Retirement Plan Provisions Sample Clauses
The Retirement Plan Provisions clause outlines the terms and conditions governing an employer-sponsored retirement plan for employees. It typically details eligibility requirements, contribution levels, vesting schedules, and the types of retirement benefits offered, such as 401(k) or pension plans. By clearly defining how employees can participate and what benefits they may receive upon retirement, this clause ensures transparency and helps both employers and employees understand their rights and obligations regarding retirement savings.
Retirement Plan Provisions. Teachers' eligibility for and participation in the Retirement Plan shall be in accordance with district policies, and in accordance with PERA (Public Employee's Retirement Association) "Retirement Plan."
Retirement Plan Provisions. The retirement plans in effect for employees covered by this Memorandum of Understanding shall remain in full force and effect and includes the following benefits: Employees covered by this Memorandum of Understanding will be provided with the following benefits: Sworn - Effective 1/1/03, the Authority amended its contract with PERS to provide for the three percent (3%) at fifty-five (55) benefit. Non-sworn - Effective 7/1/08, the Authority amended its contract with PERS to provide for the two and one half percent (2.5%) at fifty-five (55) benefit. Final Compensation Average – Highest single year. 1959 Survivors Benefit - In 2001, the Authority amended its contract with PERS to provide the Fourth Level of this benefit. Post-retirement Survivor Benefit Unused Sick Leave Credit (Employees with unused sick leave at retirement will receive additional service credit at the rate of 0.004 years for each day of sick leave.) Sworn - For employees hired after December 31, 2012, who are not “Classic Members” the contract between the Central Marin Police Authority and the Public Employees Retirement System (PERS) which provides retirement benefits for eligible employees, shall be modified to provide the following benefits: Retirement Formula – Full 2.7% at 57 Final Compensation Average – 3 Years Unused Sick Leave Credit The employee contribution shall be done in accordance with Government Code Section 7522.30. Non- Sworn - For employees hired after December 31, 2012, who are not “Classic Members” the contract between the Central Marin Police Authority and the Public Employees Retirement System (PERS) which provides retirement benefits for eligible employees, shall be modified to provide the following benefits: Retirement Formula – 2.0% at 62 Final Compensation Average – 3 Years Unused Sick Leave Credit The employee contribution shall be done in accordance with Government Code Section 7522.30. When comparing Central Marin Police Authority employees' wages with wages of employees in other jurisdictions, it is understood that these new retirement benefits will be considered part of the total compensation for said employees.
Retirement Plan Provisions. Any employee requiring such information shall contact the Shop ▇▇▇▇▇▇▇ for same.