TIER 4 MISCELLANEOUS EMPLOYEE RETIREMENT Sample Clauses

TIER 4 MISCELLANEOUS EMPLOYEE RETIREMENT a. The County shall establish a Miscellaneous Employee Retirement Tier 4 based upon Government Code Section 31676.1, resulting in a 1.92% at age 60 formula, with a 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 after implementation of the Miscellaneous Employee Retirement Tier 4.
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TIER 4 MISCELLANEOUS EMPLOYEE RETIREMENT. Effective August 12, 2012, the County shall establish a Miscellaneous Retirement Tier 4 for the Engineers and Architects, Non-Supervisory and Supervisory units. Miscellaneous Employee Retirement Tier 4 consists of the 1.92% at age 60 formula prescribed by Government Code Section 31676.1, with a final compensation based upon the highest three-year average compensation pursuant to Government Code Section 31870 to a maximum annual 2%. This retirement tier shall apply exclusively to employees hired on or after August 12, 2012.
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Related to TIER 4 MISCELLANEOUS EMPLOYEE RETIREMENT

  • Transition to Retirement 24.1 An Employee may advise their Employer in writing of their intention to retire within the next five years and participate in a retirement transition arrangement.

  • 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.

  • DEFINITION OF EMPLOYEE STATUS AND BENEFIT ENTITLEMENT For the purpose of this Article “regularly scheduled” means any combination of shifts scheduled in advance and issued by the Employer. (Reference Article 25.04 – Posting of Work Schedules) Employees at the commencement of their employment and at all times shall be kept advised by their Employer into which employee status they belong.

  • Vacation Leave on Retirement ‌ An employee scheduled to retire and to receive pension benefits under the Public Service Pension Plan Rules or who has reached the mandatory retiring age, shall be granted full vacation entitlement for the final calendar year of service.

  • 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.

  • Employer Compensation Upon Separation An Employee, upon her separation from employment, shall compensate the Employer for vacation which was taken but to which she was not entitled.

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