Pension Modifications Sample Clauses

Pension Modifications. Employees hired on or after July 1, 2010 will be exclude from buying back retirement time. Employees who opted not to join the retirement system during their first two years of service shall have until June 30, 2012 to make a selection to buy back the time. Employees who file for an Ordinary Disability retirement shall have it changed to a Normal Service Retirement if they are eligible for a Normal Service Retirement. Effective July 1, 2010 neither the County nor the FPE shall seek to negotiate on pension matters, or otherwise seek to modify Article 19 Pension for two years. (until fiscal year 2013) Accidental Disability: Exhibit I.
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Pension Modifications. ‌ a) Effective July 1, 2010, employees shall contribute an additional 1% of salary above their contribution rate in effect on June 30, 2010. Effective July 1, 2011, employees shall contribute an additional 6% of salary above their contribution rate in effect on June 30, 2011. The employee contribution rate for employees hired into pay schedule IV on or after July 1, 2014 shall be ten percent (10%) of base pay. The employee contribution rate for cadets who were hired prior to July 1, 2014 and subsequently promoted into pay schedule IV shall be eight and one-half percent (8.5%) of base pay. (i) Employees who were hired before July 1, 2007, and who retire on or after July 1, 2010 with less than 20 years of service, shall not be entitled to the retiree COLA. This subsection does not apply to disability retirements. (ii) Employees who were hired after July 1, 2007, and who retire on or after July 1, 2010 with less than 25 years of service, shall not be entitled to the retiree COLA. This subsection does not apply to disability retirements. c) Employees who retiree on or after July 1, 2010, and who would otherwise be eligible for retiree COLA's, shall not receive such COLA's as provided in 5-l-235(a) of the Baltimore County Code, 2003; plus an additional (4) four years following their retirement. (Retirement system COLA's shall still be used to calculate an employee's DROP as stated in Article 10 Section 10.4 and Appendix C of this Memorandum of Understanding) d) Effective July 1, 2010 the PRIF Cap shall be reduced from 8% to 6% and the annual COLA limit shall be reduced from 4% to 3%. e) Effective July 1, 2016 all pay schedule IV employees hired prior to July 1, 2007 will contribute 8.65% of their salary toward their pension. f) Effective July 1, 2017 all pay schedule IV employees hired prior to July 1, 2014 will contribute 9.00% of their salary toward their pension. Effective January 1, 2019 all pay schedule IV employees hired prior to July 1, 2014 will contribute 9.50% of their salary toward their pension. g) The parties agree that the County will introduce and support passage of legislation to modify § 5-1-206(b) of the Baltimore County Code to provide that the exclusion for receipt of credit under that section does not apply to any credit provided through the National Guard, Reserves, or a military-related Disability pension. The County shall introduce and support passage of such legislation in connection with the County seeking approval from the County Coun...
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Pension Modifications. The following modifications shall be made to the benefits provided to PF beneficiaries: - Effective January 1, 2019, the eligibility requirements for the unreduced early retirement benefit shall be modified to age 62.5 and 25 years of service, from age 62 and 20 years of service, except all employees who are at least age 59.5 by December 31, 2018 shall be subject to the 62/20 eligibility requirements. ) - Effective January 2, 2019, the 6% early retirement reduction factor shall be increased to 9%, except all employees are at least age 59.5 by December 31, 2018 shall be subject to the 6% reduction factor. - Effective October 1, 2018, there will be a 12-month waiting period from date of hire for service credit when calculating an employee’s retirement benefit (i.e., new hires will not receive credited service for their first 12 months of employment). This will not affect vesting credit or employer contributions.
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Pension Modifications. A. E.R.S. Contribution Rates 1. Effective July 1, 2010, employees shall contribute an additional 1% of their base salary towards their pension. Employees hired on or after July 1, 2010 till June 30, 2011 shall contribute eight percent (8%) of base salary towards their retirement. 2. Effective July 1, 2011, employees shall contribute an additional .5% of their base salary towards their retirement. Employees hired on or after July 1, 2011 shall contribute eight and one-half percent (8.5%) of their base salary towards their retirement. B. Retiree Cost of Living Adjustment (COLA) Eligibility 1. Employees who were hired before July 1, 2007, and who retire on or after July 1, 2010 with less than 20 years of service, shall not be entitled to the retiree COLA. This subsection does not apply to disability retirements. 2. Employees who were hired after July 1, 2007,and who retire on or after July 1, 2010 with less than 25 years of service, shall not be entitled to the retiree COLA. This subsection does not apply to disability retirements. C. Employees who retire on or after July 1, 2010, and who would otherwise be eligible for retiree COLA’s, shall not receive such COLA’s for an additional four years following their retirement. (Retirement system COLA’s shall still be used to calculate an employee’s DROP as stated in Article 17 Section 17.4 and Appendix G herein) D. Effective July 1, 2010 the Post Retirement Increase Fund (PRIF) maximum account balance shall be reduced from 8% to 6%. Additionally, the maximum annual COLA shall be reduced from 4% to 3%. E. Effective July 1, 2010, neither the County or the Association shall seek to negotiate on pension matters, or otherwise seek to modify Article 17, for a period of three years (i.e. until Fiscal Year 2014).
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Related to Pension Modifications

  • Cost Modifications The parties may agree to a reduction in the cost of the Contract at any time during which the Contract is in effect. Without intending to impose a limitation on the nature of the reduction, the reduction may be to hourly, staffing or unit costs, the total cost of the Contract or the reduction may take such other form as the State deems to be necessary or appropriate.

  • Amendments; Modifications This Agreement may not be modified, altered or amended except by an agreement in writing executed by all of the parties hereto.

  • Acceptable Modifications This Guaranty shall be binding upon the Guarantor and upon its successors and assigns and shall inure to the benefit of and be enforceable by the Guaranteed Party and their successors and assigns; provided, however, that the Guarantor may not assign or transfer any of its rights or obligations hereunder without the prior written consent of the Guaranteed Party. The assignment rights of the Guaranteed Party will be in accordance with any applicable terms of the Agreement. Any assignment in violation of this Section 8 shall be void and of no effect.

  • Integration; Modification This Construction Services Agreement represents the entire understanding of District and Contractor as to those matters contained herein, and supersedes and cancels any prior oral or written understanding, promises or representations with respect to those matters covered herein, and it shall not be amended, altered or changed except by a written agreement signed by the parties hereto.

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