Retention Pay. Employees who have completed twenty-three (23) years or more of service as a uniformed member of the Department shall receive 2% Retention Pay. Effective June 30, 2008, employees who have completed twenty-six (26) years or more of service as a uniformed member of the Department shall receive an additional two percent (2%) Retention Pay, for a total of four percent (4%). Retention Pay shall be considered as part of an employee's regular rate of pay for the purpose of computing overtime pay due under this Agreement. Retention Pay shall be considered as part of an employee’s salary for purposes of computing retirement benefits and retirement contributions. Further, it is the parties’ understanding that this benefit is part of the salary attached to all ranks for uniformed members who have completed the required years of service covered by this Agreement. Retention Pay that was being paid to a member at the time the member became disabled shall be included in the member’s disability benefits.
Appears in 5 contracts
Samples: Memorandum of Understanding, Memorandum of Understanding, Memorandum of Understanding
