Tier 2 Retirement. 8.3.1 Effective June 24, 2012, a second tier plan was established for all new hires and includes the following major benefit provisions: 8.3.1.1 Retirement formula 3% at 55 8.3.1.2 90% benefit cap (90% of final compensation) 8.3.1.3 2% COLA, no carryover 8.3.1.4 No deferred retirement option program (DROP)
Appears in 3 contracts
Samples: Memorandum of Understanding, Memorandum of Understanding, Memorandum of Understanding
Tier 2 Retirement.
8.3.1 9.4.1 Effective June 24September 4, 20122011, a second tier plan was established for all new hires and includes the following major benefit provisions:
8.3.1.1 : Retirement formula 32.7% at @ 55 8.3.1.2 (safety non-sworn); 2% @ 60 (non- safety); 90% benefit cap (90% of final compensation) 8.3.1.3 cap; 2% COLA, no carryover
8.3.1.4 ; No deferred retirement option program plan (DROP); 3 year average final compensation
Appears in 1 contract
Samples: Memorandum of Understanding
Tier 2 Retirement.
8.3.1 Effective June 24, 2012, a second tier plan was established for all new hires and includes the following major benefit provisions:
8.3.1.1 Retirement formula 3% at 55 8.3.1.2 90% benefit cap (90% of final compensation) 8.3.1.3 2% COLA, no carryover
8.3.1.4 No deferred retirement option program (DROP)
Appears in 1 contract
Samples: Memorandum of Understanding
Tier 2 Retirement.
8.3.1 9.4.1 Effective June 24September 4, 20122011, a second tier plan was established for all new hires and includes the following major benefit provisions:
8.3.1.1 : Retirement formula 32.7% at @ 55 8.3.1.2 (safety non-sworn); 2% @ 60 (non-safety); 90% benefit cap (90% of final compensation) 8.3.1.3 cap; 2% COLA, no carryover
8.3.1.4 carryover; No deferred retirement option program plan (DROP); 3 year average final compensation
Appears in 1 contract
Samples: Memorandum of Understanding
Tier 2 Retirement.
8.3.1 9.4.1 Effective June 24September 4, 20122011, a second tier plan was established for all new hires and includes the following major benefit provisions:
8.3.1.1 : Retirement formula 32.7% at @ 55 8.3.1.2 (safety non-sworn); 2% @ 60 (non-safety); 90% benefit cap (90% of final compensation) 8.3.1.3 cap; 2% COLA, no carryover
8.3.1.4 ; No deferred retirement option program plan (DROP); 3 year average final compensation
Appears in 1 contract
Samples: Memorandum of Understanding
