12.07.2015 Views

Union Contract Local 2, OPEIU - WMATA.com

Union Contract Local 2, OPEIU - WMATA.com

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<strong>WMATA</strong> Retirement Plan instead of the DCP if, becauseof their previous <strong>WMATA</strong> employment, they had at leastone (1) year of credited service in the Retirement Plan andleft <strong>WMATA</strong> employment having either a deferred vestedbenefit from the Retirement Plan or a greater amount ofcredited service than the period of time that elapsed sincetheir previous <strong>WMATA</strong> employment.(4) Upon retirement, employees shall be eligible for the life insuranceand health insurance benefits received by retirednon-represented Authority employees. Employees whoparticipate in the DCP will qualify for health and life insurancebenefits upon leaving the Authority, if employee hasat least ten (10) years of service and is at least age sixty(60) at time of retirement, or employee has five years ofservice and is at least age sixty-five (65) at time of retirement.Unpaid sick leave will not constitute Authority servicefor this purpose.(5) The Washington Metropolitan Area Transit Authority RetirementPlan will contain the following provisions:(a)The early retirement reduction factor shall not exceed0.166667% per month approximately 2% peryear) from the earlier of the current Rule of 83 eligibilitydate or age 65, provided the employee must beat least age 55 at retirement.(b) The retirement-through-age-65 benefit supplementwill be provided to all retirees, provided the employeemust be at least age 55 at retirement.(c)The vesting requirement will be five-year cliff vestingfor employees.(d) The cost of living benefit adjustment will be 80% ofCPI-W.48

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