Retirement Enhancement a. Effective June 29, 2003, the County implemented the 2% @ age 55 ½ plan and employee purchase of prior service credits to a maximum of four (4) years. The election to purchase shall be open ended with the employee purchase of the employee’s share, County’s share, and accumulated interest.
Retirement Enhancement. Bargaining unit members who submit written verification of service credit earned as documented on their STRS or SERS Annual Statement of Account (bargaining unit members may use a combination of STRS and SERS Annual statements), shall be eligible to receive an additional payment of $700 during their 31st, 32nd, 33rd, 34th, and 35th year of service. However, those employees who received a $1,150 retirement enhancement during one year of years 28-30, shall be eligible to receive only $470 in their 31st, 32nd, 33rd, 34th, and 35th year of service. Those employees who received a $1,150 retirement enhancement during two years of years 28-30, shall be eligible to receive only $240 in their 31st, 32nd, 33rd, 34th, and 35th year of service. Those employees who received a $1,150 retirement enhancement during their 28th, 29th, and 30th years shall not be eligible for any payments during their 31st-35th years. This additional compensatory payment will be paid in monthly increments during the contractual cycle. Bargaining unit members will submit the written documentation required in each of the three years on or before November 15 to be eligible for the retirement enhancement payment for that year. To be eligible for the first payment, the STRS and/or SERS Annual Statement of Account must reflect 31 years (or 31 years plus some fractional part of a year) of earned service credit. To be eligible for the second payment, the STRS or SERS Annual Statement of Account must reflect 32 years (or 32 plus some fractional part of a year) or earned service credit. To be eligible for the third payment, the STRS or SERS Annual Statement of Account must reflect 33 years (or 33 plus some fractional part of a year) or earned service credit. To be eligible for the fourth payment, the STRS and/or SERS Annual Statement of Account must reflect 34 years (or 34 plus some fractional part of a year) or earned service credit. To be eligible for the fifth payment, the STRS and/or SERS Annual Statement of Account must reflect 35 years (or 35 plus some fractional part of a year) or earned service credit. Failure to submit the required written documentation on time will constitute an irrevocable waiver of the payment for that year, but will not affect an otherwise eligible member’s rights to the payment in other years.
Retirement Enhancement. Bargaining unit members who submit written verification of service credit earned as documented on their STRS or SERS Annual Statement of Account (bargaining unit members cannot use a combination of STRS and SERS Annual statements), shall be eligible to receive an additional payment of $1,150.00 during their 28th, 29th and 30th year of service. This additional compensatory payment will be paid in monthly increments during the contractual cycle. Bargaining unit members will submit the written documentation required in each of the three years on or before November 15 to be eligible for the retirement enhancement payment for that year. To be eligible for the first payment, the STRS or SERS Annual Statement of Account must reflect 27 years (or 27 years plus some fractional part of a year) of earned service credit. To be eligible for the second payment, the STRS or SERS Annual Statement of Account must reflect 28 years (or 28 plus some fractional part of a year) or earned service credit. To be eligible for the third payment, the STRS or SERS Annual Statement of Account must reflect 29 years (or 29 plus some fractional part of a year) or earned service credit. Failure to submit the required written documentation on time will constitute an irrevocable waiver of the payment for that year, but will not affect an otherwise eligible member’s rights to the payment in other years.
Retirement Enhancement. Bargaining unit members who submit written verification of service credit earned as documented on their STRS Annual Statement of Account, shall be eligible to receive an additional payment of $1,150.00 during their 28th, 29th, and 30th year of service. This additional compensatory payment will be paid in monthly increments during the contractual cycle. Bargaining unit members will submit the written documentation required in each of the three years on or before November 15th to be eligible for the retirement enhancement payment for that year. To be eligible for the first payment, the STRS Annual Statement of Account must reflect 27 years (or 27 years plus some fractional part of a year) of earned service credit. To be eligible for the second payment, the STRS Annual Statement of Account must reflect 28 years (or 28 plus some fractional part of a year) or earned service credit. To be eligible for the third payment, the STRS Annual Statement of Account must reflect 29 years (or 29 plus some fractional part of a year) or earned service credit. Failure to submit the required written documentation on time will constitute an irrevocable waiver of the payment for that year, but will not affect an otherwise eligible member’s rights to the payment in other years.
Retirement Enhancement. 13.1.4 Effective the first pay period after November 1, 2006, the County shall contract with PERS to create a new category for “Local Sheriffs” pursuant to Government Code Section 20432 in order to provide the 3%@50 retirement benefit for Deputy Sheriff unit members hired prior to July 1, 2013.
Retirement Enhancement. Effective June 29, 2003, the Court shall implement the 2% @ age 55 1/2 formula for Court employees who are miscellaneous members of SCERS and permit Court employees to purchase prior service credits up to a maximum of four years. The election to purchase shall be open ended with the employee purchase of the employee’s share, Court’s share, and accumulated interest.
Retirement Enhancement. Effective June 29, 2003, the parties agree as follows:
Retirement Enhancement. For employees hired between July 7, 2003 and January 1, 2005, the retirement formula is 3% @ 55 for current bargaining unit employees. The parties agree to utilize 7.28% as the present actuarial value of the increased cost for the 3% @ 55 retirement enhancement. The parties further agree that eligible bargaining unit employees will share in that cost increase by contributing 50% of the 7.28% increase or 3.64%. The parties are implementing this section in accordance with Section 31678.2 of the California Government Code. In accordance with this section, members shall pay the 3.64% as part of the contribution by the employer that would have been required if Section 31664.2 (3% @ 55 enabling legislation) had been in effect during the period of time for which this benefit is effective (i.e., going forward and backward). This Agreement shall only be applicable to members who retire on or after the effective date of the resolution implementing this section of the Agreement or July 7, 2002. For employees hired between January 2, 2005 and December 31, 2011, the retirement formula is 3% @ 50 for current bargaining unit employees. The parties agree to utilize 5.2% as the actuarial value of the increased cost for the 3% @ 50 retirement enhancement. The parties further agree that eligible bargaining unit employees will share in that cost increase by contributing 50% of the 5.2% or 2.6%. The parties are implementing this section in accordance with Section 31678.2 of the California Government Code. In accordance with this section, members shall pay the 2.6% as part of the contribution by the employer that would have been required if Section 31664.1 (3% @ 50 enabling legislation) had been in effect during the period of time for which this benefit is effective (i.e. going forward and backward). This Agreement shall only be applicable to members who retire on or after the effective date of the resolution implementing this section of the Agreement on January 2, 2005. If new retirement options, such as a hybrid option, become available to the County of Marin during the term of this agreement, the parties agree to re-open this section of the agreement.
Retirement Enhancement. A. Notice and Availability of Benefits To qualify for the retirement benefits under this Article, an eligible teacher planning retirement must submit to the Board a written resignation and notice of retirement, indicating the teacher’s final date of employment, on or before the January 15th three years prior to the June retirement year.
Retirement Enhancement. Effective July 1, 2006 the retirement formula will be adjusted to reflect an additional .5% to the current formula of 2.0% per year of service at 55 years of age. This enhancement will provide for a retirement formula of 2.5% per year of service for anyone retiring at 55 years of age or older. All prior years of service will count toward the computation. Employee will contribute 2% toward the cost of this program. This additional benefit will be provided through the Public Agency Retirement System (PARS). State law has eliminated this benefit for New Employees hired on or after January 1, 2013, and limited this benefit for existing City of Azusa employees hired prior to January 1, 2013, who become IBEW covered employees.
