| Title 17 - Retirement
17.1 Maintenance of Benefits
The District agrees to maintain the Basic Retirement
Plan at the level of benefits described in the Plan and
the modifications
described in this section and Sections 17.2, 17.3 and 17.4
during the term of the agreement and pay 100% of the Plan
costs for eligible employees hired before January 1, 2006.
For eligible employees hired January 1, 2006, or after
the District will modify the Basic Retirement Plan as follows:
- Final salary calculation used for pension
formula will be Base Salary excluding any other payments
such as Overtime,
Vacation Payout, etc.
- The standard benefit for calculation
will be Single Life Annuity. This eliminates 10, 15,
and 20 year certain
options.
- The COLA formula will be based on the CPI April 1
of each year up to a maximum of 3%.
An employee's normal retirement date shall be the first
day of the calendar month coincident with or next succeeding
his/her sixtieth (60) birthday. Employees shall be eligible
to receive pension benefits as of the first day of any
calendar
month in accordance with the following:
- Participants hired
on or after March 1, 1967, who separate service prior
to attaining age 55, having completed at
least 5 years of credited service shall be eligible
to receive
pension benefits upon reaching age 55.
- Participants
who separate after age 55, having completed at least
5 years of credited service shall be eligible
to retire and to receive pension benefits.
Employees
who retire having met the conditions described in Paragraph
b above, shall be entitled to receive health
benefits in accordance with the provisions of Title 16
of this MOU applicable at the employee's retirement date.
Also,
employees who retire on or after December 1, 2000, and
having met the conditions described in Paragraph b above
and their
eligible dependents, as defined in the dental and vision
plans, shall be each entitled to receive dental and vision
benefits until they reach age 65. The retiree shall be
responsible for any required deductibles and co-payments.
In the event an employee who has attained 840 months
of age and credited service dies while still an employee,
and before
reaching age 55, the employee’s surviving spouse
will receive, at the time the employee would have reached
age
55, the benefit option selected by the employee or, if
no selection had been made, a 100% joint and survivor benefit,
adjusted based on the cost of living pursuant to the Pension
Plan that the employee would have been entitled to receive.
17.2 Normal Retirement Benefit
Effective January 1, 2006, a Participant’s Normal
Retirement Benefit shall be a monthly pension payable for
life equal
to 2.75% of the Participant’s Average Monthly Compensation,
as defined in the Basic Retirement Plan, multiplied by
his/her Years of Credited Service and age.
17.3 Early Retirement Benefit
Effective January 1, 2006, a Participant’s Early
Retirement shall be a monthly pension payable for life,
based on the benefit rate set forth below:
| Age at Retirement |
Benefit Rate |
| 55 |
2.00% |
| 56 |
2.15% |
| 57 |
2.30% |
| 58 |
2.45% |
| 59 |
2.60% |
| 60 |
2.75% |
17.4 Life Payments
Normal and Early Retirement Benefits, for Participants
hired before January 1, 2006, shall be a monthly pension
payable for life, with 120 payments guaranteed. Normal
and Early Retirement Benefit, for a Participant hired
January 1, 2006 or after, shall be a monthly pension
payable for the Participant’s life. In no instance
shall a Participant receive a monthly pension payment
at the time of retirement greater than the employee’s
Average Monthly Compensation while the employee was employed
at the District.
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