Defined Contribution Plan (Employees Hired On Or After July 1, 1996 Sample Clauses

Defined Contribution Plan (Employees Hired On Or After July 1, 1996. All employees hired on or after July 1, 1996, must participate in the Defined Contribution Plan.
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Defined Contribution Plan (Employees Hired On Or After July 1, 1996. All employees hired on or after July 1, 1996 must participate in the Defined Contribution Plan. Contributions After completion of five hundred twenty (520) hours of straight-time employment, the Employer will contribute an amount equal to ten percent (10%) of the employee's gross earnings each pay period into the employee's personal DC Plan retirement account. After completion of five hundred twenty (520) hours of straight-time employment, the employee shall have the option of contributing an amount equal to either three percent (3%) of gross earnings or five percent (5%) of gross earnings depending upon which plan the employee chooses.
Sample 1
Defined Contribution Plan (Employees Hired On Or After July 1, 1996. All employees hired on or after July 1, 1996, must participate in the Defined Contribution Plan. Contributions After completion of five hundred twenty (520) hours of straight-time employment, the Employer will contribute an amount equal to ten percent (10%) of the employee's gross earnings each pay period into the employee's personal DC Plan retirement account. After completion of five hundred twenty (520) hours of straight-time employment, the employee shall have the option of contributing an amount equal to either three percent (3%) of gross earnings or five percent (5%) of gross earnings depending upon which plan the employee chooses. An employee promoted into the bargaining unit will maintain the contribution rate established when the employee first became a member of the defined contribution plan. Vesting‌ This means ownership of the assets of the employee's personal retirement account which includes employee contributions, Employer contributions and investment earnings. Employees shall be one hundred percent (100%) vested at all times on their own employee contributions and investment earnings. Employees shall be vested on Employer contributions and investment earnings according to the following schedule: Completed years service Percent vested Two (2) 25% Three (3) 50% Four (4) 75% Five (5) 100% Retirement Benefit Eligibility Date (Adjusted Service Date) While on a leave of absence the employee's retirement benefit eligibility date may be affected. Under the provisions of the Defined Contribution Plan, the employee's retirement benefit eligibility date will be adjusted day for day after 30 calendar days on any leave of absence so specified in the contract. Further, an employee’s seniority date will be adjusted day for day after 30 calendar days on leave of absence.
Sample 1
Defined Contribution Plan (Employees Hired On Or After July 1, 1996. All employees hired on or after July 1, 1996, must participate in the Defined Contribution Plan. Contributions After completion of five hundred twenty (520) hours of straight-time employment, the Employer will contribute ten percent (10%) of the employee's gross earnings each pay period into the employee's personal retirement account. After completion of five hundred twenty (520) hours of straight-time employment, the employee shall have the option of contributing either three percent (3%) of gross earnings or five percent (5%) of gross earnings depending upon which plan the employee selected. The election of the deferral amount is irrevocable. An employee entering into the bargaining unit will maintain the contribution rate established when the employee first became a member of the County defined contribution plan.
Sample 1

Related to Defined Contribution Plan (Employees Hired On Or After July 1, 1996

  • Defined Contribution Plan The Employer will establish the following Employer contribution programs in the existing salary deferral plans: » Beginning in 2006 and continuing throughout the term of the Agreement, a performance-based contribution

  • Excluded Employees Employees excluded from the bargaining unit who work for an Employer signatory to this Agreement may participate in any of the foregoing benefits under rules and regulations established by the Trustees. The trustees shall determine the contributions required for such benefits.

  • Special Maternity Allowance for Totally Disabled Employees (a) An employee who:

  • Special Parental Allowance for Totally Disabled Employees (a) An employee who:

  • Oregon Public Service Retirement Plan Pension Program Members For purposes of this Section 2, “employee” means an employee who is employed by the State on or after August 29, 2003 and who is not eligible to receive benefits under ORS Chapter 238 for service with the State pursuant to Section 2 of Chapter 733, Oregon Laws 2003.

  • Public Employees Retirement System “PERS”) Members. For purposes of this Section 1, “employee” means an employee who is employed by the State on August 28, 2003 and who is eligible to receive benefits under ORS Chapter 238 for service with the State pursuant to Section 2 of Chapter 733, Oregon Laws 2003.

  • 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.

  • Disabled Veteran Business Enterprise Participation Pursuant to Education Code section 71028 and Public Contract Code section 10115, the District may have a participation goal for disabled veteran business enterprises (DVBEs) of at least three (3) percent per year of funds expended each year by the District on projects that use funds from the California Community College Chancellor’s Office. This Project may use funds allocated under the Act. Therefore, to the extent feasible and pertaining to future hirings, the Consultant, before it executes the Agreement, shall provide to the District certification of compliance with the procedures for implementation of DVBE contracting goals, appropriate documentation identifying the amount(s) intended to be paid to DVBEs in conjunction with the contract, and documentation demonstrating the Consultant’s good faith efforts to meet these goals.

  • Sick Leave Days Payable at 100% Wages Permanent Employees Subject to paragraphs d), e) and f) below, Employees will be allocated eleven (11) sick days payable at one hundred percent (100%) of wages on the first day of each fiscal year, or the first day of employment.

  • Non-Vested Retirement Gratuity for Teachers 1. The minimum years of service for retirement gratuity shall be defined as the lesser of the contractual minimal service requirement in the 2008-2012 collective agreement, or ten (10) years.

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