Common use of Tier 2: Retirees Hired On or After July 1, 2012 Clause in Contracts

Tier 2: Retirees Hired On or After July 1, 2012. All employees hired by the City on or after July 1, 2012 who retire from the City will receive the PERS statutory minimum paid by the City. In addition, for employees hired into the unit as new employees on or after July 1, 2012, in lieu of additional retiree medical insurance benefits, the City shall, while the employees are working for the City, contribute the sum of $275.00 per month ($137.50 per pay period) for twenty-four (24) pay periods – there will be no contribution in the third pay period of any month which has three pay periods) to a retirement health account, on behalf of such employees. For employees who promote into the unit after July 1, 2012 who were City employees as of June 30, 2012, they will receive retiree medical benefits based on their years of service with the City in accordance with the benefits of this MOU as though they were a member of the bargaining unit prior to July 1, 2012.

Tier 2: Retirees Hired On or After July 1, 2012. All employees hired by the City on or after July 1, 2012 who retire from the City will receive the PERS statutory minimum paid by the City. In addition, for employees hired into the unit as new employees on or after July 1, 2012, in lieu of additional retiree medical insurance benefits, the City shall, while the employees are working for the City, contribute the sum of $275.00 per month ($137.50 137.5026.92 per pay period) for twenty-four (24) pay periods – there will be no contribution in the third pay period of any month which has three pay periods) to a retirement health account, on behalf of such employees. For employees who promote into the unit after July 1, 2012 who were City employees as of June 30, 2012, they will receive retiree medical benefits based on their years of service with the City in accordance with the benefits of this MOU as though they were a member of the bargaining unit prior to July 1, 2012.

Tier 2: Retirees Hired On or After July 1, 2012. All employees 3) Employees hired by the City on or after July 1, 2012 who retire from the City will receive the PERS statutory minimum minimum, which will be paid directly to PERS by the CityCity should the retiree select a medical plan through PERS. In addition, for any employees hired into the unit as a new employees on or after July 1, 2012, in lieu of additional retiree medical insurance benefits, the City shall, while the employees are areis working for the City, contribute the sum of $275.00 per month ($137.50 126.92 per pay period) for twenty-four (24) pay periods – there will be no contribution in the third pay period of any month which has three pay periods) to a retirement health account, savings account on behalf of such eachsuch employees. For employees who promote into the unit after July 1, 2012 who were City employees as of June 30, 2012, they will receive retiree medical benefits based on their years of service with the City in accordance with the benefits of this MOU as though they were a member of the bargaining unit prior to July 1, 2012.