Defined Contribution Retirement Plan. Any employee covered under this agreement hired on or after May 1, 2003 will be enrolled in the defined contribution retirement plan with a mandatory contribution of 7.5% of gross pay (pre-tax). The employer will also contribute 7.5% of an employee’s gross pay. Investments to be directed by the employee through available options. Vesting period: Five (5) years. Contributions to begin on date of hire. Effective January 1, 2011 the mandatory employee contribution will be 5% of gross pay (pre-tax). The employer will also contribute 5% of an employee’s gross pay.
Defined Contribution Retirement Plan. A. Beginning on the plan commencement date, as defined in Section 6 (A) above, the County will make available a County 1.62 Retirement, Section 457(b) Defined Contribution Plan (the “DC Plan”) to those employees who are covered by the 1.62% at 65 benefit formula (whether by election, deemed to have elected or are hired on after January 1, 2013 and are deemed to be “new members” within the meaning of PEPRA). These employees will be permitted to make voluntary contributions to the DC Plan. The County will make matching contributions as described in Section 4.B., below.
B. The County will contribute a biweekly amount to a Section 401(a) Defined Contribution Plan for an eligible employee equal to the biweekly amount that the employee contributes to the DC Plan, not to exceed two (2) percent of the employee’s base salary (the “match”). In accordance with Board action on March 22, 2011, this one-year period is extended until a decision is reached regarding implementation of the “1.62 at 65” retirement formula election for current employees as described in Section 1.A.4 above. If current employees become eligible for the election, a new one-year period for the current level of match will be established, which will be one year from the plan commencement date for current employees. Should the current employees be deemed ineligible for the retirement formula election, the second year match, as described herein, shall be implemented within two (2) pay periods of the decision. County contributions to the Section 401(a) Defined Contribution Plan shall vest on behalf of the participant after that participant has been continuously employed by the County for a period of five (5) years. For this purpose, one year shall be equal to 2080 paid hours of service, exclusive of overtime.
C. Employee contributions to the DC Plan(s) and the County contributions to the Section 401(a) Defined Contribution Plan shall be subject to contribution limits imposed by the Internal Revenue Service. In no event shall the County be required to pay any portion of the matching contributions that would cause the employee to exceed applicable Internal Revenue Service contribution limits.
D. If the County forms a study group to review potential modifications to the County’s defined contribution plan, OCMA may designate one member to participate on the study group. The study group’s recommendations will be presented to the Board of Supervisors for their consideration.
Defined Contribution Retirement Plan. Employees hired after December 31, 2006 and current employees hired on or before December 31, 2006 and who choose the defined contribution plan will be eligible to participate in the Defined Contribution Retirement Plan only.
a) The Employer will make a base contribution of 5% of gross pay to the employee’s account
b) If the Employee voluntarily contributes, the Employer will make a matching contribution of 100% of the voluntary employee contribution up to an additional 2%. The Employer agrees to continue the Defined Contribution Retirement Plan in full force and effect as mutually agreed to by the Union and management during the term of the Agreement and will not reduce or diminish in any way the benefits, eligibility requirement and the rights of employees thereunder. The final plan document will be incorporated herein by reference.
Defined Contribution Retirement Plan. Effective December 10, 2013 any new pension eligible employee will be enrolled in a Board of Education defined contribution plan. The Board will contribute an amount equal to 5% of the employee’s earnings to this plan, and there will be no required employee contribution. (The employee’s earnings will use the same definition of compensation as in the Defined Benefit Retirement Plan.) The vesting period will be 5 years (“rolling”), with 20% of the value of the plan available after one completed year of service and an additional 20% of the value of the plan available after each completed year of service up to the 5th year.
Defined Contribution Retirement Plan. A full-time regular employee covered by this Agreement who is not eligible, pursuant to the terms of this Article, for membership in the Town’s Retirement System shall enroll and become a member in the Town of Greenwich Defined Contribution Retirement Plan (the “DC Plan”) as set forth in this paragraph 6.
Defined Contribution Retirement Plan. New employees covered under this agreement with a hire date of January 1, 2002 or after will be enrolled in the defined contribution plan with a mandatory contribution of 7.5% of gross pay (pre-tax). The employer will also contribute 7.5% of an employee’s gross pay. Investments to be directed by the employee through available options. Vesting period: Five (5) years. Contributions to begin on date of hire. Effective January 1, 2011 the mandatory employee contribution will be 5% of gross pay (pre-tax). The employer will also contribute 5% of an employee’s gross pay. Deferred Compensation
Defined Contribution Retirement Plan. A. Beginning on the plan commencement date, the County will make available a County 1.62 Retirement Defined Contribution Plan (the “1.62 DC Plan”) comprised of a voluntary 457(b) plan and a 401(a) matching plan to those employees who are covered by the “ 1.62% at 65” benefit formula (whether by election, deemed to have elected or are hired on after January 1, 2013 and are deemed to be “new members” within the meaning of PEPRA). These employees will be permitted to make voluntary contributions to the 1.62 Section 457(b) DC Plan. The County will make matching contributions as described in Section 4.B., below.
B. The County will contribute a biweekly amount to the 1.62 Section 457(b) Section 401(a) DC Plan for an eligible employee equal to the biweekly amount that the employee contributes to the 1.62 Section 457(b) DC Plan, not to exceed two (2) percent of the employee’s base salary (the “match”). County contributions to the
Defined Contribution Retirement Plan. Any employee covered under this agreement hired in the Lenawee County Sheriff’s Department on or after January 1, 2006 will only be eligible to enroll in the County’s Defined Contribution Retirement Plan with a mandatory contribution rate of 7.5% of gross pay (pre-tax). The Employer will also contribute 7.5% of an employee’s gross pay. Investments to be directed by the employee through available options. Vesting period shall be five (5) years. Contributions to begin on the date of hire. Effective January 1, 2011 any employee covered under this agreement and enrolled in the Defined Contribution Retirement Plan will have a mandatory contribution rate of 5% of an employees gross pay (pre-tax). The employer will also contribute 5% of an employees gross pay.
Defined Contribution Retirement Plan. Eligibility Full and part-time regular and provisional Supervisory-Technical employees Vesting The date of hire of the employee. Employer Contribution The University contribution to an eligible employee’s 403(b) Basic Retirement Plan is based on a percentage of employee’s base hourly rate beginning on date of hire (See S-42-2). Effective July 1, 2015, the employer contribution rate is ten percent (10.0%). Pay excluded from Employer retirement contributions: • Retirement incentives • Excellence awards • Payback • Leave payoff at retirement/termination • Supplemental pay (paid for MPSERS) • Special assignment pay (paid for MPSERS) • On-campus employees also teaching Global Campus course (paid for MPSERS) • Subsistence Voluntary Tax Deferred Plan Employees are strongly encouraged to contribute to a supplemental retirement account (“SRA”) to the extent allowed by law. Record Keeping Entity TIAA-CREF, or such other record keeping entity as the University shall selects.
Defined Contribution Retirement Plan. Any employee covered under this agreement hired on or after March 1, 2004 will only be eligible to enroll in the County’s Defined Contribution Retirement Plan with a mandatory contribution rate of 7.5% of gross pay (pre-tax). The employer will also contribute 7.5% of an employee’s gross pay. Investments to be directed by the employee through available options. Vesting period shall be five (5) years. Contributions to begin on the date of hire. Effective January 1, 2011 the mandatory employee contribution will be 5% of gross pay (pre-tax). The employer will also contribute 5% of an employee’s gross pay.
