Retirement Formulas. A. Employees hired prior to June 1, 2011 shall have the 2% @ 55 retirement formula with single highest year calculations. B. Employees hired on or after June 1, 2011 shall be covered by the 2% @ 60 retirement formula with three (3) highest years calculation. C. Employees hired on or after January 1, 2013 shall be subject to the applicable provisions of the Public Employee Pension Reform Act of 2013, and related legislation. UNIFORM ALLOWANCE
Appears in 1 contract
Sources: Memorandum of Understanding
Retirement Formulas. A. Employees hired prior to June 1, 2011 shall have the 2% @ 55 retirement formula with single highest year calculations.
B. Employees hired on or after June 1, 2011 shall be covered by the 2% @ 60 retirement formula with three (3) highest years calculation.
C. A. Employees hired on or after January 1, 2013 shall be subject to the applicable provisions of the Public Employee Pension Reform Act of 2013, and related legislation. UNIFORM ALLOWANCE.
Appears in 1 contract
Sources: Collective Bargaining Agreement
Retirement Formulas. A. Employees hired prior to June 1, 2011 shall have the 2% @ 55 retirement formula with single highest year calculations.
B. Employees hired on or after June 1, 2011 shall be covered by the 2% @ 60 retirement formula with three (3) highest years calculation.
C. A. Employees hired on or after January 1, 2013 shall be subject to the applicable provisions of the Public Employee Pension Reform Act of 2013, and related legislation. UNIFORM ALLOWANCE
Appears in 1 contract
Sources: Collective Bargaining Agreement