Social Security Replacement Benefit (SSRB Sample Clauses

Social Security Replacement Benefit (SSRB. In January 1971, following a vote of all affected employees, the City withdrew from participation in Social Security. As part of the savings that resulted from the City’s withdrawal from Social Security, currently all SEIU employees accrue $10.79 per pay period (prorated for regular part-time employees), which is paid annually. Effective the first pay period ending in July 2013, SEIU employees have agreed to reduce, on an ongoing basis, the SSRB benefit to $5.7692 per pay period (prorated for regular part-time employees), which is paid annually. Effective the first pay period ending in July 2015, SEIU employees have agreed to modify SSRB payments based upon the number of employees in each pension formula and the total cost to the City of the payments. The City and SEIU intend that these modifications will be cost-neutral to the City based on a cost of $22,150 in FY 2014-15. The annual SSRB payment for employees on the 2.0@62 retirement formula will be $425. The annual payment for employees on the 2.7@55 retirement formula will be based upon the number of SEIU PEPRA employees during pay period 25. Employees on the 2.7@55 retirement formula are eligible for up to $120 annually, however, the annual payment will be reduced over time as additional employees are hired into the 2.0@62 formula in accordance with the chart below. The parties agree that once the SEIU PEPRA employee population reaches 46 employees, Classic employees’ SSRB payment will be reduced to $0 on an ongoing basis and the parties will meet and confer on reducing the SSRB payment to PEPRA employees in order to avoid incurring new City costs. SEIU PEPRA EMPLOYEE POPULATION (in pay period 25) CLASSIC SEIU EMPLOYEE SSRB PAYMENT 0 to 15 $120 16 to 20 $105 21 to 25 $95 26 to 30 $80 31 to 35 $70 36 to 40 $50 41 to 45 $35 46 and greater $0 SSRB payments will be paid annually to all employees employed during pay period 25; payments will not be made to employees who separate from employment over the course of the year. SSRB benefits will continue to be paid on a pro-rated basis to regular part-time employees.
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Social Security Replacement Benefit (SSRB. In January 1971, following a vote of all affected employees, the City withdrew from participation in Social Security. As part of the savings that resulted from the City's withdrawal from Social Security, currently all SEIU employees accrue $10.79 per pay period (prorated for regular part-time employees), which is paid annually. Effective the first pay period ending in July 2013, SEIU employees have agreed to reduce, on an ongoing basis, the SSRB benefit to $5.7692 per pay period (prorated for regular part-time employees), which is paid annually.
Sample 1

Related to Social Security Replacement Benefit (SSRB

  • Workplace Safety Insurance Benefits (WSIB) Top Up Benefits If the employee is in a class of employees that, on August 31, 2012, was entitled to use unused sick leave credits for the purpose of topping up benefits received under the Workplace Safety and Insurance Act, 1997;

  • Contribution Formula Health Coverage a. Faculty Member Coverage. For faculty member health coverage for the 2018 2022 and 2019 2023 plan years, the Employer contributes an amount equal to ninety-five percent (95%) of the employee- only premium of the Minnesota Advantage Health Plan (Advantage).

  • Supplemental Benefits The employer shall maintain a “Supplemental Unemployment Benefits Plan” pursuant to the Employment Insurance Act and Regulations. The employer shall make amendments as appropriate to ensure that the Plan provides the maximum permissible benefits in conjunction with Article 17.03.

  • Canceling Dependent Coverage During Open Enrollment In addition to the above situations, dependent health or dependent dental coverage may also be cancelled for any reason during the open enrollment period that applies to each type of plan (as long as allowed under the applicable provisions, regulations and rules of the federal and state law in effect at the beginning of the plan year).

  • Early Retirement Benefits If elected in the Adoption Agreement, an Early Retirement benefit may be available to individuals who meet the age and Service requirements that are specified in the Adoption Agreement. A Participant who attains his or her Early Retirement Date will become fully vested, regardless of any vesting schedule which otherwise might apply. If a Participant separates from Service with a nonforfeitable benefit before satisfying the age requirements, but after having satisfied the Service requirement, the Participant will be entitled to elect an Early Retirement benefit upon satisfaction of the age requirement.

  • Group Benefits To determine if a leave under the provisions of the Family and Medical Leave Act will be a paid or unpaid leave, contact the District’s Human Resources Department.

  • Contribution Formula Dental Coverage a. Faculty Member Coverage. For faculty member dental coverage, the Employer contributes an amount equal to the lesser of ninety percent (90%) of the faculty member premium of the State Dental Plan, or the actual faculty member premium of the dental plan chosen by the faculty member. However, for calendar years beginning January 1, 2014, and January 1, 2015, the minimum employee contribution shall be five dollars ($5.00) per month.

  • Same Sex Benefit Coverage An employee who co-habits with a person of the same sex, and who promotes such person as a "spouse" (partner), and who has done so for a period of not less than twelve (12) months, will be eligible to have the person covered as a spouse for purposes of Medical, Extended Health, and Dental benefits.

  • Retirement Benefits Due to either investment or employment during the marriage, either the Husband or Wife: (check one) ☐ - DO NOT have retirement plans. ☐ - HAVE retirement plans. The Couple has the following retirement plans: (“Retirement Plans”). Upon signing this Agreement, the Retirement Plans shall be owned by: (check one) ☐ - Husband ☐ - Wife ☐ - Both Spouses ☐ - Other. .

  • Group Insurance Benefits To determine if a leave under the provisions of the Family and Medical Leave Act will be paid or unpaid leave of absence contact the school district Employee Benefits Department.

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