Plan Description. At the time of retirement, the retiring employee shall receive a payment equal to one-half of the regular hourly rate of pay at retirement times the number of unused hours of sick leave accrued up to a maximum of sixteen hundred (1600) hours based on the following criteria: 21.2.1 at any age after thirty (30) years of service with the District; or 21.2.2 if your age plus years of public service total at least ninety (90) (Rule of 90) for employees in the Public Employees Retirement Association (“PERA”); or 21.2.3 at least twenty-nine (29) years and a day of service in the Minneapolis Employee Retirement Fund (“MERF”); or 21.2.4 after twenty (20) years of service with the District and age 60.
Appears in 4 contracts
Samples: Collective Bargaining Agreement, Collective Bargaining Agreement, Collective Bargaining Agreement
Plan Description. At the time of retirement, the retiring employee shall receive a payment equal to one-half of the regular hourly rate of pay at retirement times the number of unused hours of sick leave accrued up to a maximum of sixteen hundred (1600) hours based on the following criteria:
21.2.1 21.1.1 at any age after thirty (30) years of service with the District; or
21.2.2 21.1.2 if your age plus years of public service total at least ninety (90) (Rule of 90) for employees in the Public Employees Retirement Association (“PERA”); or
21.2.3 21.1.3 at least twenty-nine (29) years and a day of service in the Minneapolis Employee Retirement Fund (“MERF”); or
21.2.4 21.1.4 after twenty (20) years of service with the District and age 60.
Appears in 4 contracts
Samples: Collective Bargaining Agreement, Collective Bargaining Agreement, Collective Bargaining Agreement
