Common use of Retention Incentive Bonus Clause in Contracts

Retention Incentive Bonus. Members of the System whose membership 19 began prior to January 1, 1982, and as of January 1, 2001, are either actively 20 employed or on an approved leave of absence, shall have their final average 21 salary increased by a bonus of 7.5% for each year of pension service credit 22 earned after January 1, 2001. Said bonus shall be credited on a daily basis 23 and the maximum bonus which can be added to an eligible member’s final 24 average salary shall not exceed 25%. This provision shall not apply to a 25 member of the Employee’s Retirement System who became a member of 26 the System prior to January 1, 1982, and as of January 1, 2001 is either 27 eligible for a deferred vested benefit under 201.24 (4.5) or is receiving a 28 pension benefit, unless such member returns to active County employment 29 and is eligible to earn additional pension service credit.

Retention Incentive Bonus. Members of the System system whose membership 19 began 18 prior to January 1, 1982, and as of January 1, 2001, are either actively 20 19 employed or on an approved leave of absence, shall have their final average 21 20 salary increased by a bonus of 7.5% for each year of pension service credit 22 21 earned after January 1, 2001. Said bonus shall be credited on a daily basis 23 and 22 the maximum bonus which can be added to an eligible member’s final 24 average 23 salary shall not exceed 25%. This provision shall not apply to a 25 member of the Employee24 employee’s Retirement System who became a member of 26 the System system prior to 25 January 1, 1982, and as of January 1, 2001 is either 27 eligible for a deferred vested 26 benefit under 201.24 (4.5) or is receiving a 28 pension benefit, unless such 27 member returns to active County employment 29 on or after January 1, 2001 and 28 is eligible to earn additional pension service credit.

Retention Incentive Bonus. Members Member’s of the System whose membership 19 14 began prior to January 1, 1982, and as of January 1, 2001, are either 15 actively 20 employed or on an approved leave of absence, shall have their 16 final average 21 salary increased by a bonus of 7.5% for each year of pension 17 service credit 22 earned after January 1, 2001. Said bonus shall be credited 18 on a daily basis 23 and the maximum bonus which can be added to an eligible 19 member’s final 24 average salary shall not exceed 25%. This provision shall 20 not apply to a 25 member of the Employee’s Retirement System who became 21 a member of 26 the System prior to January 1, 1982, and as of January 1, 22 2001 is either 27 eligible for a deferred vested benefit under 201.24 (4.5) or is 23 receiving a 28 pension benefit, unless such member returns to active County 24 employment 29 and is eligible to earn additional pension service credit.

Retention Incentive Bonus. Members of the System whose 12 membership 19 began prior to January 1, 1982, and as of January 1, 2001, 13 are either actively 20 employed or on an approved leave of absence, shall 14 have their final average 21 salary increased by a bonus of 7.5% for each 15 year of pension service credit 22 earned after January 1, 2001. Said 16 bonus shall be credited on a daily basis 23 and the maximum bonus which 17 can be added to an eligible member’s final 24 average salary shall not 18 exceed 25%. This provision shall not apply to a 25 member of the 19 Employee’s Retirement System who became a member of 26 the System 20 prior to January 1, 1982, and as of January 1, 2001 is either 27 eligible for 21 a deferred vested benefit under 201.24 (4.5) or is receiving a 28 pension 22 benefit, unless such member returns to active County employment 29 and 23 is eligible to earn additional pension service credit.

Retention Incentive Bonus. Members of the System system whose membership 19 began 16 prior to January 1, 1982, and as of January 1, 2001, are either actively 20 17 employed or on an approved leave of absence, shall have their final average 21 18 salary increased by a bonus of 7.5% for each year of pension service credit 22 19 earned after January 1, 2001. Said bonus shall be credited on a daily basis 23 and 20 the maximum bonus which can be added to an eligible member’s final 24 average 21 salary shall not exceed 25%. This provision shall not apply to a 25 member of the Employee22 employee’s Retirement System who became a member of 26 the System system prior to 23 January 1, 1982, and as of January 1, 2001 is either 27 eligible for a deferred vested 24 benefit under 201.24 (4.5) or is receiving a 28 pension benefit, unless such 25 member returns to active County employment 29 on or after January 1, 2001 and 26 is eligible to earn additional pension service credit.