Common use of – DEFINED CONTRIBUTION PLUS PLAN Clause in Contracts

– DEFINED CONTRIBUTION PLUS PLAN. Employees hired on or after February 1, 2020, shall be enrolled in the MERS Defined Contribution Plus Plan. The Defined Contribution Plus Plan will include a Defined Contribution (401a) component, as well as, a Deferred Compensation (457b) component. • Defined Contribution (401a) • Employer will contribute 7% of the employee’s base wage plus the first 200 hours of overtime on a calendar year basis. • Employee will be required to contribute 3% of their pre-tax base wage plus the first 200 hours of overtime on a calendar year basis. • Upon completion of the employees new hire probationary period, the employer will deposit $1,000 into the Defined Contribution (401a) component. • A graded vesting schedule will apply as follows on the employers contributions into the Defined Contribution (401a) component: ▪ 25% vested at one-year ▪ 50% vested at two years ▪ 100% vested at three years • Deferred Compensation (457b) • Employee voluntary contribution up to the IRS annual limitations of the employee’s total annual wages. • Employer will match up to 3% of the employee’s base wages plus the first 200 hours of overtime on a calendar year basis. Matching will be based on the employee’s voluntary contribution as stated above. The Employer’s matching funds will be deposited into the employee’s Defined Contribution (401a) component.

– DEFINED CONTRIBUTION PLUS PLAN. Employees hired on or after February 1, 2020, shall be enrolled in the MERS Defined Contribution Plus Plan. The Defined Contribution Plus Plan will include a Defined Contribution (401a) component, as well as, a Deferred Compensation (457b) component. • Defined Contribution (401a) • Employer will contribute 7% of the employee’s base wage plus the first 200 hours of overtime on a calendar year basis. • Employee will be required to contribute 3% of their pre-tax base wage plus the first 200 hours of overtime on a calendar year basis. • Upon completion of the employees new hire probationary period, the employer will deposit $1,000 into the Defined Contribution (401a) component. • A graded vesting schedule will apply as follows on the employers contributions into the Defined Contribution (401a) component: ▪  25% vested at one-year ▪  50% vested at two years ▪  100% vested at three years • Deferred Compensation (457b) • Employee voluntary contribution up to the IRS annual limitations of the employee’s total annual wages. • Employer will match up to 3% of the employee’s base wages plus the first 200 hours of overtime on a calendar year basis. Matching will be based on the employee’s voluntary contribution as stated above. The Employer’s matching funds will be deposited into the employee’s Defined Contribution (401a) component.