Common use of City Pick Up of Mandatory Retirement Contributions Clause in Contracts

City Pick Up of Mandatory Retirement Contributions. Notwithstanding any other provision of the City of Norwich Employees’ Retirement Fund to the contrary, the City, in accordance with the provisions of Section 414(h)(2) of the Internal Revenue Code (hereinafter “Code”), as the same may be amended from time to time, and so long as legally permissible, shall pick up mandatory employee retirement contributions with respect to bargaining unit employees payable on all salary earned on or after December 1, 1993, or whenever the last governmental action necessary to effectuate the pick up is made, whichever date is later. Such pick up contributions shall be in lieu of employee contributions. The City shall pick up these employee contributions by an equivalent reduction in the cash salary of the employees. Employees shall not have the option of electing to receive the contributed amounts directly rather than having such amounts paid to the City of Norwich Employees’ Retirement Fund. The employee contributions so picked up by the City shall for all purposes (including determining “average annual pay” under the City of Norwich Employees’ Retirement Fund) be considered to be included in an employee’s annual gross salary and shall for all purposes be treated in the same manner and to the same extent as employee contributions made prior to December 1, 1993.

City Pick Up of Mandatory Retirement Contributions. Notwithstanding any other provision provisions of the City of Norwich Employees’ Retirement Fund to the contrary, the City, in accordance with the provisions of Section 414(h)(2) of the Internal Revenue Code (hereinafter “Code”), as the same may be amended from time to time, and so long as legally permissible, shall pick up mandatory employee retirement contributions with respect to bargaining unit employees payable on all salary earned on or after December November 1, 1993, or whenever the last governmental action necessary to effectuate the pick up pickup is made, whichever date is later. Such pick up contributions shall be in lieu of employee contributions. The City shall pick up these employee contributions by an equivalent reduction in the cash salary of the employees. Employees shall not have the option of electing to receive the contributed amounts directly rather than having such amounts paid to the City of Norwich Employees’ Retirement Fund. The employee contributions so picked up by the City shall for all purposes (including determining “average annual pay” under the City of Norwich Employees’ Retirement Fund) be considered to be included in an employee’s annual gross salary and shall for all purposes be treated in the same manner and to the same extent as employee contributions made prior to December November 1, 1993.

City Pick Up of Mandatory Retirement Contributions. Notwithstanding any other provision provisions of the City of Norwich Employees’ Retirement Fund to the contrary, the City, in accordance with the provisions of Section 414(h)(2) of the Internal Revenue Code (hereinafter “Code”), as the same may be amended from time to time, and so long as legally permissible, shall pick up mandatory employee retirement contributions with respect to bargaining unit employees payable on all salary earned on or after December November 1, 1993, or whenever the last governmental action necessary to effectuate the pick up is made, whichever date is later. Such pick up contributions shall be in lieu of employee contributions. The City shall pick up these employee contributions by an equivalent reduction in the cash salary of the employees. Employees shall not have the option of electing to receive the contributed amounts directly rather than having such amounts paid to the City of Norwich Employees’ Retirement Fund. The employee contributions so picked up by the City shall for all purposes (including determining “average annual pay” under the City of Norwich Employees’ Retirement Fund) be considered to be included in an employee’s annual gross salary and shall for all purposes be treated in the same manner and to the same extent as employee contributions made prior to December November 1, 1993.