Common use of Defined Benefit Plan Option Clause in Contracts

Defined Benefit Plan Option. The defined benefit plan option is available to employees hired before July 1, 2000. The defined benefit plan provides for normal retirement benefits at age 55 with 10 or more years of service or at age 50 with 15 or more years of service. Normal retirement benefits are based upon two and six tenths percent (2.6%) of the employee’s average annual compensation multiplied by the number of years of service, not to exceed seventy- five percent (75%), retroactive to July 1, 2008. Average annual compensation shall be determined by an average of the five (5) highest compensated years within the last ten (10) years preceding retirement. All employees within the bargaining unit shall contribute six percent (6%) of their gross earnings into the plan, retroactive to July 1, 2008. Employees who leave the department with a vested pension but at an age less than 50 will not be eligible to collect a pension until they reach age 55. The terms and conditions of the defined benefit plan option are set forth in greater detail in the documents creating the defined benefit plan.

Defined Benefit Plan Option. The defined benefit plan option is available to employees hired before July 1, 2000. The defined benefit plan provides for normal retirement benefits at age 55 with 10 or more years of service or at age 50 with 15 or more years of service. Normal retirement benefits are based upon two and six tenths tenths’ percent (2.6%) of the employee’s average annual compensation multiplied by the number of years of service, not to exceed seventy- five percent (75%), retroactive to July 1, 2008. Average annual compensation shall be determined by an average of the five (5) highest compensated years within the last ten (10) years preceding retirement. All employees within the bargaining unit shall contribute six percent (6%) of their gross earnings into the plan, retroactive to July 1, 2008. Employees who leave the department with a vested pension but at an age less than 50 will not be eligible to collect a pension until they reach age 55. The terms and conditions of the defined benefit plan option are set forth in greater detail in the documents creating the defined benefit plan.