Common use of Retirement and Retiree Health Care Clause in Contracts

Retirement and Retiree Health Care. Section 1. Retirement Plan for Employees hired prior to October 26, 2010. Subject to the terms and conditions herein provided, the Employer agrees to maintain the Monroe County Employees Retirement System Ordinance now in effect for all employees covered by this Agreement who become participants in the Plan prior October 26, 2010. In accordance with the provisions of said Ordinance, an individual will be eligible for normal retirement upon attaining age 60 or older with 8 or more years of credited service, or age 55 or older with 30 or more years of credited service. Effective October 26, 2010, the monthly benefit formula applicable to retirement for all employees in the bargaining unit who were hired prior to October 26, 2010, who elect to retire shall be two and one-half (2.5%) percent of the employee's final average compensation multiplied by his years of credited service. Final average compensation shall be the average of the compensation paid an individual during the period of thirty-six (36) consecutive months of his credited service producing the highest average compensation contained within the period of 120 months of his credited service immediately preceding the date his employment with the County last terminates. An individual who retires under the normal retirement or disability retirement provisions of the Monroe County Employees Retirement System Ordinance may elect to be paid the individual's accumulated member contributions provided such election is made prior to the date the first payment of the pension is made. The amount of pension paid to an individual making such election shall be reduced as provided in the Ordinance. Section 2. Retirement Plan for Employees hired on or after October 26, 2010. Subject to the terms and conditions herein provided, the Employer agrees to maintain the Monroe County Employees Retirement System Ordinance now in effect for all employees covered by this Agreement who become participants in the Plan on or after October 26, 2010. In accordance with the provisions of said Ordinance, an individual will be eligible for normal retirement upon attaining age 60 or older with 8 or more years of credited service, or age 55 or older with 30 or more years of credited service. Effective October 26, 2010, the monthly benefit formula applicable to retirement for all employees in the bargaining unit who were hired on or after October 26, 2010, who elect to retire on or after October 26, 2010 shall be one and one-half (1.5%) percent of the employee's final average compensation multiplied by his years of credited service. Effective October 26, 2010 all employees who were hired on or after October 26, 2010 shall contribute three (3%) percent of all earnings to the Retirement System. Such contribution shall be made through automatic payroll deduction on a biweekly basis from each member’s earnings. Final average compensation shall be the average of the compensation paid an individual during the period of thirty-six (36) consecutive months of his credited service producing the highest average compensation contained within the period of 120 months of his credited service immediately preceding the date his employment with the County last terminates. An individual who retires under the normal retirement or disability retirement provisions of the Monroe County Employees Retirement System Ordinance may elect to be paid the individual's accumulated member contributions provided such election is made prior to the date the first payment of the pension is made. The amount of pension paid to an individual making such election shall be reduced as provided in the Ordinance.

Retirement and Retiree Health Care. Section 1. Retirement Plan for Employees hired prior to October 26January 1, 20102011 General. Subject to the terms and conditions herein provided, the Employer agrees to maintain the Monroe County Employees Retirement System Ordinance now in effect for all employees covered by this Agreement who are present participants in the Plan or who become participants in the Plan during the term of this Agreement. Part-time employees hired prior October 26to January 1, 20102011, who later become participants in the Monroe County Retirement System as full- time hires, shall have their pension benefits administered under the provision of Section 1, herein. In accordance with the provisions of said OrdinanceXxxxxxxxx, an individual regular full-time seniority employees will be eligible for normal retirement upon attaining age 60 or older with 8 or more years of credited service, or age 55 or older with 30 or more years of credited service. Effective October 26, 2010, the The monthly benefit formula applicable to retirement for all regular full-time seniority employees in the bargaining unit who were hired prior to October 26, 2010, who elect to retire shall be two and one-one half (2.5%) percent of the employee's final average compensation multiplied by his her years of credited service, not to exceed seventy-five percent (75%) of final average compensation. Final average compensation shall be the average of the compensation paid an individual during the period of thirty-six (36) consecutive months of his her credited service producing the highest average compensation contained within the period of 120 months of his her credited service immediately preceding the date his her employment with the County last terminates. An individual who retires under the normal retirement or disability retirement provisions of the Monroe County Employees Retirement System Ordinance may elect to be paid the individual's accumulated member contributions provided such election is made prior to the date the first payment of the pension is made. The amount of pension paid to an individual making such election shall be reduced as provided in the Ordinance. Section 2. Retirement Plan for Employees hired on or after October 26January 1, 2010. Subject to the terms and conditions herein provided, the Employer agrees to maintain the Monroe County Employees Retirement System Ordinance now in effect for all employees covered by this Agreement who become participants in the Plan on or after October 26, 2010. 2011 In accordance with the provisions of said Ordinance, an individual will be eligible for normal retirement upon attaining age 60 or older with 8 or more years of credited service, or age 55 or older with 30 or more years of credited service. Effective October 26January 1, 2010, 2011 the monthly benefit formula applicable to retirement for all employees in the bargaining unit who were hired on or after October 26January 1, 20102011, who elect to retire on or after October 26, 2010 shall be one and one-half (( 1.5%% ) percent of the employee's final average compensation multiplied by his her years of credited service, not to exceed seventy-five percent (75%) of final average compensation. Effective October 26January 1, 2010 2011, all employees who were hired on or after October 26, 2010 shall contribute three (3%) percent of all earnings earning to the Retirement System. Such contribution contributions shall be made through automatic payroll deduction on a biweekly basis from each member’s earnings. Final average compensation shall be the average of the compensation paid an individual during the period of thirty-six (36) consecutive months of his her credited service producing the highest average compensation contained within the period of 120 months of his her credited service immediately preceding the date his her employment with the County Employer last terminates. terminates An individual who retires under the normal retirement or disability retirement provisions of the Monroe County Employees Retirement System Ordinance may elect to be paid the individual's accumulated member contributions provided such election is made prior to the date the first payment of the pension is made. The amount of pension paid to an individual making such election shall be reduced as provided in the Ordinance. Section 3. Part-Time Employees. Part-time employees hired prior to August 28, 2007, and full-time employees who were hired and converted to part-time status before said date, shall not be eligible to participate in the Monroe County Employees Retirement System. Part-time employees hired on or after August 28, 2007, and full-time employees who convert to part-time status on or after said date, who work at least 1,000 hours per year may be eligible to participate in the Monroe County Employees Retirement System, subject to the express terms and conditions provided in the Monroe County Employees Retirement System Ordinance and this Agreement.

Retirement and Retiree Health Care. Section 1. Retirement Plan for Employees hired prior Hired Prior to October 26, 2010. Subject to the terms and conditions herein provided, the Employer Court agrees to maintain the Monroe County Employees Retirement System Ordinance now in effect for all employees covered by this Agreement who become participants in the Plan prior to October 26, 2010. In accordance with the provisions of said Ordinance, an individual will be eligible for normal retirement upon attaining age 60 or older with 8 or more years of credited service, or age 55 or older with 30 or more years of credited service. Effective October 26, 2010, the monthly benefit formula applicable to retirement for all employees in the bargaining unit who were hired prior to October 26, 2010, who elect to retire shall be two and one-half (2.5%) percent of the employee's final average compensation multiplied by his years of credited service. Final average compensation shall be the average of the compensation paid an individual during the period of thirty-six (36) consecutive months of his credited service producing the highest average compensation contained within the period of 120 months of his credited service immediately preceding the date his employment with the County last terminates. An individual who retires under the normal retirement or disability retirement provisions of the Monroe County Employees Retirement System Ordinance may elect to be paid the individual's accumulated member contributions provided such election is made prior to the date the first payment of the pension is made. The amount of pension paid to an individual making such election shall be reduced as provided in the Ordinance. Section 2. Retirement Plan for Employees hired on or after October 26, 2010. Subject to the terms and conditions herein provided, the Employer Court agrees to maintain the Monroe County Employees Retirement System Ordinance now in effect for all employees covered by this Agreement who become participants in the Plan on or after October 26, 2010. In accordance with the provisions of said Ordinance, an individual will be eligible for normal retirement upon attaining age 60 or older with 8 or more years of credited service, or age 55 or older with 30 or more years of credited service. Effective October 26, 2010, the 2010 monthly benefit formula applicable to retirement for all employees in the bargaining unit who were hired on or after October 26, 2010, who elect to retire on or after October 26, 2010 shall be one and one-half (1.5%) percent of the employee's final average compensation multiplied by his years of credited service. Effective October 26, 2010 2010, all employees who were hired on or after October 26, 2010 shall contribute three (3%) percent of all earnings to the Retirement System. Such contribution shall be made through automatic payroll deduction on a biweekly basis from each member’s earnings. Final average compensation shall be the average of the compensation paid an individual during the period of thirty-six (36) consecutive months of his credited service producing the highest average compensation contained within the period of 120 months of his credited service immediately preceding the date his employment with the County last terminates. An individual who retires under the normal retirement or disability retirement provisions of the Monroe County Employees Retirement System Ordinance may elect to be paid the individual's accumulated member contributions provided such election is made prior to the date the first payment of the pension is made. The amount of pension paid to an individual making such election shall be reduced as provided in the Ordinance.

Retirement and Retiree Health Care. Section 1. Retirement Plan for Employees hired prior to October 26, 2010. 2010 Subject to the terms and conditions herein provided, the Employer Court agrees to maintain the Monroe County Employees Retirement System Ordinance now in effect for all employees covered by this Agreement who become participants in the Plan prior to October 26, 2010. In accordance with the provisions of said Ordinance, an individual will be eligible for normal retirement upon attaining age 60 or older with 8 or more years of credited service, or age 55 or older with 30 or more years of credited service. Effective October 26, 2010, the monthly benefit formula applicable to retirement for all employees in the bargaining unit who were hired prior to October 26, 201026,2010, who elect to retire on or after October 26, 2010 shall be two and one-one- half (2.5%) percent of the employee's final average compensation multiplied by his years of credited service. Final average compensation shall be the average of the compensation paid an individual during the period of thirty-six (36) consecutive months of his credited service producing the highest average compensation contained within the period of 120 months of his credited service immediately preceding the date his employment with the County last terminates. An individual who retires under the normal retirement or disability retirement provisions of the Monroe County Employees Retirement System Ordinance may elect to be paid the individual's accumulated member contributions provided such election is made prior to the date the first payment of the pension is made. The amount of pension paid to an individual making such election shall be reduced as provided in the Ordinance. Section 2. Retirement Plan for Employees hired on or after October 26, 2010. Subject to the terms and conditions herein provided, the Employer Court agrees to maintain the Monroe County Employees Retirement System Ordinance now in effect for all employees covered by this Agreement who become participants in the Plan on or after October 26, 2010. In accordance with the provisions of said Ordinance, an individual will be eligible for normal retirement upon attaining age 60 or older with 8 or more years of credited service, or age 55 or older with 30 or more years of credited service. Effective October 26, 2010, 2010 the monthly benefit formula applicable to retirement for all employees in the bargaining unit who were hired on or after October 26, 2010, who elect to retire on or after October 26, 2010 shall be one and one-half (1.5%) percent of the employee's final average compensation multiplied by his years of credited service. Effective October 26, 2010 2010, all employees who were hired on or after October 26, 2010 shall contribute three (3%) percent of all earnings to the Retirement System. Such contribution shall be made through automatic payroll deduction on a biweekly basis from each member’s earnings. Final average compensation shall be the average of the compensation paid an individual during the period of thirty-six (36) consecutive months of his credited service producing the highest average compensation contained within the period of 120 months of his credited service immediately preceding the date his employment with the County last terminates. An individual who retires under the normal retirement or disability retirement provisions of the Monroe County Employees Retirement System Ordinance may elect to be paid the individual's accumulated member contributions provided such election is made prior to the date the first payment of the pension is made. The amount of pension paid to an individual making such election shall be reduced as provided in the Ordinance.