Safety Retirement Tier Elections- Employees Hired or Rehired Before January 1, 2013 Sample Clauses

Safety Retirement Tier Elections- Employees Hired or Rehired Before January 1, 2013. A. If either the Internal Revenue Service issues guidance acceptable to both parties, or the County receives a Private Letter Ruling from the IRS, that protects the County and DSA members hired prior to January 1, 2013, from additional tax liability, DSA members will have the opportunity to elect new retirement tiers pursuant to Government Code section 31484.9. B. The following tiers are established: 1. In Safety Tier A, the retirement formula is “3 Percent at 50.” The cost of living adjustment (COLA) to the retirement allowance shall not exceed three (3) percent per year. The employee’s final compensation shall be based on a twelve (12) month salary average. 2. In Safety Tier C, the retirement formula is “3 Percent at 50.” The cost of living adjustment (COLA) to the retirement allowance shall not exceed two (2) percent per year. The employee’s final compensation shall be calculated based on a thirty-six (36) month salary average. 3. In the Safety PEPRA Tier, the retirement formula is established by the Public Employees Pension Reform Act (PEPRA) (Chapters 296, 297, Statutes of 2012). The retirement formula is PEPRA Safety Option Plan Two (2.7% at 57. The cost of living adjustment to the retirement allowance (COLA) shall not exceed two percent (2%) per year, and the cost of living adjustment will be banked. The employee’s final compensation will be based on his/her average annual compensation earnable during a consecutive thirty-six month period
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Safety Retirement Tier Elections- Employees Hired or Rehired Before January 1, 2013. A. If either the Internal Revenue Service issues guidance acceptable to both parties, or the County receives a Private Letter Ruling from the IRS, that protects the County and DSA members hired prior to January 1, 2013, from additional tax B. The following tiers are established: 1. In Safety Tier A, the retirement formula is “3 Percent at 50.” The cost of living adjustment (COLA) to the retirement allowance shall not exceed three (3) percent per year. The employee’s final compensation shall be based on a twelve (12) month salary average. 2. In Safety Tier C, the retirement formula is “3 Percent at 50.” The cost of living adjustment (COLA) to the retirement allowance shall not exceed two (2) percent per year. The employee’s final compensation shall be calculated based on a thirty-six (36) month salary average. 3. In the Safety PEPRA Tier, the retirement formula is established by the Public Employees Pension Reform Act (PEPRA) (Chapters 296, 297, Statutes of 2012). The retirement formula is PEPRA Safety Option Plan Two (2.7% at 57). The cost of living adjustment to the retirement allowance (COLA) shall not exceed two percent (2%) per year, and the cost of living adjustment will be banked. The employee’s final compensation will be based on his/her average annual compensation earnable during a consecutive thirty-six month period.

Related to Safety Retirement Tier Elections- Employees Hired or Rehired Before January 1, 2013

  • Special Parental Allowance for Totally Disabled Employees (a) An employee who: (i) fails to satisfy the eligibility requirement specified in subparagraph 17.05(a)(ii) solely because a concurrent entitlement to benefits under the Disability Insurance (DI) Plan, the Long-term Disability (LTD) Insurance portion of the Public Service Management Insurance Plan (PSMIP) or via the Government Employees Compensation Act prevents the employee from receiving Employment Insurance or Québec Parental Insurance Plan benefits, and (ii) has satisfied all of the other eligibility criteria specified in paragraph 17.05(a), other than those specified in sections (A) and (B) of subparagraph 17.05(a)(iii), shall be paid, in respect of each week of benefits under the parental allowance not received for the reason described in subparagraph (i), the difference between ninety-three per cent (93%) of the employee's rate of pay and the gross amount of his or her weekly disability benefit under the DI Plan, the LTD Plan or via the Government Employees Compensation Act. (b) An employee shall be paid an allowance under this clause and under clause 17.05 for a combined period of no more than the number of weeks during which the employee would have been eligible for parental, paternity or adoption benefits under the Employment Insurance or Québec Parental Insurance Plan, had the employee not been disqualified from Employment Insurance or Québec Parental Insurance Plan benefits for the reasons described in subparagraph (a)(i).

  • Public Employees Retirement System “PERS”) Members.

  • Sick Leave Credit-Based Retirement Gratuities 1) A Teacher is not eligible to receive a sick leave credit gratuity after August 31, 2012, except a sick leave credit gratuity that the Teacher had accumulated and was eligible to receive as of that day. 2) If the Teacher is eligible to receive a sick leave credit gratuity, upon the Teacher’s retirement, the gratuity shall be paid out at the lesser of, a) the rate of pay specified by the board’s system of sick leave credit gratuities that applied to the Teacher on August 31, 2012; and b) the Teacher’s salary as of August 31, 2012. 3) If a sick leave credit gratuity is payable upon the death of a Teacher, the gratuity shall be paid out in accordance with subsection (2). 4) For greater clarity, all eligibility requirements must have been met as of August 31, 2012 to be eligible for the aforementioned payment upon retirement, and the Employer and Union agree that any and all wind-up payments to which Teachers without the necessary years of service were entitled to under Ontario Regulation 01/13: Sick Leave Credits and Sick Leave Credit Gratuities, have been paid. 5) For the purposes of the following boards, despite anything in the board’s system of sick leave credit gratuities, it is a condition of eligibility to receive a sick leave credit gratuity that the Teacher have ten (10) years of service with the board: i. Near North District School Board ii. Avon Maitland District School Board iii. Xxxxxxxx-Xxxxxxxxx District School Board

  • Pre-Retirement Leave An Employee scheduled to retire and to receive a superannuation allowance under the applicable pension Acts or who has reached the mandatory retiring age, shall be entitled to: (a) A special paid leave for a period equivalent to fifty percent (50%) of his/her accumulated sick leave credit, to be taken immediately prior to retirement; or (b) A special cash payment of an amount equivalent to the cash value of fifty percent (50%) of his/her accumulated sick leave credit, to be paid immediately prior to retirement and based upon his/her current rate of pay.

  • Special Maternity Allowance for Totally Disabled Employees (a) An employee who: (i) fails to satisfy the eligibility requirement specified in subparagraph 17.02(a)(ii) solely because a concurrent entitlement to benefits under the Disability Insurance (DI) Plan, the Long term Disability (LTD) Insurance portion of the Public Service Management Insurance Plan (PSMIP) or the Government Employees Compensation Act prevents her from receiving Employment Insurance or Québec Parental Insurance Plan maternity benefits, and (ii) has satisfied all of the other eligibility criteria specified in paragraph 17.02(a), other than those specified in sections (A) and (B) of subparagraph 17.02(a)(iii), shall be paid, in respect of each week of maternity allowance not received for the reason described in subparagraph (i), the difference between ninety-three per cent (93%) of her weekly rate of pay and the gross amount of her weekly disability benefit under the DI Plan, the LTD Plan or via the Government Employees Compensation Act. (b) An employee shall be paid an allowance under this clause and under clause 17.02 for a combined period of no more than the number of weeks during which she would have been eligible for maternity benefits under the Employment Insurance or Québec Parental Insurance Plan had she not been disqualified from Employment Insurance or Québec Parental Insurance maternity benefits for the reasons described in subparagraph (a)(i).

  • Incentive, Savings and Retirement Plans During the Employment Period, the Executive shall be entitled to participate in all incentive, savings and retirement plans, practices, policies and programs applicable generally to other peer executives of the Company and its affiliated companies, but in no event shall such plans, practices, policies and programs provide the Executive with incentive opportunities (measured with respect to both regular and special incentive opportunities, to the extent, if any, that such distinction is applicable), savings opportunities and retirement benefit opportunities, in each case, less favorable, in the aggregate, than the most favorable of those provided by the Company and its affiliated companies for the Executive under such plans, practices, policies and programs as in effect at any time during the 120-day period immediately preceding the Effective Date or if more favorable to the Executive, those provided generally at any time after the Effective Date to other peer executives of the Company and its affiliated companies.

  • Vacation Leave on Retirement ‌ An employee scheduled to retire and to receive pension benefits under the Public Service Pension Plan Rules or who has reached the mandatory retiring age, shall be granted full vacation entitlement for the final calendar year of service.

  • Probation for Newly Hired Employees (a) The Employer may reject a probationary employee for just cause. A rejection during probation shall not be considered a dismissal for the purpose of Article 11.2

  • Overtime-Eligible Employees Employees who are covered by the overtime provisions of state and federal law.

  • Rehired Employees Amounts forfeited upon termination of employment because of the failure to meet the applicable vesting requirements shall not be reinstated or re-credited if an individual is subsequently rehired or re-employed by the School Corporation. However, if the board shall have approved a leave of absence of not more than one (1) fiscal year for an employee, such period of leave shall not result in forfeiture provided the employee shall promptly return to employment following the expiration of the period of leave.

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