Common use of Tier 1 Retirement Clause in Contracts

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 Upon entering DROP, the employee’s and the employer’s contributions to the Retirement Plan cease being paid to the Pension Trust. A member may enroll in DROP for a period no less than six (6) months and not to exceed sixty (60) months. 8.2.2.3 SDSA 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 Program (DROP). 8.2.3 Parties agree to allow for the purchase of Military Service Credit, as specified in the San Xxxx Obispo Pension Trust Plan, Section 2.12.5. Such purchase shall be allowed at employee expense and at zero County cost.

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 Supervisory Unit, BU 27 28 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 Upon entering DROP, the employee’s and the employer’s contributions to the Retirement Plan cease being paid to the Pension Trust. A member may enroll in DROP for a period no less than six (6) months and not to exceed sixty (60) months. 8.2.2.3 SDSA 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 Program (DROP). 8.2.3 Parties agree to allow for the purchase of Military Service Credit, as specified in the San Xxxx Obispo Pension Trust Plan, Section 2.12.5. Such purchase shall be allowed at employee expense and at zero County cost.

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, 13.2.1 Parties agree that “Final Compensation” negotiated in 2005 has been specified in the San Xxxx Obispo County Employees Retirement Plan. Employees shall assume all identified costs associated for all of the sworn Law Enforcement and supervisory sworn law enforcement unit employeessingle highest year final compensation. 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 13.2.2 Deferred Retirement Option Program (DROP) 8.2.2.1 13.2.2.1 Parties agree that SDSA Sworn Law Enforcement Unit, BU 27 represented units SLOCEA Trades employees are eligible to participate in the voluntary Deferred Retirement Option Program (DROP) for members pursuant to Article 26 of the Pension TrustRetirement Plan. 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. 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 SDSASLOCEA. 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 and related cost of living adjustments if applicable, along with applicable Additional Contribution Account amounts 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 the DROP and is not recalculated at the time the employee actually terminates permanent employment with the County. 8.2.2.2 13.2.2.2 Upon entering DROP, the employee’s and the employer’s contributions to the Retirement Plan cease being paid to the Pension Trustcease. A member may enroll in DROP for a period no less than six (6) months and not to exceed sixty (60) months. 8.2.2.3 SDSA 13.2.2.3 SLOCEA 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 Program (DROP). 8.2.3 13.2.3 Parties agree to amend the San Xxxx Obispo County Employees Retirement Plan to allow for the purchase of Military Service Creditcredit as provided in Section 2.12.5 of the Retirement Plan retroactive to December 13, as specified in the San Xxxx Obispo Pension Trust Plan, Section 2.12.52011. Such purchase shall be allowed at employee expense and at zero County cost.cost.‌

Tier 1 Retirement. 8.2.1 A pension enhancement of 3% @ 509.2.1 The County agrees to continue a plan whereby the County will contribute (“pick up”) amounts specified in Section 9.1.2 and 9.1.3 above, Single Highest Year, with a 90% benefit cap, was established effective December 31, 2006, for all on behalf of the sworn Law Enforcement and supervisory sworn law enforcement unit employees. 8.2.1.1 Parties have agreed members to a 50/50 sharing of the costs of this enhancement through increases in employer and employee ratesPension Trust. 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 These amounts paid by the County on or after May 24, 2005are 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. 8.2.2 9.2.2 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 (12) month period of employment immediately preceding the effective date of retirement or the date of last separation from service with the County, or any consecutive 12 month period elected by the employee at or before the time that the employee files an application for retirement; or if the employee fails to elect, 9.2.2.2 During the 12 consecutive months of the employee’s highest Compensation Earnable while a member of the Pension Trust. 9.2.3 In exchange employees will assume all identified costs associated for single highest year final compensation 9.2.4 Deferred Retirement Option Program (DROP) 8.2.2.1 9.2.4.1 Parties agree that SDSA Sworn Law Enforcement Unit, BU 27 represented units SLOCEA Public Services Unit (BU01) employees 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 pursuant 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 unitsPlan. 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. It is understood that all provisions of the DROP program 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 SLOCEA. Modifications required to conform to applicable laws shall supersede any conflicting provisions in this section. 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 Upon entering DROP, the employee’s and the employer’s contributions to the Retirement Plan cease being paid to the Pension Trust. A member may enroll in DROP for a period no less than six (6) months and not to exceed sixty (60) months. 8.2.2.3 SDSA 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 Program (DROP). 8.2.3 Parties agree to allow for the purchase of Military Service Credit, as specified in the San Xxxx Obispo Pension Trust Plan, Section 2.12.5. Such purchase shall be allowed at employee expense and at zero County cost.the

Tier 1 Retirement. 8.2.1 A pension enhancement of 3% @ 509.2.1 The County agrees to continue a plan whereby the County will contribute (“pick up”) amounts specified in Section 9.1.2 and 9.1.3 above, Single Highest Year, with a 90% benefit cap, was established effective December 31, 2006, for all on behalf of the sworn Law Enforcement and supervisory sworn law enforcement unit employees. 8.2.1.1 Parties have agreed members to a 50/50 sharing of the costs of this enhancement through increases in employer and employee ratesPension Trust. 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 These amounts paid by the County on or after May 24, 2005are 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. 8.2.2 9.2.2 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 (12) month period of employment immediately preceding the effective date of retirement or the date of last separation from service with the County, or any consecutive 12 month period elected by the employee at or before the time that the employee files an application for retirement; or if the employee fails to elect, 9.2.2.2 During the 12 consecutive months of the employee’s highest Compensation Earnable while a member of the Pension Trust. 9.2.3 In exchange employees will assume all identified costs associated for single highest year final compensation 9.2.4 Deferred Retirement Option Program (DROP) 8.2.2.1 9.2.4.1 Parties agree that SDSA Sworn Law Enforcement Unit, BU 27 represented units SLOCEA Clerical Unit (BU13) employees 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 pursuant 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 unitsPlan. 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. It is understood that all provisions of the DROP program 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 SLOCEA. Modifications required to conform to applicable laws shall supersede any conflicting provisions in this section. 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 Upon entering DROP, the employee’s and the employer’s contributions to the Retirement Plan cease being paid to the Pension Trust. A member may enroll in DROP for a period no less than six (6) months and not to exceed sixty (60) months. 8.2.2.3 SDSA 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 Program (DROP). 8.2.3 Parties agree to allow for the purchase of Military Service Credit, as specified in the San Xxxx Obispo Pension Trust Plan, Section 2.12.5. Such purchase shall be allowed at employee expense and at zero County cost.the

Tier 1 Retirement. 8.2.1 A pension enhancement of 3% @ 509.2.1 The County agrees to continue a plan whereby the County will contribute (“pick up”) amounts specified in Section 9.1.2 and 9.1.3 above, Single Highest Year, with a 90% benefit cap, was established effective December 31, 2006, for all on behalf of the sworn Law Enforcement and supervisory sworn law enforcement unit employees. 8.2.1.1 Parties have agreed members to a 50/50 sharing of the costs of this enhancement through increases in employer and employee ratesPension Trust. 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 These amounts paid by the County on or after May 24, 2005are 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. 8.2.2 9.2.2 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 (12) month period of employment immediately preceding the effective date of retirement or the date of last separation from service with the County, or any consecutive 12 month period elected by the employee at or before the time that the employee files an application for retirement; or if the employee fails to elect, 9.2.2.2 During the 12 consecutive months of the employee’s highest Compensation Earnable while a member of the Pension Trust. 9.2.3 In exchange employees will assume all identified costs associated for single highest year final compensation 9.2.4 Deferred Retirement Option Program (DROP) 8.2.2.1 9.2.4.1 Parties agree that SDSA Sworn Law Enforcement Unit, BU 27 represented units SLOCEA Supervisory Unit (BU05) employees 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 pursuant 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 unitsPlan. 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. It is understood that all provisions of the DROP program 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 SLOCEA. Modifications required to conform to applicable laws shall supersede any conflicting provisions in this section. 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 Upon entering DROP, the employee’s and the employer’s contributions to the Retirement Plan cease being paid to the Pension Trust. A member may enroll in DROP for a period no less than six (6) months and not to exceed sixty (60) months. 8.2.2.3 SDSA 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 Program (DROP). 8.2.3 Parties agree to allow for the purchase of Military Service Credit, as specified in the San Xxxx Obispo Pension Trust Plan, Section 2.12.5. Such purchase shall be allowed at employee expense and at zero County cost.the