Common use of Defined Contribution Retirement Plan Clause in Contracts

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. 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 “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 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) a Section 401(a) Defined Contribution ContributionDC 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”). 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 1.62 Section 401(a) Defined Contribution DC 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 1.62 401(a) Defined Contribution ContributionDC 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. 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 PEPRAPEPRA (provided the 1.62% at 65 benefit is continued for such employees – see Section 7(C) above). These employees will be permitted to make voluntary contributions to the DC County 1.62 Retirement, Section 457(b) Defined Contribution Plan. The County will willshall be required to make matching contributions as described in Section 4.B.48. B., below. B. The . During the first one-year period following the plan commencement date, 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 DCCounty 1.62 Retirement, Section 457(b) Defined Contribution 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 aboveabove9, below. 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. During the second year and in subsequent years following the plan commencement date, the County will contribute to a Section 401(a) Defined Contribution Plan for an eligible employee a biweekly amount equal to fifty (50) percent of the biweekly amount that the employee contributed to the DCCounty 1.62 Retirement, Section 457(b) Defined Contribution Plan. The County contribution to the Section 401(a) Defined Contribution Plan shall not exceed two (2) percent of the employee’s base salary, unless the Board of Supervisors authorized additional County contributions permitted under Section 48. D below. 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 DCCounty Section 457(b) Defined Contribution 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 thebe 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 future matching contribution planto the Section 401(a) Ddefined cContribution pPlan, 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. Notwithstanding the foregoing, the parties agree that at no time shall the County’s matching contribution to a Section 401(a) Defined Contribution Plan be less than fifty (50) percent of an employee’s contribution to the DCCounty 1.62 Retirement, Section 457(b) Defined Contribution Plan, nor shall the maximum amount of the County’s matching contribution to Section 401(a) Defined Contribution Plan be less than two (2) percent of an employee’s base salary.

Defined Contribution Retirement Plan. A. Beginning on the plan commencement date, as defined in Section 6 (A) 6. A. above, the County will make administer the DC Plan available a County 1.62 Retirement, Section 457(b) Defined Contribution Plan (the “DC Plan”) to those new employees who are covered by the 1.62% at 65 benefit formula (whether by election, have elected or who have been deemed to have elected or are hired on after January 1, 2013 and are deemed to be the additional retirement contribution stated in Section 31676.01 of the Government Code (the “new members1.62% at 65” within the meaning of PEPRAbenefit formula). These employees will be permitted to make voluntary contributions to the DC County 1.62 Defined Contribution Plan. The County will maintain the DC Plan and a County defined contribution plan and it shall require the County to make matching contributions as described in Section 4.B., below7. B. below for employees whose benefit is described in Government Code Section 31676.01 and who make contributions to the DC Plan. B. The During the first one-year period following the plan commencement date, the County will contribute a biweekly amount to a Section 401(a) Defined Contribution the DC Plan for an eligible employee equal to the biweekly amount that the employee contributes to the DC Plana County defined contribution 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 above8. below. 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. During the second year and in subsequent years following the plan commencement date, the County will contribute to the DC Plan for an eligible employee a biweekly amount equal to fifty (50) percent of the biweekly amount that the employee contributes to a County defined contribution plan. The County contribution to the DC Plan shall not exceed two (2) percent of the employee’s base salary, unless the Board of Supervisors authorizes additional County contributions permitted under Section 7. D. below. County contributions to the Section 401(a) Defined Contribution DC 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) a county defined contribution plan and the County contributions to the Section 401(a) Defined Contribution DC 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 Should the County forms form a study group to review potential modifications develop and recommend to the Board of Supervisors criteria to be used to establish the County’s defined future matching contribution plan, to the DC Plan as described in Section 7. B. above. OCMA may designate one member to participate on the study group. The study groupNotwithstanding the foregoing, the parties agree that at no time shall the County’s recommendations will be presented matching contribution to the Board DC Plan be less than fifty (50) percent of Supervisors for their considerationan employee’s contribution to a county defined contribution plan, nor shall the maximum amount of the County’s matching contribution to the DC Plan be less than two (2) percent of an employee’s base salary.

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 During the first one-year period following the plan commencement date, tThe 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. During the second year and in subsequent years following the plan commencement date, the County will contribute to a Section 401(a) Defined Contribution Plan for an eligible employee a biweekly amount equal to fifty (50) percent of the biweekly amount that the employee contributed to the DC Plan. The County contribution to the Section 401(a) Defined Contribution Plan shall not exceed two (2) percent of the employee’s base salary, unless the Board of Supervisors authorized additional County contributions permitted under Section 4. D below. 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. Notwithstanding the foregoing, the parties agree that at no time shall the County’s matching contribution to a Section 401(a) Defined Contribution Plan be less than fifty (50) percent of an employee’s contribution to the DC Plan, nor shall the maximum amount of the County’s matching contribution to Section 401(a) Defined Contribution Plan be less than two (2) percent of an employee’s base salary.