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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.
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...
Pension Modifications. The following modifications shall be made to the benefits provided to PF beneficiaries: Effective January 1, 2019, the eligibility requirements for the unre- duced 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 em- ployees who are at least age 59.5 by December 31, 2018 shall be sub- ject to the 62/20 eligibility requirements. ) Effective January 2, 2019, the 6% early retirement reduction fac- tor 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 peri- od 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 cred- it or employer contributions.
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).

Related to Pension Modifications

  • Contract Modifications It is understood that changes are inherent in operations of the type covered by this contract. The number of changes, the scope of those changes, and the impact they have on the progress of the original operations cannot be defined at this time. The PURCHASER is notified that changes are anticipated and that there will be no compensation made to the PURCHASER directly related to the number of changes made. Each change will be evaluated for extension of contract time and increase or decrease in compensation based on its own merit. STATE reserves the right to make, at any time during the contract, such modifications as are necessary or desirable; provided such modifications shall not change the character of the operations to be done nor increase the cost, unless such operations or cost increase is approved in writing by PURCHASER. Any modifications so made shall not invalidate this contract nor release PURCHASER of obligations under the performance bond. PURCHASER agrees to do the modified operations as if it had been a part of the original contract. If any change under this section causes an increase or decrease in the PURCHASER's cost of, or the time required for the performance of any part of the operations, the PURCHASER must submit a written statement setting forth the nature and specific extent of the claim. Such claim shall include all time and cost impacts against the contract and be submitted as soon as possible, but no later than 30 days after receipt of any written notice of modification of the contract. If the PURCHASER discovers site conditions which differ materially from what was represented in the contract or from conditions that would normally be expected to exist and be inherent to the activities defined in the contract, the PURCHASER shall notify the STATE's Authorized Representative immediately and before the area has been disturbed. The STATE's Authorized Representative will investigate the area and make a determination as to whether or not the conditions differ materially from either the conditions stated in the contract or those which could reasonably be expected in execution of this particular contract. If it is determined that a differing site condition exists, any compensation or credit will be determined based on an analysis by STATE's Authorized Representative. If the PURCHASER does not concur with the decision of the STATE's Authorized Representative and/or believes that it is entitled to additional compensation, the PURCHASER may proceed to file a claim. All claims shall be submitted in writing and shall include a detailed, factual statement of the basis of the claim, pertinent dates, contract provisions which support or allow the claim, reference to or copies of any documents which support the claim, the exact dollar value of the claim, and specific time extension requested for the claim. If the claim involves operations to be completed by subcontractors, the PURCHASER will analyze and evaluate the merits of the subcontractor's claim. PURCHASER shall forward the subcontractor's claim and PURCHASER's evaluation of such claim to STATE's Authorized Representative. The STATE's Authorized Representative will not consider direct claims from subcontractors, suppliers, manufacturers, or others not a party to this contract. The decision of the STATE shall be final and binding unless the PURCHASER requests mediation.