby are incorporated in this Agreement. The SERP, as applied to Executive, may not be terminated, modified or amended without the express written consent of Executive. Thus, any amendment or modification to the SERP or the termination of the SERP shall be ineffective as to Executive unless Executive consents in writing to such termination, modification or amendment. The Supplemental Pension Benefit (as defined in the SERP) of Executive shall not be adversely affected because of any modification, amendment or termination of the SERP. In the event of any conflict between the terms of this Section 1.7.7(i) and the SERP, the provisions of this Section 1.7.7 (i) shall prevail. Executive hereby agrees and consents to Employer’s amendment of the SERP to comply with Section 409A.

  • Retirement Plan The 2.7% at 55 retirement plan will be available to eligible bargaining unit members covered by this Section 6.1.

  • Retirement Savings Plan Within fifteen (15) days after the date of Termination of Employment, the Company shall pay to Employee a cash payment in an amount, if any, necessary to compensate Employee for the Employee’s unvested interests under the Company’s retirement savings plan which are forfeited by Employee in connection with the Termination of Employment.

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