Common use of Defined Contribution Retirement Plan Clause in Contracts

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