PENSION LANGUAGE Sample Clauses

PENSION LANGUAGE a) The County shall continue in effect its present pension plan providing for retirement after twenty (20) years of creditable service, without reference to age, with a minimum benefitpayable of forty percent (40%) of average final compensation at twenty (20) years of service; two percent (2%) for each year of creditable service through twenty-five (25) years, and one fifty-fifth (1/55) for each year of creditable service thereafter. b) Effective July 1, 1995, a new pension plan shall become effective which shall provide forretirement after twenty (20) years of creditable service, without reference to age, providing a minimum benefit of fifty percent (50%) of average final compensation for twenty (20) years of creditable service and two c) Effective January 1, 1988, military credit will only be used to determine the pensionbenefit, and not eligibility to receive the benefit, except as specifically provided for in subsections d) and f) below. d) Effective July 1, 1995, the amended disability provisions (Appendix "F") shall become applicable. However, anyone applying for an accidental disability prior to July 1, 1995 shall be grandfathered with regard to existing benefit provisions. e) Effective July 1, 1988, employees shall contribute for the pension benefits in effect on that date at a rate of not more than an additional one percent (1%) of salary. The actual contribution rate shall be based upon actuarial studies. f) All employees hired prior to July 1, 1987 who have served in the military shall retain theoption of receiving credit, as a part of creditable service, for up to four (4) years of their military service in order to retire with less than twenty (20) years of service with the County. If such an employee chooses to retire with less than twenty (20) years of service with the County, the employee shall receive a pension benefit determined under the pension plan under subsection a) above. Once such an employee completes twenty (20) years of creditable service with the County, excluding military credit, such employee shall only be eligible for the pension benefits under subsections b) and c) above. g) An employees' minimum pension benefit shall be increased by three (3%), up to a maximum of one hundred (100%), for each year of creditable service beyond twenty-five years, provided such additional accrual shall only apply to creditable service that is earned after July 1, 2007.