Retirement on Normal Retirement Date. A bargaining unit employee who has not reached his/her sixty-fifth (65th) birthday but wishes to retire under "Normal Retirement" provisions as outlined in Section 17.1 (k) shall be allowed to participate in the group insurance programs specified in paragraphs (a) and (b) above until July 1, 2017, and is required on July 1, 2017 to participate in the group insurance program specified in (f) or as modified in this contract or any successor contract, provided the employee shall pay twenty-five percent (25%) of the cost of individual group health insurance coverages, in advance of the Town's premium payment coming due for the applicable month, and the Town shall provide seventy-five percent (75%) of the cost of such individual coverage, at the applicable monthly "COBRA" rate, UNTIL the date upon which said employee becomes eligible for Medicare or some other national health insurance program, provided coverage will not be extended to retirees who receive health insurance from or through another employer, and each retiree to be eligible for benefits hereunder shall declare whether he/she has duplicate coverage. Spouses and eligible dependents pay 100% of the "COBRA" rate. When an employee’s spouse becomes eligible for Medicare, the spouse will no longer be eligible for the Town’s insurance program. Bargaining unit employees hired after January 1, 2007 who participate in the Town’s defined contribution retirement plan shall be eligible to continue their group health insurance coverage upon retirement as noted in this section 9.1 (b) above, PROVIDED that any such bargaining unit employee retires on or after the first day of the month coinciding with or next following the employee’s 63rd birthday or completion of 25 years of aggregate service to the Town, whichever is earlier.
Retirement on Normal Retirement Date. After the Effective Date, each Participant who retires on his/her Normal Retirement Date shall be entitled to receive an annual Retirement Annuity equal to 2.5% of his/her Final Earnings, multiplied by the number of years in (a), (b) and (c), below, as computed to the nearest 1/12 of a year, provided that for Participants hired after January 1, 2007 the maximum total pension multiplier is 62.5%. Accordingly, the 2.5% multiplier will not apply for any year of service worked after the 62.5% maximum has been obtained. If the IBPO Collective Bargaining Unit desires to increase the annual Retirement Annuity benefit from 2.5% as outlined above to 3.0%, any and all additional costs to accomplish said increase shall be paid in full by the membership of the IBPO and all members must agree to participate. The additional costs will be determined by the Town's actuarial consultant.
(a) The number of his/her years of Service in the Eligible Class during which he/she had a payroll deduction order in effect between the date he/she became covered under this Plan and his/her Normal Retirement Date.
(b) With respect to a Participant who was covered under the Prior Plan, and who continued to be covered under the Plan on and after July 1, 1971: The number of his/her years of Service before the Effective Date, provided that he/she made the contributions required in accordance with such Prior Plan.
(c) With respect to a Participant who has been afforded credit by virtue of exercising Optional Participant Buy-in Rights for supernumerary service, military service or service with another agency of the Town of Newington, in accordance with paragraph 25.57 of this Article, the number of years of such credited service plus the number of years of service to which he/she is entitled under (a) and (b) above.
Retirement on Normal Retirement Date. Subject to the applicable provisions of Section V, the Applicable Percentage of the Retirement Benefit for a Participant whose employment with the Employer terminates on or after the Normal Retirement Date shall be one hundred percent (100%).
