Common use of Retirement Offset Clause in Contracts

Retirement Offset. 1. Notwithstanding the above, unless modified by subsection A.2 herein below, the County will offset a portion of the employee's prescribed rate. The County shall, therefore, contribute a portion as described below, of each employee's prescribed amount, but no more than the employee's established rate. In the event that the employee's rate is less than the portion described below, the employee shall not be credited with the difference. Upon termination, employees shall have no vested right in the amount of the retirement funds contributed by the County on their behalf. More than 5 years: 3% Less than 5 years: .75% More than 5 years: 2% Less than 5 years: .25% No Offset. 2. Effective the final pay period in FY 2016/2017, all retirement offset shall be eliminated. 3. a. Further, upon completion of five (5) full years of continuous service in the County retirement system, the employee shall receive the full retirement offset, in which case, subsection A.1. hereinabove shall apply.

Retirement Offset. 1. Notwithstanding the above, above and unless modified by subsection A.2 herein Section 1.A.2. below, the County will offset a portion of the employee's prescribed rate. The County shall, therefore, contribute a portion as described below, below of each employee's prescribed amount, but no more than the employee's established rate. In the event that the employee's rate is less than the portion described below, the employee shall not be credited with the difference. Upon termination, employees shall have no vested right in the amount of the retirement funds contributed by the County on their behalf. More than 5 years: 3% Less than 5 years: .75% More than 5 years: 2% Less than 5 years: .25% Tier C: No Offset. 2. Effective the final pay period in FY 2016/2017, all retirement offset shall be eliminated. Effective June 9, 2017, the final pay period in FY 2016-2017, all employees shall receive a wage increase of 2% as an even exchange with parity for the remaining offset elimination. The parties have determined this provision is cost neutral to the County. 3. a. Further, upon completion of five (5) full years of continuous service in the County retirement system, the employee shall receive the full retirement offset, in which case, subsection A.1Section 1.A.1. hereinabove above shall apply.