DEFERRED COMPENSATION AUTOMATIC ENROLLMENT Sample Clauses

DEFERRED COMPENSATION AUTOMATIC ENROLLMENT. Effective November 1, 2018, during benefits enrollment, new employees represented by the Coalition of King County Unions will be automatically enrolled in the Deferred Compensation Program according to the following terms: 3% of gross wages, inclusive of add- to-pays and overtime, will be withdrawn from each paycheck on a pre-tax basis with an option to also enroll in annual auto increases every January 1st. While the open enrollment process will default to the auto-enrollment for deferred compensation, employees have the option to “opt out” at any time during open enrollment. They may also opt out of the program at any other time after they have enrolled.
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DEFERRED COMPENSATION AUTOMATIC ENROLLMENT. Effective Nov 1, 2020, all newly hired permanent, rehired permanent, or newly transferred permanent employees in this bargaining unit will be automatically enrolled in the County 457(b) Deferred Compensation plan. The automatic enrollment deduction percentage will be 1% of compensation on a pretax basis which will be deposited in the Plan’s appropriate Qualified Default Investment Allocation (QDIA) Target Date fund. Automatic enrollment will not take effect until 35 days after date of hire, rehire or transfer to provide an opt out period for the employee. Employees subject to auto enrollment retain the ability to increase or stop initial contributions prior to the effective date. Employees have a 90 day period after contributions begin to request a return of contributions subject to appropriate taxation. Employees will be automatically increased to contribute an additional 1% of compensation on the annual anniversary of their date of hire/rehire/transfer to a maximum of 5% of compensation unless they un-enroll from auto enrollment or increase their contribution above the cap of 5%. Employees entered into the automatic enrollment and auto increase process retain all normal Deferred Compensation participant abilities, including increasing contribution percentages, ceasing contribution percentages, reallocating contributions to alternative funds, choosing post tax contributions, etc., in accordance with the procedures and parameters established by the County as the Plan Administrator.
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DEFERRED COMPENSATION AUTOMATIC ENROLLMENT. FOR NEW EMPLOYEES Subject to applicable federal regulations, the County agrees to provide a deferred compensation plan that allows employees to defer compensation on a pre-tax basis through payroll deduction. Effective January 1, 2016, each new employee will be automatically enrolled in the County’s Deferred Compensation program, at the rate of one percent (1%) of their pre-tax wages, unless he or she chooses to opt out or to voluntarily change deferrals to greater than or less than the default one percent (>1%) as allowed in the plan or as allowed by law. The pre-tax deduction will be invested in the target fund associated with the employees’ date of birth. All deferrals are fully vested at the time of deferrals; there will be no waiting periods for vesting rights.
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Related to DEFERRED COMPENSATION AUTOMATIC ENROLLMENT

  • Deferred Compensation Program ‌ Unit members shall continue to be eligible to join the County’s Deferred Compensation Plan. Said employees will be bound by the same Plan, rules and participation agreements as are generally applicable to other County employees. DSA acknowledges that County retains the right to alter, amend, or repeal the current plan, rules, and participation agreements, at any time. The County shall not charge an administrative fee to participating employees.

  • Employer Compensation Upon Separation An Employee, upon her separation from employment, shall compensate the Employer for vacation which was taken but to which she was not entitled.

  • Deferred Salary Leave Plan 1. The Board shall administer a Deferred Salary Leave Plan as determined by a separate agreement.

  • Overtime-Eligible Employees Unpaid Meal Periods The Employer and the Union agree to unpaid meal periods that vary from and supersede the unpaid meal period requirements required by WAC 000-000-000. Unpaid meal periods for employees working more than five (5) consecutive hours, if entitled, will be a minimum of thirty (30) minutes and will be scheduled as close to the middle of the work shift as possible, taking into account the Employer’s work requirements and the employee’s wishes. Employees working three (3) or more hours longer than a normal workday will be allowed an additional thirty (30) minute unpaid meal period. When an employee’s unpaid meal period is interrupted by work duties, the employee will be allowed to resume their unpaid meal period following the interruption, if possible, to complete the unpaid meal period. In the event an employee is unable to complete the unpaid meal period due to operational necessity, the employee will be entitled to compensation, which will be computed based on the actual number of minutes worked within the unpaid meal period. Meal periods may not be used for late arrival or early departure from work and meal and rest periods will not be combined.

  • Dependent Care Salary Reduction Plan The Employer agrees to maintain the current dependent care salary reduction plan that allows eligible employees, covered by this Agreement, the option to participate in a dependent care reimbursement program for work-related dependent care expenses on a pretax basis as permitted by federal tax law or regulation.

  • Deferred Compensation Plans Employees are to be included in the State of California, Department of Personnel Administration's, 401(k) and 457 Deferred Compensation Programs. Eligible employees under IRS Code Section 403(b) will be eligible to participate in the 403(b) Plan.

  • Employee Compensation Upon Separation An Employee, upon her separation from employment, shall be compensated for vacation leave to which she is entitled.

  • Deferred Salary Leave Each employer ratifying this Agreement will establish or, as necessary, review and update a deferred salary leave plan consistent with Regulations issued by Canada Revenue Agency under the Income Tax Act. The parties may use the Application, Agreement, and Approval Form as a template (see Appendix H) for the deferred salary leave plan.

  • Deferred Compensation Plan Manager shall be eligible to participate in the First Mid-Illinois Bancshares, Inc. Deferred Compensation Plan in accordance with the terms and conditions of such Plan.

  • Deferred Salary Scheme Employees may apply to have their salary payments deferred in accordance with the provisions of this clause.

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