Pension (Municipal) Act Clause Samples
The Pension (Municipal) Act clause establishes the legal framework governing pension schemes for employees of municipal bodies. It typically outlines eligibility criteria, contribution requirements, and the calculation of pension benefits for municipal workers, ensuring that their retirement income is managed according to statutory guidelines. By providing clear rules and protections for both employees and employers, this clause ensures the fair administration of municipal pension funds and addresses the need for financial security after retirement.
Pension (Municipal) Act. Regular Full-time employees shall, upon completion of their probationary period, participate in the pension plan under the terms of the Pension (Municipal) Act .
Pension (Municipal) Act. Where due to a layoff a Full-Time Employee's hours of work are reduced and employment status changed, the employee shall continue to contribute to the Municipal Superannuation Plan. Contributions made by the Employer and the employee shall be made on the basis of the new hours worked, and are subject to the requirements of the Pension (Municipal) Act.
Pension (Municipal) Act.
(a) All new Regular Full-Time Employees shall, upon completion of six (6) months' service, become eligible for pension in accordance with the Pension (Municipal) Act. Temporary Full-Time Employees shall be eligible once they have completed twelve (12) months of continuous service.
(b) Further, the City agrees to contribute an additional two percent (2%) of each employee's regular wages over and above the contribution required by the Pension (Municipal) Act PROVIDED that each employee contributes an additional two percent (2%) as a special contribution.
(c) Where, due to a layoff, a full-time employee has had their hours of work reduced and their employment status changed, the employee shall continue to contribute to the Municipal Pension Plan. Contributions made by the City and the employee shall be made on the basis of the new hours worked, and are subject to the requirements of the Pension (Municipal) Act.
Pension (Municipal) Act. The Pension (Municipal) Act shall apply as appropriate to Temporary and Auxiliary Employees. B.
Pension (Municipal) Act. (a) All new employees shall, upon completion of six (6) months' service, become eligible for superannuation in accordance with the Pension (Municipal) Act, except that Temporary Full-Time Employees shall not be eligible until they have completed twelve (12) months of continuous service.
(b) Further, the Board agrees to contribute an additional two percent (2%) of each employee's regular wages over and above the contribution required by the Pension (Municipal) Act PROVIDED that each employee contributes an additional two percent (2%) as a special contribution.
(c) Where, due to a layoff, a full-time employee has had their hours of work reduced and their employment status changed, the employee shall continue to contribute to the Municipal Pension Plan. Contributions made by the Board and the employee shall be made on the basis of the new hours worked, and are subject to the requirements of the Pension (Municipal) Act.
Pension (Municipal) Act. (a) Where due to a layoff, a Full-Time Employee's hours of work are reduced and the employee's employment status changed, the employee shall continue to contribute to the Municipal Superannuation Plan. Contributions made by the Employer and the employee shall be made on the basis of the new hours worked, and are subject to the requirements of the Pension (Municipal) Act.
(b) Effective 2001 September 21: Subject to the qualifying provision contained in the Public Sector Pensions Plan Act, the Employer agrees to participate in such contributions as are necessary to extend pensionable service of a retiring employee up to a maximum of six (6) months, the said extension to represent that time served by the employee in a probationary capacity with the GVRD which has not heretofore been considered as pensionable service. Such benefit to be subject to the following:
(i) An employee must have a vested interest in the Public Sector Pensions Plan Act and have reached the minimum retirement age in order to qualify.
(ii) Any eligible employee who wishes to take advantage of this benefit must give at least one (1) month’s notice in advance of the contemplated retirement date and make such arrangements as are necessary at that time regarding the employee’s own contributions, provided however that this time constraint may be waived under special circumstances by application to and with approval of the GVRD.
(iii) Cost of increased benefits, as defined by the Pension Corporation, is shared 50/50 by the employee and the GVRD as per the Public Sector Pensions Plan Act.
Pension (Municipal) Act. (a) Contributions to the Municipal Pension Plan shall commence on the first of the month following an employee’s date of hire.
(b) The Corporation will pay two and one-half percent (2½%) of the salaries of all employees, and shall cause to be deducted from the salary of each employee a further two percent (2%) of salary; the total amount to be placed in the Municipal Superannuation Fund and recorded in the Retirement Annuity Account on such terms and conditions as may closely as possible reflect the agreement dated 5 September, 1950 between the Commissioner of Municipal Superannuation and the City of Vancouver. The Corporation's supplemental contribution will be credited to the employee's annuity fund account should he:
(1) retire;
(2) or his widow be entitled to disability, or death in service benefits after completing more than ten (10) years of service;
(3) terminate his employment after at least twenty (20) years of service;
(4) have his employment terminated by the Corporation for medical reasons. Should the employee leave the service for any other reason prior to completing twenty years of service, the Corporation's supplemental contributions will be refunded to the Corporation.
(c) Subject to the qualifying provision contained in Section 9(1) of the Pension (Municipal) Act, the Corporation agrees to participate in such contributions as are necessary to extend pensionable service of an employee covered by this Agreement up to a maximum of one (1) year. The said extension to represent that time served by the employee in a probationary capacity with the Corporation which has not heretofore been considered as pensionable service. Such benefit to be subject to the following:
(1) An employee must have a vested interest in the Municipal Superannuation Plan and have reached the age of minimum retirement in order to qualify.
(2) An employee who wishes to take advantage of this benefit must give at least 6 months notice in advance of the contemplated retirement date and make such arrangements as are necessary at that time regarding his own contributions. Effective 2004 April 08, employees who are not eligible for the benefit described in 6.7(c) may make arrangements prior to 2007 April 01 to purchase the full amount associated with the buy-back of service and, upon the employee producing the receipt, the Employer agrees to reimburse the employee fifty percent (50%) of the purchase cost as stipulated by the Pension Corporation. This payment will be made in the...
Pension (Municipal) Act. Employees shall be covered by the provisions of the Pension (Municipal) Act. Retirement shall be in conformity with the Act.
Pension (Municipal) Act. (a) It is agreed that the Employer shall participate in the Municipal Superannuation Plan, and that all employees engaged by the Employer after January 1st, 1967 shall be subject to the requirements of the Pension (Municipal) Act.
(b) Where, due to a layoff, a full-time employee has had their hours of work reduced and their employment status changed, the employee shall continue to contribute to the Municipal Superannuation Plan. Contributions made by the Employer and the employee shall be made on the basis of the new hours worked, and are subject to the requirements of the Pension (Municipal) Act.