TIER 3 SAFETY EMPLOYEE RETIREMENT Sample Clauses

TIER 3 SAFETY EMPLOYEE RETIREMENT. The County Shall establish a Safety Employee Retirement Tier 3 based upon the 3% at age 55 formula prescribed by Government Code Section 31664.2, with final compensation based upon the highest three-year average compensation pursuant to Government Code Section 31462, and shall have a post-retirement cost-of-living adjustment factor pursuant to Government Code Section 31870 to a maximum annual 2%. This retirement tier shall apply exclusively to employees first hired as a new employee with the County or an employee going from temporary to permanent status after implementation of the Safety Employee Retirement Tier 3. The Safety Employee Retirement Tier 3 shall not be implemented unless and until the earlier of: (1) implementation of State legislation that the parties agree to jointly support that will provide for this retirement tier for bargaining unit members and not necessarily all non- bargaining unit Sacramento County employees in safety retirement status, or (2) implementation of this retirement tier for all Sacramento positions in safety retirement status, or (3) other authority that will provide for this retirement tier for bargaining unit members and not necessarily all non-bargaining unit Sacramento County safety retirement positions.
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TIER 3 SAFETY EMPLOYEE RETIREMENT. The County shall establish a Safety Employee retirement tier 3 based upon the 3% at age 55 formula prescribed by Government Code Section 31664.2, with final compensation based upon the highest three year average compensation pursuant to Government Code Section 31462, and shall have a post-retirement cost-of-living adjustment factor pursuant to Government Code section 31870 to a maximum annual 2%. This retirement tier shall apply exclusively to employees first hired as a new employee with the County or an employee going from temporary to permanent status between January 1, 2012 and December 31, 2012.
Sample 1
TIER 3 SAFETY EMPLOYEE RETIREMENT. The County shall establish a Safety Employee Retirement Tier 3 based upon the 3% at age 55 formula prescribed by Government Code Section 31664.2, with final compensation based upon the highest three-year average compensation pursuant to Government Code Section 31462, and shall have a post-retirement cost-of-living adjustment factor pursuant to Government Code Section 31870 to a maximum annual 2%. This retirement tier shall apply exclusively to employees first hired as a new employee with the County or an employee going from temporary to permanent status after implementation of the Safety Employee Retirement Tier 3. The Safety Employee Retirement Tier 3 shall not be implemented unless and until the earlier of:
Sample 1

Related to TIER 3 SAFETY EMPLOYEE RETIREMENT

  • Pre-Retirement Leave An employee scheduled to retire and to receive a superannuation allowance under the applicable Superannuation Act(s), or who has reached the mandatory retiring age, shall be entitled to:

  • Public Employees Retirement System “PERS”) Members. For purposes of this Section 1, “employee” means an employee who is employed by the State on August 28, 2003 and who is eligible to receive benefits under ORS Chapter 238 for service with the State pursuant to Section 2 of Chapter 733, Oregon Laws 2003.

  • Post Retirement Health Care Benefit Employees who separate from State service and who, at the time of separation are insurance eligible and entitled to immediately receive an annuity under a State retirement program, shall be entitled to a contribution of two hundred fifty dollars ($250) to the Minnesota State Retirement System’s (MSRS) Health Care Savings Plan. Employees who have a HCSP waiver on file shall receive a two hundred fifty dollars ($250) cash payment. If the employee separates due to death, the two hundred fifty dollars ($250) is paid in cash, not to the HCSP. An employee who becomes totally and permanently disabled on or after January 1, 2008, who receives a State disability benefit, and is eligible for a deferred annuity under a State retirement program is also eligible for the two hundred fifty dollar ($250) contribution to the MSRS Health Care Savings Plan. Employees are eligible for this benefit only once.

  • Re-employment After Retirement Employees who have reached retirement age as prescribed under the Pension (Municipal) Act and continue in the Employer's service, or are re-engaged within three (3) calendar months of retirement, shall continue at their former increment step in the pay rate structure of the classification in which they are employed, and the employee's previous anniversary date shall be maintained. All perquisites earned up to the date of retirement shall be continued or reinstated.

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