Calpers Retirement Contribution Sample Clauses

Calpers Retirement Contribution. The employee is responsible for paying the entire employee member contribution related to the CalPERS retirement formula for which they are eligible. The City will pay no portion of the employee contribution for any of the contracted CalPERS retirement formulas. As defined under the Public Employees Pension Reform Act of 2013 (PEPRA), all new “Non-Classic” CalPERS member employees covered under this MOU and hired on or after January 1, 2013 shall receive the “2.7% at age 57 CalPERS plan” benefit with their final compensation calculated based upon the average full-time monthly pay rate for the highest thirty-six (36) consecutive months. As defined under PEPRA and determined by XxxXXXX, all new “Classic” CalPERS members, hired on or after January 1, 2013 shall receive the CalPERS plan benefit formula that they would have been eligible for had they been hired on December 31, 2012. All new CalPERS member employees covered under this MOU and hired on or after September 24, 2011 and before January 1, 2013 shall receive the “3% at age 55 CalPERS plan” benefit with their final compensation calculated based upon the average full-time monthly pay rate for the highest thirty-six (36) consecutive months. Employees hired before September 24, 2011, shall receive the “3% at age 50 CalPERS plan” benefit. The City implemented the CalPERS 1959 Survivor’s benefit at the fourth level effective January 1997. IAFF Local 1906 represented employees will be responsible for paying the difference between the employer cost for level one basic survivor benefit and the level four employers cost increase. However, in consideration of an identified surplus in the local fire member’s survivor’s benefit account as of June 14, 1996, the agreed upon members’ payment will be waived for a period of six years from the implementation date of the fourth level benefit. The members’ payment of the employer cost increase between level one and level four benefits will be waived through January 2009, as long as a surplus exists in the fire members’ survivor’s account sufficient to pay the increased employer cost. As soon as the fire members’ survivor’s account is not sufficient to pay the increased employer cost, the fire members will then begin to pay the increased employer cost.
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Calpers Retirement Contribution 
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Related to Calpers Retirement Contribution

  • Retirement Contribution The State shall, as permitted by 5 M.R.S.A. §17702 §§s5 and 6, pay the cost of the 6.5% or 7.5% retirement contribution for employees in the following classifications. Corrections Firearms Instructor Oil & Hazardous Material Responder I Oil & Hazardous Material Responder II

  • Retirement Contributions On behalf of employees, the State will continue to “pick up” the six percent (6%) employee contribution, payable pursuant to law. The parties acknowledge that various challenges have been filed that contest the lawfulness, including the constitutionality, of various aspects of PERS reform legislation enacted by the 2003 Legislative Assembly, including Chapters 67 (HB 2003) and 68 (HB 2004) of Oregon Laws 2003 (“PERS Litigation”). Nothing in this Agreement shall constitute a waiver of any party’s rights, claims or defenses with respect to the PERS Litigation.

  • Maintaining Eligibility for Employer Contribution The employer's contribution continues as long as the employee remains on the payroll in an insurance eligible position. Employees who complete their regular school year assignment shall receive coverage through August 31.

  • Eligibility for Employer Contribution This section describes eligibility for an Employer Contribution toward the cost of coverage.

  • Non-Retirement Savings Accounts An account maintained in the Cayman Islands (other than an insurance or Annuity Contract) that satisfies the following requirements under the laws of the Cayman Islands.

  • Deferred Retirement a. An employee who, upon separation from County service, is eligible for paid retirement and elects deferred retirement must defer participation in the Grant until such time as he or she becomes an active retiree.

  • Retirement Fund The sum of $ 7.90, May 1, 2019 (May 1, 2020 $8.07; May 1, 2021 $ 8.24) per paid hour; ex- cept that Apprentices starting after April 30, 1997 will have this amount pro-rated in ac- cordance with their term level;

  • REGISTERED RETIREMENT SAVINGS PLAN 1. In this Article:

  • Employer Contribution (a) An Employer contribution for health and dental benefits will only be made for each active employee who has at least eighty (80) paid regular hours in a month and who is eligible for medical insurance coverage, unless otherwise required by law.

  • VESTED RETIREMENT GRATUITY VOLUNTARY EARLY PAYOUT a) An Employee eligible for a Sick Leave Credit retirement gratuity as per Appendix A shall have the option of receiving a payout of his/her gratuity on August 31, 2016, or on the employee’s normal retirement date.

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