Common use of DC Component Clause in Contracts

DC Component. Employees will contribute to the Defined Contribution (DC) Component of the Hybrid Plan in an amount of their choice but no less than 2% of the Employee’s base wage. The Employer will match the employee’s contribution with a contribution equal to 1% of the employee’s base wage. The issue of the amount of the Employer match shall be subject to a reopener in 2014.

DC Component. Employees will contribute to the Defined Contribution (DC) Component of the Hybrid Plan in an amount of their choice but no less than 2% of the Employee’s base wage. The Employer will match the employee’s contribution with a contribution equal to 1% of the employee’s base wage. The issue Full-time employees hired prior to January 1, 2013, may convert to the Hybrid Plan at their option in accordance with the terms of the amount plan, pursuant to MERS requirements, and under the MERS Uniform Hybrid Program Resolution as adopted by the Board of the Employer match shall be subject to a reopener in 2014Commissioners.