Common use of Pension Provisions Clause in Contracts

Pension Provisions. Section 1. Effective July 1, 2006, employees shall be entitled to retirement and survivor benefits pursuant to the terms and conditions of the ordinance entitled Final Amended Ordinance Regarding the Pension and Retirement System, Part II: Pensions and Retirement Provisions, and passed by the Board of Xxxxxxxx on January 24, 2011, (the “Pension Ordinance”) with the modifications provided herein. The provisions of the Pension Ordinance notwithstanding, all employees covered by this Agreement shall not suffer any reduction in their accrued benefits as of June 30, 2006. Section 1 (a). Employees hired after their fiftieth (50th) birthday shall have the choice of entering into the Pension System or contributing into the Social Security System. For those employees hired after May 21, 2002 and were inadvertently denied the opportunity to elect one of these options shall be given a window of opportunity until July 1, 2006 to make such an election, and shall receive such chosen benefit going forward from the date of their election. The terms “employee” or “employees” as used in this Article shall be defined and refer to employee or employees as those terms are defined in Article I, section 2 and 3 of this Agreement. The definition of “Spouse,” under Section 35.01 (X) of the Pension Ordinance shall be modified to read as follows:

Pension Provisions. Section 1. Effective July 1, 2006, employees shall be entitled to retirement and survivor benefits pursuant to the terms and conditions of the ordinance entitled Final Amended Ordinance Regarding the Pension and Retirement System, Part II: Pensions and Retirement Provisions, and passed by the Board of Xxxxxxxx on January 24, 2011, (the “Pension Ordinance”) with the modifications provided herein. ¶328. The provisions of the Pension Ordinance notwithstanding, all employees covered by this Agreement shall not suffer any reduction in their accrued benefits as of June 30, 2006. . ¶329. Section 1 (a1(a). Employees hired after their fiftieth (50th) birthday shall have the choice of entering into the Pension System or contributing into the Social Security System. For those employees hired after May 21, 2002 and were inadvertently denied the opportunity to elect one of these options shall be given a window of opportunity until July 1, 2006 to make such an election, and shall receive such chosen benefit going forward from the date of their election. ¶330. The terms “employee” or “employees” as used in this Article shall be defined and refer to employee or employees as those terms are defined in Article I, section 2 and 3 of this Agreement. ¶331. The definition of “Spouse,” under Section 35.01 (X) of the Pension Ordinance shall be modified to read as follows:

Pension Provisions. Section 1. Effective July 1, 2006, employees shall be entitled to retirement and survivor benefits pursuant to the terms and conditions of the ordinance entitled Final Amended Ordinance Regarding the Pension and Retirement System, Part II: Pensions and Retirement Provisions, and passed by the Board of Xxxxxxxx on January 24, 2011, (the “Pension Ordinance”) with the modifications provided herein. ¶319. The provisions of the Pension Ordinance notwithstanding, all employees covered by this Agreement shall not suffer any reduction in their accrued benefits as of June 30, 2006. . ¶320. Section 1 (a1(a). Employees hired after their fiftieth (50th) birthday shall have the choice of entering into the Pension System or contributing into the Social Security System. For those employees hired after May 21, 2002 and were inadvertently denied the opportunity to elect one of these options shall be given a window of opportunity until July 1, 2006 to make such an election, and shall receive such chosen benefit going forward from the date of their election. ¶321. The terms “employee” or “employees” as used in this Article shall be defined and refer to employee or employees as those terms are defined in Article I, section 2 and 3 of this Agreement. ¶322. The definition of “Spouse,” under Section 35.01 (X) of the Pension Ordinance shall be modified to read as follows: