Additional Employee PERS Contributions Sample Clauses
The "Additional Employee PERS Contributions" clause establishes the requirement or option for employees to make contributions to the Public Employees Retirement System (PERS) beyond the standard amounts mandated by law or policy. In practice, this clause may specify the percentage or dollar amount of additional contributions, outline the process for making such payments, and clarify whether these contributions are voluntary or required under certain circumstances. Its core function is to provide a mechanism for enhancing retirement benefits or addressing funding needs within the retirement system, thereby offering flexibility for both employees and employers in managing retirement savings.
Additional Employee PERS Contributions. In addition to each member’s responsibility for payment of the employee retirement contribution, effective the pay period including July 1, 2015, employees shall contribute an additional one percent (1%) of their salaries to the California Public Employees’ Retirement System (CalPERS) as payment of the City’s employer contributions that the City would otherwise be required to pay to CalPERS for these employees. The effective date of the above- mentioned contribution is contingent upon implementation of the CalPERS contract amendment. Effective the pay period including July 1, 2016, employees shall contribute an additional one percent (1%) for a total of two percent (2%) of their salaries to the California Public Employees’ Retirement System (CalPERS) as payment of the City’s employer contributions that the City would otherwise be required to pay to CalPERS for these employees. Effective the pay period including July 1, 2017, employees shall contribute an additional one percent (1%) for a total of three percent (3%) of their salaries to the California Public Employees’ Retirement System (CalPERS) as payment of the City’s employer contributions that the City would otherwise be required to pay to CalPERS for these employees.
Additional Employee PERS Contributions. In addition to the PERS member contribution as required under section 2. a, b and c above, all employees in pension groups a, b and c shall contribute the additional following contributions:
a. In addition to the Member Contribution required per CalPERS 20516 contract amendment all employees regardless of pension formula in this unit shall pay 3% towards the Employer share of Pension.
b. Effective the first full pay period following July 1, 2020, all employees regardless of pension formula in this unit shall, in addition to the Member Contribution required, pay an additional 1% towards the employer share of Pension for a total of 4%.
Additional Employee PERS Contributions. Effective the first full pay period following July 1, 2019 or as soon as administratively possible, all employees regardless of pension formula in this unit shall contribute an additional 0.5% to the Employer share of pension for a total of 3.5% contribution toward the Employer share of pension. (Total Employee contribution will be 12.5% for Classic; 50% of Normal Cost plus 3.5% for PEPRA.) • Additional contributions will coincide with the City amending its contract with CalPERS to reflect these changes. However, should CalPERS delay or the City of Palo Alto and PAPOA July 1, 2018 – June 30, 2021 Association fail to approve the CalPERS amendment required to incorporate the additional 0.5% contribution, the City may implement the additional 0.5% effective July 1, 2019 without a contract amendment., and additional employee PERS contributions under CalPERS 20516 will be provided on a pre-tax basis to the extent allowable by law.
Additional Employee PERS Contributions. In addition to the PERS member contributions as required under section 21.3, all employees in pension groups A and B shall contribute the additional following amounts, towards the Employer share of Pension: • Effective the first full pay period following January 1, 2021, all employees of pension Groups A and B, in addition to the Member Contribution required, shall pay an additional 1.5% towards the employer share of pension for a total of 1.5% • Effective the first full pay period following January 1, 2022, all employees of pension Groups A and B, in addition to the Member Contribution required, shall pay an additional 1.5% towards the employer share of pension for a total of 3%
Additional Employee PERS Contributions. City of Palo Alto and PAPMA October 1, 2018 – June 30, 2021 Effective the pay period that includes June 30, 2017, all employees regardless of pension formula in this unit shall, in addition to the Member Contribution required, pay a3% towards the Employer share of Pension. Effective the pay period that includes June 30, 2021, all employees regardless of pension formula in this unit shall, in addition to the Member Contribution required, pay an additional 1% towards the Employer share of Pension for a total of 4%. Such contributions under CalPERS 20516 will be provided on a pre-tax basis to the extent allowable by law.
Additional Employee PERS Contributions. Effective the pay period that includes June 30, 2017, all employees regardless of pension formula in this unit shall, in addition to the Member Contribution required, pay a3% towards the Employer share of Pension. Effective the pay period that includes June 30, 2021, all employees regardless of pension formula in this unit shall, in addition to the Member Contribution required, pay an additional 1% towards the Employer share of Pension for a total of 4%. Such contributions under CalPERS 20516 will be provided on a pre-tax basis to the extent allowable by law.