Retirement Pension. The retirement pension is based on an indexed average salary system. The accrual is 1.75% of the pensionable salary in the year in question. This pension starts on the first day of the month in which the member turns 68. Partner's pension The partner's pension is 60% of the payable retirement pension. This pension starts on the first day of the month in which the current or former member dies. Partner's pension is also accrued for single persons, and can be converted into a retirement pension. Orphan’s pension The orphan's pension for each child is a maximum of 14% of the total retirement pension accrued. For full orphans, this percentage is doubled. The orphan's pension for all children jointly may not exceed a maximum total of 70% of the projected retirement pension. The orphan's pension is paid until the first day following the month in which the child no longer meets one of the following criteria: − the child is under the age of 18; − the child is under 27 years of age and cannot, due to illness or disability, earn more than 55% of what a comparable healthy person of the same age can earn; this must be evidenced by a declaration from the Wajong benefit agency; − the child is under 27 years of age and is not yet able to work because the child is attending a full course of study or vocational training. The orphans’ pension starts on the first day of the month in which the participant dies. Pension limitation If the member's partner is more than ten years younger than the member, the partner's pension is reduced by 1.1% of the retirement pension for each full year that the age difference is greater than ten years. If the member has opted to convert the (notional) accrued partner's pension into a higher old-age pension or early retirement, there is no longer any entitlement to a partner's pension, even if the member subsequently has a partner. Options Within tax limits, members have the following options, in addition to early retirement and part-time retirement: Conversion of retirement pension and partner's pension Members may choose to convert all or part of the accrued partner's pension into a higher retirement pension at the target retirement age. Conversely, they can choose to convert all or part of the accrued retirement pension into a higher partner's pension. The member must communicate this choice to the employer at least one year before the target retirement age. Medical guarantees are not required for these conversions. However, the partner’s co...
Retirement Pension. An employee has a right to retirement pension as from the month in which he or she reaches the age of 65 or the earlier date when the employee is entitled to draw a retirement pension up to and including the month in which the em- ployee dies. Full retirement pension is payable based on the following per- centage of the pension-qualifying salary: Pension-qualifying salary portion Pension until the month 65 years of age are reached Pension from the month 65 years of age are reached — 7.5 income base amounts 65 % 10 % 7.5 — 20 income base amounts 65 % 65 % 20 — 30 income base amounts 32.5 % 32.5 % The retirement pension may be reduced, as the case may be, under Section 4. Retirement pension before the age of 65 calculated on the basis of pensiona- ble salary up to 7.5 x Income Base Amount shall be reduced by the following benefits under the Swedish Social Insurance Code (SFB) or the Swedish Oc- cupational Injury Insurance Act: • Sickness benefits if the employee at the retirement date is drawing disability pension, however, not less than 5 percent of the retirement pension on salary up to 7,5 income base amounts will always be paid out. • Sickness compensation or annuity. Where the retirement pension is reduced owing to the period of employment, the reduction will be by such an amount that the total benefits do not exceed full retirement pension under this agreement.
Retirement Pension. This is the pension after your employee’s personal retirement date: the lifelong retirement pension. Partner’s and orphan’s pension These are the pensions that that partner and children receive after your employee’s death. They comprise a lifelong partner’s pension and a temporary orphan’s pension.
Retirement Pension. Section 1. All employees shall be included in the retirement program provided for under Retirement Act No. 345, P.A. 1937, as amended, of the State of Michigan as described in the Midland Police Officers and Fire Fighters Retirement System summary plan.
Retirement Pension. The Board will continue to provide to an employee covered by this Agreement a retirement pension as set forth in the retirement plan(s) available at the Human Resources Office.
Retirement Pension. All employees shall enroll and participate in the New Jersey Public Employees Retirement System. Employee and spouse will be entitled to health care insurance coverage upon retirement under the rules of the New Jersey State Health benefits program, effective 1, 2007, and under the following conditions: must attain the age of 62, have fifteen (15) years of employment with the Township of Montclair, and contribute twenty (20 %) percent of premium costs, with the Township contributing eighty (80%) percent.
Retirement Pension. The Employer shall continue the retirement program in effect for eligible employees in the bargaining unit. Any employee hired after January 1, 1991, shall receive no “refund” contributions made by the Employer on the employee’s behalf to the Bay County Employee’s Retirement System if that employee leaves the employ of the county for any reason prior to Bay County Retirement System vesting. Employees hired on or before January 1, 1991, shall be eligible for such refunds according to previous practice. After a layoff and upon re-entry to the County work force, that employee shall not lose prior earned credit. Effective January 1, 2002, for members of this unit, Employer will provide for a benefit formula based on two and one quarter percent (2. 25%) of the employees average annual income based on his or her best five (5) years earnings times the number of years of credited service. For employees hired on or after January 1, 2007, the following shall apply:
Retirement Pension. (1) Mr. Gemmersdorfer will obtain a claim to old-age pension pursuant to Paragraphs (2) through (4) provided that he has been in the Company's services for five full years of service.
Retirement Pension. 1. Xx. Xxxxxx Ruckenbrod shall be entitled to a pension pursuant to the present agreement after completing a waiting period of three full years of service as manager of the S&H Verwaltungsgesellschaft mbH.
Retirement Pension. A. Full-time employees (either represented by or to be represented by the bargaining unit), as of July 1, 1997, shall be eligible for the Municipal Employees' Retirement System (MERS) Benefit Program B-4 FAC-3, V10; or F-25.
