Examples of Noncontributory service in a sentence
If you return after the end of the next calendar year, you will lose (forfeit) all of your credited service and will “earn back” at no cost, one month of forfeited Noncontributory service credit with each credited month of re-employment.
Purchasing service may increase a plan member’s benefit.2.1 Non-contributory service (less than half-time service)Plan members may be eligible to purchase periods of service when they worked for a plan employer but did not contribute to, or accrue service in, the Teachers’ Pension Plan.
Non-contributory service is a period of time when you worked for a College Pension plan employer but did not make pension contributions.
Noncontributory service is service on which a member does not make member contributions to the Teacher Retirement System and accepts a reduced retirement annuity for the years of service on which he/she does not contribute.
Purchase or sell real estate, unless acquired as a result of ownership of securities or other instruments and provided that this restriction does not prevent the Fund from investing in issuers which invest, deal, or otherwise engage in transactions in real estate or interests therein, or investing in securities that are secured by real estate or interests therein.
BUYBACK COST EXAMPLESThe following table shows examples of the member’s cost for two common types of buyback:• Non-contributory service under the OPSEU Pension Plan, the PSPP or its predecessor– including contract/unclassified employment, and• Unpaid pregnancy, parental or adoption, family medical leaves and leaves due to illness.The cost shown is for one year of credit, based on the Plan’s normal contribution rate.
Creditable Service – Total of All Service Noncontributing • Service time for which member receives retirement credit • 6% not withheld Examples: short-term, extended short-term and long-term disability Noncontributory service can also be included in your creditable years and months of service.
The service that you “earn back” will be credited as Noncontributory service.
Noncontributory service for active members is estimated from member’s contributory service by adjusting the present value of benefits projected from contributory service alone.