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.
Appears in 5 contracts
Samples: Collective Bargaining Agreement, Collective Bargaining Agreement, Collective Bargaining Agreement
