Reduction Based on Sample Clauses

Reduction Based on. “Age Plus Service = 85 or 90” - Your pension will be reduced by 0.33% for each complete month that your age plus service at retirement is less than 90 for service prior to August 1999 and less than 85 for service after July 1999. Note: The above reduction will not apply if you have 35 or more years of Pensionable Service at your retirement date. NOTE: THE AGE PLUS SERVICE = 90 FACTOR WILL BE USED FOR SERVICE EARNED PRIOR TO AUGUST 1, 1999. THE AGE PLUS SERVICE = 85 FACTOR WILL ONLY APPLY TO SERVICE EARNED ON AND AFTER THAT DATE. FOR EXAMPLE, IF YOU RETIRE AFTER AUGUST 1, 1999 WITH MORE THAN 85 BUT LESS THAN 90, THERE WILL BE A REDUCTION TO YOUR PENSION EARNED PRIOR TO AUGUST 1, 1999 BUT NO REDUCTION THEREAFTER. An employee may elect to receive the 85 point formula for pre 1999 service if they also accept the $52,000 cap under the Hourly Pension Plan.
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Reduction Based on. “Age Plus Service = 90” - Your pension will be reduced by 0.33% for each complete month that your age plus service at retirement is less than 90.
Sample 1

Related to Reduction Based on

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  • Reallocation to a Class with a Higher Salary Range Maximum Upon appointment to the higher class, the employee’s base salary will be increased to a step of the range for the new class that is nearest to five percent (5.0%) higher than the amount of the pre-promotional step, or to the entry step of the new range, whichever is higher.

  • Reallocation to a Class with an Equal Salary Range Maximum 1. If the employee meets the skills and abilities requirements of the position, the employee remains in the position and retains existing appointment status.

  • Reduction in scope of agreement for fault 19.1.1 If the Grantee does not comply with an obligation under this Agreement and the Commonwealth believes that the non‐compliance is incapable of remedy, or if the Grantee has failed to comply with a notice to remedy, the Commonwealth may by written notice reduce the scope of the Agreement.

  • Placement on Salary Schedule The following rules shall be applicable in determining placement of a teacher on the appropriate salary schedule:

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