Common use of Retirement Program Clause in Contracts

Retirement Program. Effective January 1, 2002 the current retirement plan for employees covered by this Agreement as set forth in Appendix B shall be amended to provide that the normal retirement date will be a) age 62 and 8 years of service; or b) the participants age plus years of benefit service equals 85 (“Rule of 85”) and the employee contributions shall be increased by an additional two percent (2%) to four and one-half percent (4 ½ %) of gross pay. Effective January 1, 2007, the employee pension contribution shall be increased by one percent (1%) to five and one-half percent (5.5%). Effective January 1, 2009, the employee pension contribution shall increase by an additional one percent (1%) to six and one-half percent (6.5%). Effective January 1, 2011 eligible employees covered under this agreement who participate in the Defined Benefit Retirement Plan will have an employee contribution change from 6.5% of gross pay (pre-tax) to 8.5% of gross pay (pre-tax) for 2011. Effective January 1, 2012 eligible employees covered under this agreement who participate in the Defined Benefit Retirement Plan will have an employee contribution change from 8.5% of gross pay (pre-tax) to 10% of gross pay (pre-tax) for 2012.

Retirement Program. Effective January 1, 2002 the current retirement plan for employees covered by this Agreement as set forth in Appendix B shall be amended to provide that the normal retirement date will be a) age 62 and 8 years of service; or b) the participants age plus years of benefit service equals 85 (“Rule of 85”) and the employee contributions shall be increased by an additional two percent (2%) to four and one-half percent (4 ½ %) of gross pay. Effective January 1, 2007, the employee pension contribution shall be increased by one percent (1%) to five and one-half percent (5.5%). Effective January 1, 2009, the employee pension contribution shall increase by an additional one percent (1%) to six and one-half percent (6.5%). Effective January 1, 2011 eligible employees covered under this agreement who participate in the Defined Benefit Retirement Plan will have an employee contribution change from 6.5% of gross pay (pre-tax) to 8.5% of gross pay (pre-tax) for 2011. Effective January 1, 2012 eligible employees covered under this agreement who participate in the Defined Benefit Retirement Plan will have an employee contribution change from 8.5% of gross pay (pre-tax) to 10% of gross pay (pre-tax) for 2012.,

Retirement Program. Effective January 1, 2002 the current retirement plan for employees covered by this Agreement as set forth in Appendix B shall be amended to provide that the normal retirement date will be a) age 62 and 8 years of service; or b) the participants age plus years of benefit service equals 85 (“Rule of 85”) and the employee contributions shall be increased by an additional two percent (2%) to four and one-half percent (4 ½ %) of gross pay. Effective January 1, 2007, the employee pension contribution shall be increased by one percent (1%) to five and one-half percent (5.5%). Effective January 1, 2009, the employee pension contribution shall increase by an additional one percent (1%) to six and one-half percent (6.5%). Effective January 1, 2011 eligible employees covered under this agreement who participate in the Defined Benefit Retirement Plan will have an employee contribution change from 6.5% of gross pay (pre-tax) to 8.5% of gross pay (pre-tax) for 2011. Effective January 1, 2012 eligible employees covered under this agreement who participate in the Defined Benefit Retirement Plan will have an employee contribution change from 8.5% of gross pay (pre-tax) to 10% of gross pay (pre-tax) for 2012.Benefit