DEFINED CONTRIBUTION PROGRAM (DCP Clause Samples

DEFINED CONTRIBUTION PROGRAM (DCP. As of the effective date of this agreement, all new hired Public Safety Officers have the option upon hire, to be members of the Employee’s Retirement System Defined Benefit program, or to participate in the City of Oak Park Defined Contribution Plan (DCP) (City Ordinance Chapter 55, Article III). For members that elect to enroll in the Defined Contribution Plan, the City will contribute 7.5% of base compensation (based upon an 84 hour workweek) and match up to an additional 3% of base compensation, if contributed by the member. Members will be 100% vested after one (1) year of employment.