Common use of Defined Contribution Plan Option Clause in Contracts

Defined Contribution Plan Option. The defined contribution plan option is for all employees hired on or after July 1, 2000 and those employees hired before that date who elected to participate in that option. The defined contribution plan option provides the following benefits: (1) The City will contribute to each participant’s account an amount equal to nine percent (9%) of the participant’s compensation. (2) Participants are required to contribute six percent (6%) of their compensation (pre-tax) to their account. (3) Participants are always one hundred (100%) vested in their contributions and shall be vested in the City contributions in accordance with the following schedule: 25% upon completion of four (4) years of service 50% upon completion of five (5) years of service 75% upon completion of six (6) years of service 100% upon completion of seven (7) years of service (4) The Plan Administrator will be selected by the City’s Pension Committee. The terms and conditions of the defined contribution plan option are set forth in greater detail in the documents creating the defined contribution plan.

Defined Contribution Plan Option. The defined contribution plan option is for all employees hired on or after July 1, 2000 2000, and those employees hired before that date who elected to participate in that option. The defined contribution plan option provides the following benefits: (1) The City will contribute to each participant’s account an amount equal to nine twelve percent (912%) of the participant’s compensation. (2) Participants are required to contribute six ten percent (6%) of 10%)of their compensation (pre-tax) to their account. (3) Participants are always one hundred (100%) vested in their contributions and shall be vested in the City contributions in accordance with the following schedule: 25% upon completion of four (4) years of service 50% upon completion of five (5) years of service 75% upon completion of six (6) years of service 100% upon completion of seven (7) years of service (4) The Plan Administrator will be selected by the City’s Pension Committee. The terms and conditions of the defined contribution plan option are set forth in greater detail in the documents creating the defined contribution plan.

Defined Contribution Plan Option. The defined contribution plan option is for all employees hired on or after July 1, 2000 and those employees hired before that date who elected to participate in that the defined contribution plan option. The defined contribution plan option provides the following benefits: (1) The City will contribute to each participant’s account an amount equal to nine twelve percent (912%) of the participant’s compensation. (2) Participants are required to contribute six eight percent (68%) of their compensation (pre-pre- tax) to their account. (3) Participants are always one hundred percent (100%) vested in their contributions and shall be vested in the City contributions in accordance with the following schedule: 25% upon completion of four (4) years of service 50% upon completion of five (5) years of service 75% upon completion of six (6) years of service 100% upon completion of seven (7) years of service (4) The Plan Administrator will be selected by the City’s Pension Committee. The terms and conditions of the defined contribution plan option are set forth in greater detail in the documents creating the defined contribution plan.