Tier 1 Retirement Sample Clauses

Tier 1 Retirement. 8.2.1 A pension enhancement of 3% @ 50, Single Highest Year, with a 90% benefit cap, was established effective December 31, 2006, for all of the sworn Law Enforcement and supervisory sworn law enforcement unit employees. 8.2.1.1 Parties have agreed to a 50/50 sharing of the costs of this enhancement through increases in employer and employee rates. The employee rate is factored to take into consideration the portability of employee contributions. 8.2.1.2 Parties have agreed to a 50/50 sharing of the costs of Unfunded Accrued Actuarial Liability (UAAL) through increases in employer and employee rates. The employee rate is factored to take into consideration the portability of employee contributions. 8.2.1.3 Retirement offset for Social Security disability was eliminated for any person employed by the County on or after May 24, 2005. 8.2.2 Deferred Retirement Option Program (DROP) 8.2.2.1 Parties agree that SDSA Sworn Law Enforcement Unit, BU 27 represented units are eligible to participate in the voluntary Deferred Retirement Option Program (DROP) for members of the Pension Trust. It is understood that all provisions of DROP must conform to applicable laws. Modifications to DROP may be necessary to assure compliance with those laws. If modifications are necessary, the County shall notify SDSA. Modifications required to conform to applicable laws shall supersede any conflicting provisions in this section. Article 26 of the Retirement Plan has been modified to allow for participation by members of SDSA represented units. DROP provides employees who are eligible for retirement to continue to work for the County after entering into Deferred Retirement status during which the employee’s Service Retirement Allowance will be paid into a DROP account. An employee enrolled into DROP retains all rights, privileges and benefits of being an active County employee, except as specifically modified by Article 26 of the Retirement Plan. The employee enrolled in DROP continues to be eligible for the active employee Cafeteria 125 Plan benefits and is not eligible for retiree health benefits. Under DROP, the employee’s individual monthly Service Retirement Allowance will be deposited into an account maintained for the employee under the provisions of DROP. The employee’s Service Retirement Allowance shall be calculated on the date that the employee enters DROP and is not recalculated at the time the employee actually terminates permanent employment with the County. 8.2.2.2 Up...
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Tier 1 Retirement. The County agrees to continue a plan whereby the County will contribute the EPMC amounts specified in Section 9.1.2 and 9.1.3 above, on behalf of the unit members to the Pension Trust. These amounts paid by the County are for a portion of the unit member’s contribution and are paid by the County to partially satisfy the employee’s obligation to contribute to the County Pension Trust. Effective the pay period that includes July 1, 2005 the parties agree that “Final Compensation” for miscellaneous members of the Pension Trust from the bargaining unit shall be based upon: 9.2.2.1 The average monthly Compensation Earnable during the consecutive twelve
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Tier 1 Retirement. ‌ 9.3.1 Effective July 3, 2005, a pension enhancement of 3% @ 55, with a 90% benefit cap, and Single Highest Year was established for safety members of this unit. 9.3.2 Effective July 3, 2005 a pension enhancement of 2% @ 55, with an 80% benefit cap, and Single Highest Year was established for non-safety members of this unit
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Tier 1 Retirement. ‌ Effective July 3, 2005, a pension enhancement of 3% @ 55, with a 90% benefit cap, and Single Highest Year was established for safety members of this unit. Effective July 3, 2005 a pension enhancement of 2% @ 55, with an 80% benefit cap, and Single Highest Year was established for non-safety members of this unit Deferred Retirement Option Plan (DROP) Employees in the bargaining unit are eligible for the DROP program in accordance with the terms of the County of San Xxxx Obispo Employees’ Retirement Plan. DSA shall defend, indemnify and save harmless the County of San Xxxx Obispo and the Pension Trust, its officers, agents and employees from any and all claims, demands, damages, costs, expenses, or liability, including, but not limited to, liability for back taxes, and all claims of any type by the Internal Revenue Service, the California Franchise Tax Board, unit members, or their heirs, successors, or assigns, arising out of this Agreement to implement the Deferred Retirement Option Plan (DROP).
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Tier 1 Retirement. 8.2.1 Effective December 31, 2006, a pension enhancement of 3% @ 55, Single Highest Year, with a 90% benefit cap was established for safety (non-sworn) members of this unit. 8.2.2 A pension enhancement of 3%@50, Single Highest Year, with a 90% benefit cap, effective December 31, 2006, was selected for sworn Supervisory Law Enforcement unit employees. 8.2.3 Deferred Retirement Option Plan (DROP) 8.2.3.1 Employees in the bargaining unit are eligible for the DROP program in accordance with the terms of the County Retirement Plan. 8.2.3.2 SLOCSMA shall defend, indemnify and save harmless the County of San Xxxx Obispo and the Pension Trust, its officers, agents and employees from any and all claims, demands, damages, costs, expenses, or liability, including, but not limited to, liability for back taxes, and all claims of any type by the Internal Revenue Service, the California Franchise Tax Board, unit members, or their heirs, successors, or assigns, arising out of this Agreement to implement the Deferred Retirement Option Plan (DROP).
Sample 1

Related to Tier 1 Retirement

  • Disability Retirement If, as a result of your incapacity due to physical or mental illness, You shall have been absent from the full-time performance of your duties with the Company for 6 consecutive months, and within 30 days after written notice of termination is given You shall not have returned to the full-time performance of your duties, your employment may be terminated for "Disability." Termination of your employment by the Company or You due to your "Retirement" shall mean termination in accordance with the Company's retirement policy, including early retirement, generally applicable to its salaried employees or in accordance with any retirement arrangement established with your consent with respect to You.

  • Normal Retirement Normal Retirement Age under the Plan is: (Choose (a) or (b)) [X] (a) 65 [State age, but may not exceed age 65].

  • Pre-Retirement Death Benefit (a) Normal form of payment. If (i) the Director dies while employed by the Bank, and (ii) the Director has not made a Timely Election to receive a lump sum benefit, this Subsection 4.1(a) shall be controlling with respect to pre-retirement death benefits. The balance of the Director=s Retirement Income Trust Fund, measured as of the later of (i) the Director=s death, or (ii) the date any final lump sum Contribution is made pursuant to Subsection 2.1(b), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable for the Payout Period. Such benefits shall commence within thirty (30) days of the date the Administrator receives notice of the Director=s death. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is less than the rate of return used to annuitize the Retirement Income Trust Fund, no additional contributions to the Retirement Income Trust Fund shall be required by the Bank in order to fund the final benefit payment(s) and make up for any shortage attributable to the less-than-expected rate of return. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is greater than the rate of return used to annuitize the Retirement Income Trust Fund, the final benefit payment to the Director=s Beneficiary shall distribute the excess amounts attributable to the greater-than-expected rate of return. The Director=s Beneficiary may request to receive the unpaid balance of the Director=s Retirement Income Trust Fund in a lump sum payment. If a lump sum payment is requested by the Beneficiary, payment of the balance of the Retirement Income Trust Fund in such lump sum form shall be made only if the Director=s Beneficiary notifies both the Administrator and trustee in writing of such election within ninety (90) days of the Director=s death. Such lump sum payment shall be made within thirty (30) days of such notice. The Director=s Accrued Benefit Account (if applicable), measured as of the later of (i) the Director's death or (ii) the date any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account pursuant to Subsection 2.1(c), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable to the Director's Beneficiary for the Payout Period. Such benefit payments shall commence within thirty (30) days of the date the Administrator receives notice of the Director=s death, or if later, within thirty (30) days after any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account in accordance with Subsection 2.1(c).

  • Deferred Retirement a. An employee who is eligible for paid retirement at the time he or she separates from County service, but elects deferred retirement, may defer participation in the Grant until such time as he or she becomes an active retiree. b. An otherwise eligible employee who is not eligible for paid retirement at the time he or she separates from County service but is eligible for and elects deferred retirement shall not become eligible for participation in the Grant.

  • Death, Retirement or Disability Executive’s employment shall terminate automatically upon Executive’s death or Retirement during the Employment Period. For purposes of this Agreement, “Retirement” shall mean normal retirement as defined in the Company’s then-current retirement plan, or if there is no such retirement plan, “Retirement” shall mean voluntary termination after age 65 with ten years of service. If the Company determines in good faith that the Disability of Executive has occurred during the Employment Period (pursuant to the definition of Disability set forth below), it may give to Executive written notice of its intention to terminate Executive’s employment. In such event, Executive’s employment with the Company shall terminate effective on the 30th day after receipt of such written notice by Executive (the “Disability Effective Date”), provided that, within the 30 days after such receipt, Executive shall not have returned to full-time performance of Executive’s duties. For purposes of this Agreement, “Disability” shall mean a mental or physical disability as determined by the Board of Directors of the Company in accordance with standards and procedures similar to those under the Company’s employee long-term disability plan, if any. At any time that the Company does not maintain such a long-term disability plan, “Disability” shall mean the inability of Executive, as determined by the Board, to perform the essential functions of his regular duties and responsibilities, with or without reasonable accommodation, due to a medically determinable physical or mental condition which has lasted (or can reasonably be expected to last) for twelve workweeks in any twelve-month period. At the request of Executive or his personal representative, the Board’s determination that the Disability of Executive has occurred shall be certified by two physicians mutually agreed upon by Executive, or his personal representative, and the Company. Failing such independent certification (if so requested by Executive), Executive’s termination shall be deemed a termination by the Company without Cause and not a termination by reason of his Disability.

  • Normal Retirement Date The term “Normal Retirement Date” means “Normal Retirement Date” as defined in the primary qualified defined benefit pension plan applicable to the Executive, or any successor plan, as in effect on the date of the Change in Control of the Company.

  • Public Employees Retirement System “PERS”) Members.

  • TERMINATION UPON RETIREMENT Termination of Executive’s employment based on “

  • Retirement, Death or Disability If the Executive’s employment terminates during the Term of this Agreement due to his death, a disability that results in his collection of any long-term disability benefits, or retirement at or after age 62, the Executive (or the beneficiaries of his estate) shall be entitled to receive the compensation and benefits that the Executive would otherwise have become entitled to receive pursuant to subsection (d) hereof upon a resignation without Good Reason.

  • Post-Retirement Benefits The present value of the expected cost of post-retirement medical and insurance benefits payable by the Borrower and its Subsidiaries to its employees and former employees, as estimated by the Borrower in accordance with procedures and assumptions deemed reasonable by the Required Lenders is zero.

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