PERS RETIREMENT BENEFITS Sample Clauses

PERS RETIREMENT BENEFITS. The City agrees to provide retirement benefits to eligible unit employees under the California Public Employees' Retirement System (PERS) as follows. The definition of “new” member and “classic” member are set forth in Appendix B of this MOU
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PERS RETIREMENT BENEFITS. The City agrees to provide retirement benefits to eligible unit employees under the California Public Employees' Retirement System (PERS) as follows. The definition of “new” member and “classic” member are set forth in Appendix B of this MOU. GOVERNMENT CODE SECTION BENEFIT 7522.20 (a) “New” Members, as defined by the Public Employees Pension Reform Act (PEPRA), hired on or after January 1, 2013 2% @ Age 62: Base retirement plan of two percent (2%) at age 62 for all unit employees defined as “new” members by AB 340 and hired on or after January 1, 2013. 20037 For unit employees hired on or after July 1, 2011: Three-year Final Compensation: Final compensation is the average full-time monthly pay rate for the highest thirty-six (36) consecutive months; the City also coordinates with Social Security, therefore the final compensation will be reduced by $133.33. 20042 For unit employees hired prior to July 1, 2011: One-Year Final Compensation: Final compensation is the average full-time monthly pay rate for the highest twelve (12) consecutive months; the City also coordinates with Social Security, therefore the final compensation will be reduced by $133.33. 20055 Prior Service Credit: Unit employees may be eligible to purchase prior service credit. 20124 Military Service Credit: Unit employees may elect to purchase up to four (4) years of service credit. GOVERNMENT CODE SECTION BENEFIT 21329 Two percent (2%) COLA: Beginning the 2nd calendar year after the year of retirement, retirement and survivor allowances will be adjusted annually on a compound basis of two percent (2%); the adjustment may not be greater than the change in the CPI.
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PERS RETIREMENT BENEFITS. As of the effective date of this MOU the City agrees to provide retirement benefits under the California Public Employees’ Retirement System as follows:
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PERS RETIREMENT BENEFITS. The City of Paso Xxxxxx shall continue to provide the Public Employees Retirement System (PERS) of the State of California to unit employees. The contract with PERS as approved by the City Council for General Services Unit Employees is as follows: Tier 1 -Employees hired prior to May 27, 2012 shall be as follows:
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PERS RETIREMENT BENEFITS. As of the effective date of this MOU the City agrees to provide retirement benefits under the California Public Employees’ Retirement System as follows: GOVERNMENT CODE SECTION BENEFIT 7522.20 (a) 21363.1 “New” Members, as defined by the Public Employees’ Pension Reform Act (PEPRA), hired on or after January 1, 2013 A base retirement plan of 2.7% at age 57. “Classic” Member, as defined by XXXXX, regardless of date of hire A base retirement plan of 3% at age 55. 20037 For unit employees hired on or after January 1, 2012: Three-year Final Compensation: Final compensation is the average full-time monthly pay rate for the highest thirty-six (36) consecutive months. 20042 For unit employees hired prior to January 1, 2012: One-Year Final Compensation - Final compensation is the average full-time monthly pay rate for the highest twelve (12) consecutive months. 20055 Prior Service Credit: Unit employees may be eligible to purchase prior service credit.
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PERS RETIREMENT BENEFITS. The City agrees to provide retirement benefits to eligible unit employees under the California Public Employees' Retirement System (PERS) as follows. The definition of “new” member and “classic” member are set forth in Appendix B of this MOU. GOVERNMENT CODE SECTION BENEFIT 7522.20 (a) “New” Members, as defined by the Public Employees Pension Reform Act (PEPRA), hired on or after January 1, 2013 2% @ Age 62: Base retirement plan of two percent (2%) at age 62 for all unit employees defined as “new” members by AB 340 and hired on or after January 1, 2013. 20037 For unit employees hired on or after July 1, 2011: Three-year Final Compensation: Final compensation is the average full-time monthly pay rate for the highest thirty-six (36) consecutive months; the City also coordinates with Social Security, therefore the final compensation will be reduced by $133.33. 20042 For unit employees hired prior to July 1, 2011: One-Year Final Compensation: Final compensation is the average full-time monthly pay rate for the highest twelve (12) consecutive months; the City also coordinates with Social Security, therefore the final compensation will be reduced by $133.33. 20055 Prior Service Credit: Unit employees may be eligible to purchase prior service credit. 20124 Military Service Credit: Unit employees may elect to purchase up to four (4) years of service credit. GOVERNMENT CODE SECTION BENEFIT
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Related to PERS RETIREMENT BENEFITS

  • Post-Retirement Benefits The present value of the expected cost of post-retirement medical and insurance benefits payable by the Borrower and its Subsidiaries to its employees and former employees, as estimated by the Borrower in accordance with procedures and assumptions deemed reasonable by the Required Lenders is zero.

  • Early Retirement Benefits If elected in the Adoption Agreement, an Early Retirement benefit may be available to individuals who meet the age and Service requirements that are specified in the Adoption Agreement. A Participant who attains his or her Early Retirement Date will become fully vested, regardless of any vesting schedule which otherwise might apply. If a Participant separates from Service with a nonforfeitable benefit before satisfying the age requirements, but after having satisfied the Service requirement, the Participant will be entitled to elect an Early Retirement benefit upon satisfaction of the age requirement.

  • Retirement Benefits Due to either investment or employment during the marriage, either the Husband or Wife: (check one) ☐ - DO NOT have retirement plans. ☐ - HAVE retirement plans. The Couple has the following retirement plans: (“Retirement Plans”). Upon signing this Agreement, the Retirement Plans shall be owned by: (check one) ☐ - Husband ☐ - Wife ☐ - Both Spouses ☐ - Other. .

  • Retirement Benefit Should the Director still be in the Directorship ------------------ of the Association upon attainment of his 70th birthday, the Association will commence to pay him $590 per month for a continuous period of 120 months. In the event that the Director should die after becoming entitled to receive said monthly installments but before any or all of said installments have been paid, the Association will pay or will continue to pay said installments to such beneficiary or beneficiaries as the Director has directed by filing with the Association a notice in writing. In the event of the death of the last named beneficiary before all the unpaid payments have been made, the balance of any amount which remains unpaid at said death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the estate of the last named beneficiary to die. In the absence of any such beneficiary designation, any amount remaining unpaid at the Director's death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the Director's estate.

  • Employment Benefits In addition to the Salary payable to the Executive hereunder, the Executive shall be entitled to the following benefits:

  • Accrued Benefits The term "Accrued Benefits" shall include the following amounts, payable as described herein: (i) all base salary for the time period ending with the Termination Date; (ii) reimbursement for any and all monies advanced in connection with the Executive's employment for reasonable and necessary expenses incurred by the Executive on behalf of the Company and its Affiliates for the time period ending with the Termination Date; (iii) any and all other cash earned through the Termination Date and deferred at the election of the Executive or pursuant to any deferred compensation plan then in effect; (iv) notwithstanding any provision of any bonus or incentive compensation plan applicable to the Executive, a lump sum amount, in cash, equal to the sum of (A) any bonus or incentive compensation that has been allocated or awarded to the Executive for a fiscal year or other measuring period under the plan that ends prior to the Termination Date but has not yet been paid (pursuant to Section 5(f) or otherwise) and (B) a pro rata portion to the Termination Date of the aggregate value of all contingent bonus or incentive compensation awards to the Executive for all uncompleted periods under the plan calculated as to each such award as if the Goals with respect to such bonus or incentive compensation award had been attained; and (v) all other payments and benefits to which the Executive (or in the event of the Executive's death, the Executive's surviving spouse or other beneficiary) may be entitled as compensatory fringe benefits or under the terms of any benefit plan of the Employer, including severance payments under the Employer's severance policies and practices in the form most favorable to the Executive that were in effect at any time during the 180-day period prior to the Effective Date. Payment of Accrued Benefits shall be made promptly in accordance with the Employer's prevailing practice with respect to clauses (i) and (ii) or, with respect to clauses (iii), (iv) and (v), pursuant to the terms of the benefit plan or practice establishing such benefits.

  • Normal Retirement Age Normal Retirement Age shall mean the date on which the Executive attains age sixty-five (65).

  • Survivor Benefits 1. A surviving dependent of a retiree who was eligible to receive a Retiree Medical Grant, as stated above in A through C, and who qualifies for a monthly allowance shall be eligible for fifty (50) percent of the Grant authorized for the retiree.

  • RETIREMENT SEVERANCE PAY Any employee who works regularly each week on a permanent part-time basis or on a full-time basis and who has ten or more years of service with the Shaker Heights Board of Education, may elect at the time of his/her retirement from active service (retirement from active service shall mean actual retirement under one of Ohio’s public employee retirement systems or eligibility for retirement under such retirement systems with retirement from the Shaker schools and election to withdraw retirement funds in a lump sum payment) to receive severance pay in an amount equal to: One-fourth (1/4) of his/her unused accumulation at the per diem rate of said employee’s basic contract salary in effect at the time of the last day of employment in Shaker Heights. Supplemental contracts, extended service, overtime or any other compensation will not be included in the calculation.

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