Common use of Benefit Accrual and Amounts Clause in Contracts

Benefit Accrual and Amounts. All employees covered by this Agreement will be automatically enrolled in the AFSCME Supplemental (CS AFSCME) pension plan from the time of hire into an AFSCME covered position. Contributions will commence with the initial pay period. The only exception to this is for those members hired between July 1, 1990 and January 1, 2007, when the option to “opt-out” was available, and they chose to do so. Effective July 1, 1990, employees covered by this Agreement may elect to participate in a supplemental retirement benefit program, jointly funded through County and employee contributions. The rate of accrual and amount of the benefit payable under this program are determined as follows: 1. Benefit accrual is at the rate of 0.4% times the number of years of actual and continuous service the employee has as a full-time Prince ▇▇▇▇▇▇'s County employee, to a maximum of twenty-five (25) years of actual and continuous service, multiplied by the employee's average annual compensation, as determined pursuant to paragraph E, below. 2. Pursuant to paragraph A, above, the maximum benefit payable to any eligible employee is ten percent (10%) of the employee's average annual compensation, as determined pursuant to paragraph E, below.