Common use of RETIREM ENT Clause in Contracts

RETIREM ENT. Section 1 The District shall provide the 75-1 Non-Contributory Pension Plan (New York State Employees' Retirement System) for all eligible unit members. Eligible unit member's hired after July 1,1976, shall contribute three percent (3%) of their wages to the New York State Retirement System per New York State Retirement Law. The employer will provide the appropriate retirement plan under the New York State Employee's Retirement System. Section 2 The District will provide a retirement incentive for unit members eligible for retirement in accordance with ERS provisions, provided that the unit member notifies the District in writing 6-months prior to the effective date. Any eligible unit member will receive a one-time lump sum retirement incentive (payment) based on accumulated, unused sick/family leave days to a maximum of 275 days. The payment will be calculated as follows: @ $50.00 per day @ $75.00 per day @ $85.00 per day @ . $100.00 per day Total Accumulated Sick/Familv Pays 0-50 51-99 100-149 Section 3 The District and the Association agree that the Retirement Incentive Payment specified in Article X of the Agreement will become a non-elective employer contribution to a 403(b) plan o f the unit member’s choosing. The contribution will be accordance to the IRS codes, rules and regulations. The contribution will be available to all unit members eligible as specified in Article X. The contribution will be remitted within thirty (30) days of the unit members’ retirement date. The District will pay an excess over the IRS limits as compensation to the unit member within 30-days of the unit member’s retirement date. Unit members will be provided the opportunity to make changes to their current 403(b) plans and/or designate a new carrier for the employer contribution. In the event that a member does not choose any 403(b) carrier, the District and the Association agree that Metropolitan Life Insurance Company will be the default carrier,

RETIREM ENT. Section 1 The District shall provide the 75-1 Non-Contributory Pension Plan (New York State Employees' Retirement System) for all eligible unit membersmember's. Eligible unit member's hired after July 1,1976, shall contribute three percent (3%) of their wages to the New York State Retirement System per New York State Retirement Law. The employer will provide the appropriate retirement plan under the New York State Employee's Retirement System. Section 2 The District will provide a retirement incentive for unit members eligible for retirement in accordance with ERS provisions, provided that the unit member notifies the District in writing 6-months prior to the effective date. Any eligible unit member will receive a one-time lump sum retirement incentive (payment) based on accumulated, unused sick/family leave days to a maximum of 275 days. The payment will be calculated as follows: Total Accumulated Sick/Familv Davs A m ount 0-50 @ $50.00 per day 51-99 @ $75.00 per day 100-149 @ $85.00 per day ; 150-275 @ . $100.00 per day Total Accumulated Sick/Familv Pays 0-50 51-99 100-149 day Section 3 The District and the Association agree that the Retirement Incentive Payment specified in Article X of the Agreement will become a non-elective employer contribution to a 403(b) plan o f of the unit member’s choosing. The contribution will be accordance to the IRS codes, rules and regulations. The contribution will be available to all unit members eligible as specified in Article X. The contribution will be remitted within thirty (30) days of the unit members’ retirement date. The District will pay an excess over the IRS limits as compensation to the unit member within 30-days of the unit member’s retirement date. Unit members will be provided the opportunity to make changes to their current 403(b) plans and/or designate a new carrier for the employer contribution. In the event that a member does not choose any 403(b) carrier, the District and the Association agree that Metropolitan Life Insurance Company will be the default carrier,.