Pension Multiplier Clause Samples
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.
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.
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.
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.
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.
Pension Multiplier. Increase the pension multiplier to $70 for retirements on or after November 1, 2013.