City Funding of Retiree Health Benefit. City contributions to the retiree medical benefit will begin on July 1, 1998. Funding of this benefit will be set aside in a trust to be established by the City. The retiree medical benefit will be funded by a roll up charge of 0.25% of payroll in each year of this Understanding (i.e. 0.25% in the first year, 0.50% in the second year, 0.75% in the third year and 1.00% in the fourth year), so that contributions are at 1% of the payroll in the fourth year of the Understanding. The City will fund the benefit at approximately 1% of the payroll for every year thereafter with the intent of achieving a funding level of 70% after 30 years. The funding will be ongoing to maintain a 70% funding level thereafter. Effective June 28, 2009, the City will fund the retiree medical benefit at approximately 4.7%,
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Samples: afscme57.s3-us-west-1.amazonaws.com, www.cityofberkeley.info
City Funding of Retiree Health Benefit. City contributions to the retiree medical benefit will begin on July 1, 1998. Funding of this benefit will be set aside in a trust to be established by the City. The retiree medical benefit will be funded by a roll up charge of 0.25% of payroll in each year of this Understanding (i.e. 0.25% in the first year, 0.50% in the second year, 0.75% in the third year and 1.00% in the fourth year), so that contributions are at 1% of the payroll in the fourth year of the Understanding. The City will fund the benefit at approximately 1% of the payroll for every year thereafter with the intent of achieving a funding level of 70% after 30 years. The funding will be ongoing to maintain a 70% funding level thereafter. Effective June 28, 2009, the City will fund the retiree medical benefit at approximately 4.7%,
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Samples: www.peu1.org
City Funding of Retiree Health Benefit. City contributions to the retiree medical benefit will begin on July 1, 1998. Funding of this benefit will be set aside in a trust to be established by the City. The retiree medical benefit will be funded by a roll up charge of 0.25% of payroll in each year of this Understanding (i.e. 0.25% in the first year, 0.50% in the second year, 0.75% in the third year and 1.00% in the fourth year), so that contributions are at 1% of the payroll in the fourth year of the Understanding. The City will fund the benefit at approximately 1% of the payroll for every year thereafter with the intent of achieving a funding level of 70% after 30 years. The funding will be ongoing to maintain a 70% funding level thereafter. Effective June 28, 2009, the City will fund the retiree medical benefit at approximately 4.7%,.
Appears in 1 contract
Samples: www.cityofberkeley.info
City Funding of Retiree Health Benefit. City contributions to the retiree medical benefit will begin on July 1, 1998. Funding of this benefit will be set aside in a trust to be established by the City. The retiree medical benefit will be funded by a roll up charge of 0.25% of payroll in each year of this Understanding (i.e. 0.25% in the first year, 0.50% in the second year, 0.75% in the third year and 1.00% in the fourth year), so that contributions are at 1% of the payroll in the fourth year of the Understanding. The City will fund the benefit at approximately 1% of the payroll for every year thereafter with the intent of achieving a funding level of 70% 2021-2024 Memorandum of Understanding City of Berkeley Public Employees Union, Local One after 30 years. The funding will be ongoing to maintain a 70% funding level thereafter. Effective June 28, 2009, the City will fund the retiree medical benefit at approximately 4.7%,.
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Samples: berkeleyca.gov