Pension Multiplier Sample Clauses

Pension Multiplier. For any employee hired on or before December 31, 2001 or who is vested as of February 27, 2009, the pension multiplier is two and four tenths percent (2.4%) for the first twenty- six (26) years of credited service and one percent (1%) for each year of credited service thereafter. For employees hired on or after January 1, 2002, the pension multiplier is two and two tenths percent (2.2%) for all years of service.
Sample 1Sample 2Sample 3See All (17)
AutoNDA by SimpleDocs
Pension Multiplier. 1. The Pension Plan was amended March 5, 2014, so that from that date forward all City employees who retire after that date shall thereafter have a pension multiplier of 2.5% for all service accrued on or after that date.
Sample 1Sample 2Sample 3
Pension Multiplier. The pension multiplier shall be two and one—half percent (2.5%) for all years of service with a seventy-five percent (75%) maximum benefit.
Sample 1
Pension Multiplier. Increase the pension multiplier to $70 for retirements on or after November 1, 2013. RCA: RCA contributions remain in place with no changes. 401k: No Change to Company match 401k contributions with the exception of elimination of Company post-tax match provision effective January 1, 2014 Active Healthcare • Continuation of High and Low Deductible HSA plans with no change to plan design. • Company HSA contribution amounts remain the same. • Beginning July 1, 2014, employee HSA contributions will be funded on a weekly basisinto the employee’s HSA account. Employee contributions: Option 1 with HSA Low Deductible Option 2 with HSA High Deductible Coverage Level Single Emp + 1 Family Single Emp + 1 Family Effective 7/1/14 $25.00 $45.00 $68.00 $5.00 $17.00 $25.00 Effective 7/1/15 $30.00 $50.00 $75.00 $8.00 $20.00 $30.00 Dental No change to plan design or employee contributions Vacation Pay Ability to Use Vacation In One (1) hour increments. Holidays Twenty Eight (28) Holidays over the life of the agreement Education Reimbursement – Continuation of program Miscellaneous • Limited Expansion of the Alternative Work Schedule language at MSF • Requirement to utilize available Sick/Vacation pay with Intermittent use of FMLA • Must have a paid day before and after a Holiday to qualify for Holiday Pay • New Provisions for UAW Retiree Cost for Pre-Medicare Health Coverage • New Provisions for addition and reduction of Union Representatives • Mandatory Direct Deposit for Payroll checks • Shift Preference areas – Expanded at the Xxxxxxxx Facility • 120 Calendar Days for New Hire Probationary Period Complete Contract Language proposals: xxxx://xxx.xxxxxxxxxxxxxx.xxx/employees/uaw_2013/index.html
Sample 1
Pension Multiplier. Effective July 1, 2007, any member including future retirement credit of employees who are promoted into the bargaining unit, age fifty (50) with twenty-five (25) years of service or age sixty (60) regardless of service shall have a pension as authorized under Public Act 345, payable at the rate of two and eight-tenths percent (2.8%) of the average of the three (3) years of highest annual compensation received during the five (5) years of service immediately preceding retirement or leaving service, multiplied by the first twenty-five (25) years of service, and all other benefits and compensation as set forth in said Act. (Michigan Act 345 of 1937 provides for “1% of the member’s average final compensation multiplied by the number of years, and fraction of a year, of service rendered by the member in excess of 25 years.”) Effective July 1, 2016, the pension multiplier shall be two percent (2.0%) for the first twenty-five (25) years of service for all new employees hired on or after July 1, 2016. The pension multiplier and years of service for those employees hired between July 1, 2009 and July 1, 2016 who are promoted to Sergeant after July 1, 2016 shall be frozen at the 2.0% multiplier for those years of service earned prior to the promotion. In addition, for those employees hired between July 1, 2009 and July 1, 2016 who are promoted to Sergeant after July 1, 2016, shall receive a pension multiplier of 2.8% for the years in which he/she are in that position.
Sample 1
Pension Multiplier. Effective January 1, 2007, the pension multiplier shall be 2.8% of FAC (final average compensation) times the first 25 years of service. Effective June 30, 2014 for all employees hired prior to July 1, 2009, the pension multiplier shall be reduced to 2.5% of FAC (final average compensation) for all future years of service. Union may commission an Actuarial Report for consideration to buy up to a higher multiplier, maximum 2.8% of FAC (final average compensation), with all costs to be borne solely by the Union and its members. Effective July 1, 2009, the pension multiplier shall be reduced to 2.0% of FAC (final average compensation) for all employees hired on or after July 1, 2009. FAC will be the best three (3) years out of five (5) years of service immediately preceding retirement.
Sample 1

Related to Pension Multiplier

  • Multiplier For Work assigned under this Agreement, a maximum multiplier of 2.9 for home office and 2.4 for field office shall apply to Consultant’s hourly Wage Rates in calculating compensation payable by the City. Said multiplier is intended to cover the Consultant employee benefits and the Consultant’s profit and overhead, including, without limitation, office rent, local telephone and utility charges, office and drafting supplies, depreciation of equipment, professional dues, subscriptions, stenographic, administrative and clerical support, other employee time or travel and subsistence not directly related to a project.

  • 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.

  • Average Contribution Amount For purposes of this Agreement, to ensure that all employees enrolled in health insurance through the City’s HSS are making premium contributions under the Percentage-Based Contribution Model, and therefore have a stake in controlling the long term growth in health insurance costs, it is agreed that, to the extent the City's health insurance premium contribution under the Percentage-Based Contribution Model is less than the “average contribution,” as established under Charter section A8.428(b), then, in addition to the City’s contribution, payments toward the balance of the health insurance premium under the Percentage-Based Contribution Model shall be deemed to apply to the annual “average contribution.” The parties intend that the City’s contribution toward employee health insurance premiums will not exceed the amount established under the Percentage-Based Contribution Model.

  • Lower Salary Level An employee who accepts another position with a lower salary range will be paid an amount equal to his or her current salary, provided it is within the salary range of the new position. In those cases where the employee’s current salary exceeds the maximum amount of the salary range for the new position, the employee will be compensated at the maximum salary of the new salary range.

  • Benefit Waiting Period Allowance (a) An employee who qualifies for and takes leave pursuant to 21.1 or 21.2 and is required by Employment Insurance to serve a one-week waiting period for Employment Insurance Maternity/Parental benefits, shall be paid a leave allowance equivalent to one week at 85% of the employee's basic pay.

  • Current Salary Level An employee who accepts another position with his or her current salary range will retain his or her current salary.

  • Partial Employer Contribution - Basic Eligibility The following employees covered by this Agreement receive the full Employer Contribution for basic life coverage, and at the employee's option, a partial Employer Contribution for health and dental coverages if they are scheduled to work at least fifty (50) percent but less than seventy-five (75) percent of the time. This means:

  • Are There Penalties for Early Distribution from a Xxxx XXX As indicated above, earnings on your contributions, as well as amounts contributed to a Xxxx XXX as a rollover from a Traditional IRA, that are distributed before certain events are subject to various taxes. Please see IRS Publication 590 for further information about Xxxx XXX rules and restrictions.

  • Early Distribution Penalty Tax If you receive a Traditional IRA distribution or a nonqualified Xxxx XXX distribution before you attain age 59½, an additional early distribution penalty tax of 10 percent generally will apply to the taxable amount of the distribution unless one of the following exceptions apply. 1)

  • PERCENTAGE GOAL The goal for Historically Underutilized Business (HUB) participation in the work to be performed under this contract is 23.7 % of the contract amount.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!