Pension Changes Sample Clauses
Pension Changes. A. Nothing in this Article shall be interpreted to abrogate or supersede the provisions of Chapter. 2.5, Art. I, Section 2.5-1, et seq., of the City of Fort Worth Code (the Retirement Ordinance), or Article 6243i of the Texas Revised Civil Statutes (“Article 6243i”), but this Article does contractually require the City to provide certain advance notice to the Association, as specifically provided for herein.
B. The City acknowledges that there were substantial changes made to the pension plan and employees would like reassurances that no further changes will be made prior to calendar year 2022. The City fully intends to see the impacts of the FY22 risk-sharing mechanism before considering further pension changes.
C. The City recognizes that due to the timing required to convene and receive input from all employee groups and to have the data to analyze the impacts of the FY22 risk sharing mechanism, additional pension changes are not expected to be made prior to the beginning of fiscal year 2022- 2023. The City retains the right to engage in processes to consider and make pension changes, if necessary to protect the fund or its financial solvency.
D. If the City decides that further changes need to be made, the City will provide 180 days’ notice to the Association prior to taking any action that would reduce pension benefits for Officers and during that 180 days, the City Manager will solicit input from affected employee groups regarding such proposed changes.
E. In this article, the City has not bargained over pension benefits and has not included pension benefits as a bargaining item by including this language in the M&C Agreement. Sections 1 and 2 of this Article will not apply to Officer pension benefits and related contributions. Any dispute between the City and the Association, or any Officer, will be brought and resolved through judicial action in a court of competent jurisdiction, and not under the grievance provisions in this Agreement.
Pension Changes. A. The City agrees to adopt the provisions of the State of Michigan Act 88 State Reciprocal Plan. Employees presently employed and accruing pension benefits under City of ▇▇▇▇▇▇ Ordinance 19 will be granted the provisions of Act 88 as amended. Employees must have five (5) or more years of credited service in force acquired in the employ of the City of ▇▇▇▇▇▇ to be eligible. Members of this bargaining unit participating in the Defined Benefit Pension Plan shall have vested rights upon the attainment of eight (8) years credited service.
B. Employees with thirty (30) years of service may retire with no decrease in benefits, regardless of age.
C. A member with twenty-five (25) years of credited service may retire at age 50 with no decrease in benefits because of age.
D. The City will provide members of the City of ▇▇▇▇▇▇ Employees Retirement System with the alternative of an early retirement provision. Employees will be permitted to retire at age 55 years after completion of eight (8) years of service with an actuarially reduced benefit. The employee's benefits will be actuarially reduced so that the value of the reduced benefit beginning earlier than age 60 will be equal to the value of the unreduced benefit beginning at age 60.
E. Upon completing eight (8) years of credited service, the City will provide non-duty death benefits to the member's family as follows: Widows or widowers to receive seventy-five percent (75%) of the member's accrued pension if not more than five (5) years younger than the deceased member. If more than five (5) years younger than the deceased, the seventy-five percent (75%) to be reduced by one percent (1%) for each year over five (5), minimum of fifty percent (50%). If spouse's benefit terminates or if no spouse, minor children to receive equal share of fifty percent (50%) of member's accrued pension to age 21 (or prior death or marriage). If child is temporarily or permanently disabled, no age 21 restriction. Disability to be determined by the Retirement Board. In no case shall dollar amount of total benefit be less than fifteen percent (15%) of member's final average compensation.
F. Should a layoff occur after August 23, 1994, employees shall accrue retirement service credit for the initial six (6) months of the layoff.
G. Any member of the Bargaining Unit may reside outside the City of ▇▇▇▇▇▇. No employee shall drive a City vehicle for purposes of commuting to and from work if he resides outside the City of ▇▇▇▇▇▇.
H. The City a...
Pension Changes. Prior to adoption of pension ordinance changes by City Council, the bargaining unit will have the opportunity to review all changes and no change will be made that has an adverse effect on employee contributions and/or pension benefits. Any issue in dispute which the bargaining unit believes to be detrimental to pension benefits will be subject to the negotiation process and/or grievance procedure.
Pension Changes. Nothing in this Agreement will be construed to prevent the City from making changes to fire fighter pension benefits and related contributions that are consistent with the applicable state and federal laws and constitutional provisions, and any disputes about those matters shall be by judicial action and not under the grievance provisions in this Agreement.