Common use of Retirement Restoration Payment Clause in Contracts

Retirement Restoration Payment. For employees who retire between December 26, 2020 and June 30, 2024, the City will provide restoration back pay for the following deferred wage and premium pay increases on regularly scheduled hours for the 12-month period that preceded the date of retirement: • 2% deferred from December 26, 2020 through the close of business June 30, 2022; • 1% deferred from the close of business June 30, 2021 through the close of business June 30, 2023; and • Retention pay deferred from December 26, 2020 through the close of business June 30, 2022. Restoration payments constitute pensionable compensation, to the maximum extent permissible under the Charter. As an example, by way of illustration only, if an employee retires on June 30, 2021, the City would provide back pay to the employee for the period December 26, 2020 through June 30, 2021, in the amount of 2% on regularly scheduled hours. As another example, by way of illustration only, if an employee retires on June 30, 2022, the City would provide back pay to the employee for the period July 1, 2021 through June 30, 2022, in the amount of 1% and 2% on regularly scheduled hours.

Retirement Restoration Payment. For employees who retire between December 26, 2020 and June 30, 2024, the City will provide restoration back pay for the following deferred wage and premium pay increases on regularly scheduled hours for the 12-month period that preceded the date of retirement: • ● 2% deferred from December 26, 2020 through the close of business June 30, 2022; • ● 1% deferred from the close of business June 30, 2021 through the close of business June 30, 2023; and • ● Retention pay deferred from December 26, 2020 through the close of business June 30, 2022. Restoration payments constitute pensionable compensation, to the maximum extent permissible under the Charter. As an example, by way of illustration only, if an employee retires on June 30, 2021, the City would provide back pay to the employee for the period December 26, 2020 through June 30, 2021, in the amount of 2% on regularly scheduled hours. As another example, by way of illustration only, if an employee retires on June 30, 2022, the City would provide back pay to the employee for the period July 1, 2021 through June 30, 2022, in the amount of 1% and 2% on regularly scheduled hours.