RETIREMENT AND SOCIAL SECURITY. Unless specifically exempt under the Rules and Regulations of the Florida Retirement System, all full-time, part-time, and temporary personnel employed by the Board must participate in Social Security and the Florida Retirement System.
RETIREMENT AND SOCIAL SECURITY. Unless specifically exempt under the Rules and Regulations, Florida Retirement System, all full-time/part-time personnel employed by The School Board of Miami- Dade County, Florida must participate in Social Security and the Florida Retirement Program.
RETIREMENT AND SOCIAL SECURITY. All bargaining unit employees working in a position requiring six-hundred (600) or more hours per year must participate in the Illinois Municipal Retirement Fund (IMRF) and the Social Security program.
RETIREMENT AND SOCIAL SECURITY. 14.1 During the term of this Agreement, all eligible employees shall continue to participate in the Washington State Public Employees Retirement System (PERS) in accordance with and subject to the provisions of the statutes of the State of Washington now applicable or as they may hereafter be amended.
14.2 During the term of this Agreement, all eligible employees shall continue to participate in the Federal Social Security/Medicare programs in accordance with and as provided for by the United States.
RETIREMENT AND SOCIAL SECURITY a. Classic Members - Hired Before January 1, 2013:
1. Employees hired before February 1, 2007 will receive the P.E.R.S. 2.7% at 55 retirement program.
2. Employees hired on or after February 1, 2007 will receive the P.E.R.S. 2% at 55 retirement program.
3. Effective August 1, 2011, employees will pay 3% of salary toward the employee share of
RETIREMENT AND SOCIAL SECURITY. The City will provide retirement benefits through the Public Employees’ Retirement System. The City does not participate in the Social Security System. The use of the terms “classic member” and “new member” shall be as defined in the Public Employee Pension Reform Act of 2013 (PEPRA) and those rules and regulations adopted by CalPERS to implement PEPRA. “Classic members” are those members who entered into membership with a retirement system on or before December 31, 2012 who do not meet the definition of “new member” in Government Code section 7522.04(f). A “new member” is defined in Government Code section 7522.04(f) as any of the following:
1. An individual who becomes a member of any public retirement system for the first time on or after January 1, 2013, and who was not a member of any other public retirement system prior to that date; or
2. An individual who becomes a member of a public retirement system for the first time on or after January 1, 2013, and who was a member of another public retirement system prior to that date, but who was not subject to reciprocity under subdivision (c) of Govt. Code 7522.02; or
3. An individual who was an active member in a retirement system and who, after a break in service of more than six months, returned to active membership in that system with a new employer. Effective pay period beginning July 11, 2011, each employee in this Bargaining Unit will contribute nine percent (9%) of his/her PERSable salary (excluding overtime) on a pre- tax basis towards the “member contribution” portion of their CalPERS retirement account. Effective the first pay period including July 1, 2017, each employee in this Bargaining Unit will contribute ten percent (10%) of his/her PERSable salary (excluding overtime) on a pre-tax basis toward the “member contribution” portion of their CalPERS retirement account. The City currently contracts with the California Public Employees’ Retirement System (CalPERS) to provide the following system features:
1. The retirement benefit formula known as 3%-at-50 formula;
2. Final Compensation 3 Year;
3. The Index Level of 1959 Survivor Benefit; and
4. Pre-Retirement Option 2W Death Benefit. The City amended its contract with CalPERS to create a second-tier retirement plan effective January 1, 2012. The second-tier will apply to employees hired after December 31, 2011 and considered “classic members”. The second-tier shall provide:
1. The retirement benefit formula known as 3%-at-55 formula;
2. Final C...
RETIREMENT AND SOCIAL SECURITY. Upon employment with the City of East Lansing, eligible employees are automatically covered by Social Security with required payroll deductions. Each regular, full-time employee covered by this agreement becomes a member of the City’s retirement system. The city belongs to the Michigan Municipal Employees Retirement System. Employees covered by this agreement receive benefit C-1 with a waiver of Section 47(f). Employees may retire at age fifty-five (55) with twenty-five (25) years of service or at age sixty (60) with (10) years of service. Effective July 4, 1983, the contribution made by employees of the bargaining unit to the retirement system will be made by the City. Effective July 1, 2011, all employees receiving the aforementioned defined benefit retirement plan shall make a mandatory one percent (1%) wage contribution annually (contributions shall be deducted throughout the year through payroll deduction). Effective July 1, 1987, employees of this bargaining unit will be covered by retirement benefit B-1 with a waiver of section 47(f). Effective July 1, 1990, the City agrees to add the F-50 benefit with 25 years of service at City expense. Effective January 1, 1992, the City agrees to add the C-2 with B-1 at City expense. Effective January 1, 1994, the City agrees to add the B-3 benefit at City expense. Effective May 1, 2001, the City agrees to add the FAC-3 benefit at City expense. Effective July 1, 2011, all new employees will be enrolled in the MERS Hybrid Retirement
RETIREMENT AND SOCIAL SECURITY. Eligible employees may elect to participate in one of the following retirement plans:
1. Maine Public Employee’s Retirement System’s Defined Benefit Plan, with C.O.L.A. starting in July 1, 2006. Participation shall be subject to rules and regulations of the options selected by the Town. Employees electing this Defined Benefit plan may also elect to participate in a Deferred Compensation Plan (Plan 457) with the Town matching employee contributions up to a maximum
2. A Deferred Compensation Plan (Plan 457) with the Town matching employee contributions up to Six percent (6%) of the employee’s income. Participation shall be limited to employees who elect not to participate in Options 1.
RETIREMENT AND SOCIAL SECURITY. Bargaining unit members who work six hundred (600) or more hours per fiscal year must contribute to the Illinois Municipal Retirement Fund (IMRF) and to federal Social Security program. The District shall pay its required IMRF employer contribution and the employee shall pay his/her required employee IMRF contribution.
RETIREMENT AND SOCIAL SECURITY. The following descriptions of the City’s retirement programs are intended to summarize the provisions of the formal benefit Plan documents. These descriptions do not attempt to cover all the details contained in the Plan documents or all applicable State and Federal laws and regulations applicable to government retirement plans. For each benefit, the operation of the Plan, including events making employees eligible or ineligible for benefits, the amount of benefits to which employees (or beneficiaries) may be entitled, and actions employees (or beneficiaries) must take to request and support a claim for benefits will be governed solely by the terms of the official Plan document. To the extent that any of the information contained in this employee handbook, other educational materials, or any information you receive orally is inconsistent with the official Plan document, the provisions set forth in the Plan document will govern. If you have questions or wish to review specific Plan document provisions, please contact Human Resources. All full-time employees may elect to participate in City sponsored retirement programs. The city will only provide employer contributions to a single plan for each employee. New employees must elect whether to participate in the Maine Public Employees Retirement System (MainePERS) within sixty days of their date of hire. This election is irrevocable under federal law, meaning that an employee who joins the MainePERS plan will not be able to leave the MainePERS plan for the duration of their employment with the City. Similarly, if an employee declines to join MainePERS, they will not be able to later elect to join MainePERS and have pre-tax contributions made to MainePERS. The MainePERS Limited Open Enrollment Plan listed in Section B below only permits contributions with after-tax dollars. An employee’s election to join the MainePERS Limited Open Enrollment Plan is also irrevocable. The City also offers a 401(a) Money Purchase Plan through Mission Square Retirement (the “401(a) Plan”) to all full-time employees. Employees may participate in either MainePERS or the 401(a) Plan, but not both. If an employee elects to join the 401(a) Plan, the employee is not eligible for the MainePERS Limited Open Enrollment, because the election to join the 401(a) Plan is irrevocable. Depending on the retirement plan elected by the employee, the City shall make employer contributions at a level specified by either MainePERS or the 401(a) Plan ...
