Common use of Defined Contribution Retirement Plan Clause in Contracts

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. New employees (New). Any employee covered under this agreement with a hire date of January hired on or after August 1, 2002 or after will be enrolled in the defined contribution plan with a mandatory contribution of 7.5% of gross pay (pre-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-pre- tax). The employer will also contribute 5% of an employee’s gross pay. Deferred CompensationCompensation 457(b) Plan