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.
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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. 2. In addition, the Pension Plan was amended effective March 5, 2014, so that employees employed on March 5, 2014 who were in positions paid from the City’s General Fund and/or other funds (not including those employees in Enterprise Fund positions), when the pension multiplier was reduced from 3% to 2%, the pension multiplier shall be increased retroactively from 2.0% to 2.5% for service accrued from October 1, 2011 forward.
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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.
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Pension Multiplier. Increase the pension multiplier to $70 for retirements on or after November 1, 2013.
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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.
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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.
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Related to Pension Multiplier

  • 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.

  • Adjustment of Minimum Quarterly Distribution and Target Distribution Levels (a) The Minimum Quarterly Distribution, First Target Distribution, Second Target Distribution, Third Target Distribution, Common Unit Arrearages and Cumulative Common Unit Arrearages shall be proportionately adjusted in the event of any distribution, combination or subdivision (whether effected by a distribution payable in Units or otherwise) of Units or other Partnership Securities in accordance with Section 5.10. In the event of a distribution of Available Cash that is deemed to be from Capital Surplus, the then applicable Minimum Quarterly Distribution, First Target Distribution, Second Target Distribution and Third Target Distribution, shall be adjusted proportionately downward to equal the product obtained by multiplying the otherwise applicable Minimum Quarterly Distribution, First Target Distribution, Second Target Distribution and Third Target Distribution, as the case may be, by a fraction of which the numerator is the Unrecovered Capital of the Common Units immediately after giving effect to such distribution and of which the denominator is the Unrecovered Capital of the Common Units immediately prior to giving effect to such distribution. (b) The Minimum Quarterly Distribution, First Target Distribution, Second Target Distribution and Third Target Distribution, shall also be subject to adjustment pursuant to Section 6.9.

  • Measurement Period In this Agreement, unless the contrary intention appears, a reference to:

  • Annual Performance Bonus During the Employment Term, the Executive shall be entitled to participate in the STIP, with such opportunities as may be determined by the Chief Executive Officer in his sole discretion (“Target Bonuses”), and as may be increased (but not decreased, except for across-the-board reductions generally applicable to the Company’s senior executives) from time to time, and the Executive shall be entitled to receive full payment of any award under the STIP, determined pursuant to the STIP (a “Bonus Award”).

  • 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.

  • Share Class Annual Compensation Rate Class R-1 1.00% Class R-2 0.75% Class R-2E 0.60% Class R-3 0.50% Class R-4 0.25% Class R-5 No compensation paid Class R-5E No compensation paid Class R-6 No compensation paid If you hold Plan accounts in an omnibus account (i.e., multiple Plans in one account on the books of the Funds), Plans that are added to the omnibus account after May 15, 2002 may invest only in R shares, and you must execute an Omnibus Addendum to the Selling Group Agreement, which you can obtain by calling our Home Office Service Team at 800/421-5475, extension 8.

  • 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.

  • 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.

  • Average Annual Compensation The Executive's "Average Annual Compensation" for purposes of this Agreement shall be deemed to mean the average level of compensation paid to the Executive by the Employers or any subsidiary thereof during the most recent five taxable years preceding the Date of Termination, including Base Salary and benefits and bonuses under any employee benefit plans of the Employers.

  • Formal Level (1) Level I - within fifteen (15) days after the occurrence of the alleged violation, misinterpretation, or misapplication of a provision of this Agreement, the grievant must present the grievance in writing on the approved form or lose the right to grieve. The form shall contain a clear, concise statement of the grievance, including the provision or provisions of this Agreement alleged to have been violated, misinterpreted, or misapplied; the circumstances involved, the decision rendered at the informal level, and the specific remedy sought. The immediate supervisor shall hold a hearing with the grievant, and shall communicate the decision in writing to the grievant within seven (7) days after receiving the grievance. In the event the immediate supervisor fails to conduct a hearing and render a decision in writing within seven days, the grievant shall notify the Superintendent, who shall convene a hearing with the immediate supervisor and the grievant within seven (7) days after notification, and direct the immediate supervisor to render a decision in writing. Such a directed decision shall be made within three (3) days. (2) Level II - In the event the grievant is not satisfied with the decision at Level I, the grievant may appeal the decision on the approved form to the Superintendent or his/her designee within seven (7) days of the receipt of the Level I decision. The form shall include a copy of the original grievance, the decision at Level I, and a clear and concise statement of the reason for the appeal. The Superintendent or his designee shall hold a hearing with the parties and render a written decision within ten (10) days of the receipt of the appeal. (3) Level III - In the event the grievant is not satisfied with the decision at Level II, the Association may advise the District within seven (7) days of receipt of the Level II decision of its intent to request a mediator from the California State Conciliation Mediation Service.

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