Common use of Retirement Program Clause in Contracts

Retirement Program. Section 15.6 Effective January 1, 2002 the current retirement plan for employees covered by this Agreement as set forth in Appendix B shall be amended to provide that the normal retirement date will be a) age 62 and 8 years of service; or b) the participants age plus years of benefit service equals 85 (“Rule of 85”) and the employee contributions shall be increased by an additional two percent (2%) to four and one-half percent (4 ½ %) of gross pay. Effective January 1, 2007, the employee pension contribution shall be increased by one percent (1%) to five and one-half percent (5.5%). Effective January 1, 2009, the employee pension contribution shall increase by an additional one percent (1%) to six and one-half percent (6.5%). Effective January 1, 2011 eligible employees covered under this agreement who participate in the Defined Benefit Retirement Plan will have an employee contribution change from 6.5% of gross pay (pre-tax) to 8.5% of gross pay (pre-tax) for 2011. Effective January 1, 2012 eligible employees covered under this agreement who participate in the Defined Benefit Retirement Plan will have an employee contribution change from 8.5% of gross pay (pre-tax) to 10% of gross pay (pre-tax) for 2012. Beginning with the 2011 plan year, employees who participate in the Lenawee County Board of Commissioners Retirement Income Plan (Defined Benefit Plan) will have the option to freeze their Defined Benefit by opting out of the Defined Benefit Plan and be enrolled in the Lenawee County Board of Commissioners Defined Contribution Plan. Employees opting out of the Defined Benefit Plan will NOT have the opportunity to opt back in. Employees who opt out must do so during designated periods prior to the beginning of the plan year. The plan year begins on January 1 and ends on December 31.

Retirement Program. Section 15.6 Effective January 1, 2002 the current retirement plan for employees covered by this Agreement as set forth in Appendix B shall be amended to provide that the normal retirement date will be a) age 62 and 8 years of service; or b) the participants age plus years of benefit service equals 85 (“Rule of 85”) and the employee contributions shall be increased by an additional two percent (2%) to four and one-half percent (4 ½ %) of gross pay. Effective January 1, 2007, the employee pension contribution shall be increased by one percent (1%) to five and one-half percent (5.5%). Effective January 1, 2009, the employee pension contribution shall increase by an additional one percent (1%) to six and one-half percent (6.5%). Effective January 1, 2011 eligible employees covered under this agreement who participate in the Defined Benefit Retirement Plan will have an employee contribution change from 6.5% of gross pay (pre-tax) to 8.5% of gross pay (pre-tax) for 2011. Effective January 1, 2012 eligible employees covered under this agreement who participate in the Defined Benefit Retirement Plan will have an employee contribution change from 8.5% of gross pay (pre-tax) to 10% of gross pay (pre-tax) for 2012. Beginning with the 2011 plan year, employees who participate in the Lenawee County Board of Commissioners Retirement Income Plan (Defined Benefit Plan) will have the option to freeze their Defined Benefit by opting out of the Defined Benefit Plan and be enrolled in the Lenawee County Board of Commissioners Defined Contribution Plan. Employees opting out of the Defined Benefit Plan will NOT have the opportunity to opt back in. Employees who opt out must do so during designated periods prior to the beginning of the plan year. The plan year begins on January 1 and ends on December 31.

Retirement Program. Section 15.6 Effective January 1, 2002 the current retirement plan for employees covered by this Agreement as set forth in Appendix B F shall be amended to provide that the normal retirement date will be a) age 62 and 8 years of service; or b) the participants age plus years of benefit benefits service equals 85 (“Rule of 85”") and the employee contributions shall be increased by an additional two percent (2%) to four and one-half percent (4 ½ 4-1/2%) of gross pay. Effective January 1, 2007, the employee pension contribution shall be increased by one percent (1%) to five and one-one half percent (5.5%). ) Effective January 1, 2009, the employee pension contribution shall increase by an additional one percent (1%) to six and one-one half percent (6.5%). Effective January 1, 2011 eligible employees covered under this agreement who participate in the Defined Benefit Retirement Plan will have an employee contribution change from 6.5% of gross pay (pre-tax) to 8.5% of gross pay (pre-tax) for 2011. Effective January 1, 2012 eligible employees covered under this agreement who participate in the Defined Benefit Retirement Plan will have an employee contribution change from 8.5% of gross pay (pre-tax) to 10% of gross pay (pre-tax) for 2012. Beginning with the 2011 plan year, employees who participate in the Lenawee County Board of Commissioners Retirement Income Plan (Defined Benefit Plan) will have the option to freeze their Defined Benefit by opting out of the Defined Benefit Plan and be enrolled in the Lenawee County Board of Commissioners Defined Contribution Plan. Employees opting out of the Defined Benefit Plan will NOT have the opportunity to opt back in. Employees who opt out must do so during designated periods prior to the beginning of the plan year. The plan year begins on January 1 and ends on December 31.