RETIREMENT BENEFITS FOR EMPLOYEES HIRED BEFORE JANUARY 1, 1996 Clause Samples

RETIREMENT BENEFITS FOR EMPLOYEES HIRED BEFORE JANUARY 1, 1996. The following benefit provisions apply only to those employees who were hired before January 1, 1996: A. A member who has twenty-five (25) or more years of service may leave the service and receive the full retirement benefits payable throughout his/her life as provided, regardless of age. B. The pension for all members will be increased by ten percent (10%) on the anniversary of the fifth (5th) year of retirement, an additional ten percent (10%) the tenth (10th) year of retirement and an additional five percent (5%) the fifteenth (15th) year of retirement. Each percentage increase is based on the amount of the annual pension payable on the date of retirement.