Temporary Pension-Retirement Moratorium. Effective January 1, 2010 there will be a moratorium on benefit accrual for the defined benefit plan and no benefits will accrue. Effective January 1, 2011 through December 31, 2011 the moratorium will be lifted and benefits will begin to accrue only to the extent that the defined benefit formula will be .75% multiplied by final average compensation multiplied by credited years of service. Thereafter the terms as listed in Article 25.1 will apply.
Appears in 10 contracts
Samples: Collective Bargaining Agreement, Collective Bargaining Agreement, Service and Maintenance Agreement
