Common use of Retirement Eligibility Clause in Contracts

Retirement Eligibility. An employee is eligible for retirement benefit payments under the following conditions: After twenty (20) years or more of credited service with no age restriction. After twenty-three (23) years or more of credited service with no age restriction for employees hired on or after January 1, 2000. Effective February 26, 2013, the years of service requirement shall change to twenty-five (25) years of service for all employees who were not fully vested as of said effective date. At sixty (60) years of age with a minimum of eight (8) years of credited service. At sixty (60) years of age with a minimum of fifteen (15) years of credited service for employees hired on or after January 1, 2000. Deferred retirement after fifteen (15) years of credited service with retirement benefit payments commencing when twenty (20) years of service would normally have been completed. Employees hired prior to January 1, 1988 may elect deferred retirement after eight (8) years of credited service with retirement benefit payments commencing when twenty (20) years of service would normally have been completed. Deferred retirement after fifteen (15) years of credited service with retirement benefit payments commencing when twenty-three (23) years of service would normally have been completed for employees hired on or after January 1, 2000. Effective February 26, 2013, the years of service requirement shall change to twenty-five (25) years of service for all employees who were not fully vested as of said effective date. Employees who are in the defined benefit plan, who were not vested on or before February 26, 2013 and who have a change in their retirement eligibility from 23 to 25 years of service under this Section shall be afforded an opportunity to purchase two (2) years of service by paying the full actuarially determined cost of the purchase of such time. This purchase shall be subject to paragraphs 8, 9, 10 and 12 of the Genesee County Employees’ Retirement System Service Credit Purchase Policy for Purchase of Other Governmental Service. Arrangement to purchase this time must be finalized, and an agreement signed by the employee, no later than June 30, 2014.

Retirement Eligibility. An employee is eligible for retirement benefit payments under the following conditions: After twenty (20) years or more of credited service with no age restriction. After twenty-three (23) years or more of credited service with no age restriction for employees hired on or after January 1, 2000. Effective February 26, 2013, the years of service requirement shall change to twenty-five (25) years of service for all employees who were not fully vested as of said effective daterestriction. At sixty (60) years of age with a minimum of eight (8) years of credited service. At sixty (60) years of age with a minimum of fifteen (15) years of credited service for employees hired on or after January 1, 2000. Deferred retirement after fifteen (15) years of credited service with retirement benefit payments commencing when twenty twenty-three (2023) years of service would normally have been completed. Employees hired prior to January 1, 1988 may elect deferred retirement after eight (8) years of credited service with retirement benefit payments commencing when twenty (20) years of service would normally have been completed. Deferred retirement after fifteen (15) years of credited service with retirement benefit payments commencing when twenty-three (23) years of service would normally have been completed completed. Final average compensation‌ The employee's best two (2) years of credited service prior to separation of employment shall be computed as final average compensation for retiring employees. Disability leave benefits, Worker's Compensation payments (weekly payments only) and layoff benefits shall be included when figuring final average compensation and credited service, contingent upon the employee's contribution of one-half percent (.5%) of the benefits received within twelve (12) months of return from such leave or layoff. Employee contribution rate Employee contributions are one-half of one percent (.5%) of their annual compensation deducted biweekly from paychecks. Employees hired on or after July 1, 1996, are not eligible to participate in the GCERS Defined Benefit Plan. Other governmental/military service Employees may apply in writing to the Retirement Office to receive credit for other governmental service, including Military Service for credited service for retirement purposes after completion of five (5) years of credited service with Genesee County. Additionally, the employees hired must meet all other qualifications and conditions under the provisions of Section 12 a of Act No. 156 of the Public Acts of 1851, as amended by Act No. 219 of the Public Acts of 2003, [MCL 46.12a]. The fifteen (15) year "gap rule" as found in subsection (9)(a) and (b) shall not apply regarding receipt of credit for other governmental service; and the limitations as set out in Section 13 of this same law regarding receipt of credited service for military service performed subsequent to June 1, 1980, an the five (5) year maximum purchase limitation with respect to such service, shall not apply. Temporary employment with Genesee County or any other Governmental Agency is not considered to be eligible for credited service with Genesee County. Pop-up option When an employee selects a beneficiary option A or B at the time of retirement and the beneficiary is subsequently removed as a result of death, the retirement selection shall automatically revert to Straight Life Allowance. Cost of living Adjustments of three percent (3%) on the original base retirement pay shall be made annually for the first five (5) years following an employee's retirement. The initial cost of living adjustment shall be payable in the next retirement payment after the completion of one (1) full year of retirement. Cost of living adjustments are not included in computing the retirement allowance financed by the Employer. Medical benefits Upon commencement of retirement benefit payments, the Employer shall provide retirees, spouse and dependants with medical, dental and optical coverage, including any premium co-payments, equivalent to the coverage and premium co-payments which was in effect for the retiree at the time of separation of employment. If such coverage is not available for retirees, the Employer and Union will meet to negotiate an alternative. Retirees shall also be required to pay for Medicare Supplement Part B. Retirees shall be allowed to switch medical coverage during the regular annual open enrollment periods, provided coverage is available to retirees. Life insurance Employees who retire on or after January 1, 2000. Effective February 262001, 2013, the with at least eight (8) years of service requirement credited service, shall change to twenty-five (25) years receive $12,000 straight life insurance policy upon commencement of service for all employees who were not fully vested as of said effective date. Employees who are in the defined pension benefit plan, who were not vested on or before February 26, 2013 and who have a change in their retirement eligibility from 23 to 25 years of service under this Section shall be afforded an opportunity to purchase two (2) years of service by paying the full actuarially determined cost of the purchase of such time. This purchase shall be subject to paragraphs 8, 9, 10 and 12 of the Genesee County Employees’ Retirement System Service Credit Purchase Policy for Purchase of Other Governmental Service. Arrangement to purchase this time must be finalized, and an agreement signed by the employee, no later than June 30, 2014payments.

Retirement Eligibility. An employee is eligible for retirement benefit payments under the following conditions: After twenty (20) years or more of credited service with no age restriction.  After twenty-three (23) years or more of credited service with no age restriction for employees hired on or after January 1, 2000restriction. Effective February 26July 12, 20132011, the years of service requirement shall change to twenty-twenty- five (25) years of credited service for all employees who were not fully vested as of said effective dateJuly 12, 2011.  At sixty (60) years of age with a minimum of eight (8) years of credited service. At sixty (60) years of age with a minimum of fifteen (15) years of credited service for employees hired on or after January 1, 2000.  Deferred retirement after fifteen (15) years of credited service with retirement benefit payments commencing when twenty twenty-three (2023) years of service would normally have been completed. Employees hired prior to January 1, 1988 may elect deferred retirement after eight (8) years of credited service with retirement benefit payments commencing when twenty (20) years of service would normally have been completed. Deferred retirement after fifteen (15) years of credited service with retirement benefit payments commencing when twenty-three (23) years of service would normally have been completed for employees hired on or after January 1, 2000completed. Effective February 26July 12, 20132011, the years of service requirement deferred retirement benefit payment shall change to commence when twenty-five (25) years of credited service would have been completed regardless of date of hire for all those employees who were not yet fully vested as of said effective date. Employees who are in the defined benefit planJuly 12, who were not vested on or before February 26, 2013 2011 and who have not yet elected a change in their retirement eligibility from 23 to 25 years of service under this Section shall be afforded an opportunity to purchase deferred retirement. Final average Compensation The employee's best two (2) years of credited service by paying prior to separation of employment shall be computed as final average compensation for retiring employees. Disability leave benefits, Worker's Compensation payments (weekly payments only) and layoff benefits shall be included when figuring final average compensation and credited service, contingent upon the full actuarially determined cost employee's contribution of the purchase benefits is received within twelve (12) months of return from such timeleave or layoff. This purchase shall be subject to paragraphs 8, 9, 10 and 12 Effective upon ratification of the 2013-2015 Collective Bargaining Agreement by the Genesee County Employees’ Board of Commissioners, the employee’s contribution will increase to 9%. Effective upon ratification of the 2016-2018 Collective Bargaining Agreement by the Genesee County Board of Commissioners, the employee’s contribution will increase to 11%. Employee Contribution Rate The Employer will take the actions necessary to implement an IRC Section 414(h)(2) pick-up arrangement. Effective upon ratification of the 2013-2015 Collective Bargaining Agreement by the Genesee County Board of Commissioners, the County will reduce the pre-tax compensation of each employee by 9% deducted bi-weekly which the County will contribute to the Genesee County Employees Retirement System Service Credit Purchase Policy for Purchase as an Employer contribution. Effective upon ratification of Other Governmental Service. Arrangement to purchase this time must be finalized, and an agreement signed the 2016-2018 Collective Bargaining Agreement by the Genesee County Board of Commissioners, the employee, no later than June 30, 2014’s contribution will increase to 11%.