Alternate Retirement Program Sample Clauses
The Alternate Retirement Program clause establishes an alternative retirement savings plan for eligible employees, typically as an option to a standard pension or retirement system. This clause outlines the eligibility criteria, contribution rates, and the types of investment vehicles available under the program, such as defined contribution plans or annuities. Its core practical function is to provide flexibility in retirement planning, accommodating employees who may not qualify for traditional pension plans or who prefer a different approach to retirement savings.
Alternate Retirement Program. New Employees Employees first hired on or after July 1, 2013 shall not be subject to the Alternate Retirement Program (ARP). Existing ARP members are required to complete the twenty-four (24) month enrollment period. Upon completion of the twenty-four (24) month period, the employee shall make contributions to CalPERS. ARP members shall continue to be eligible for payout options beginning the first day of the 47th month of employment and ending on the last day of the 49th month of employment following his or her initial ARP hire date.
Alternate Retirement Program. New Employees
Alternate Retirement Program. Effective August 11, 2004, ▇▇▇▇ expressly agrees and acknowledges that new employees in all Unit 18 classifications are subject to the terms of the Alternative Retirement Program as specified in SB 1105.