Common use of Defined Contribution Retirement Plan Clause in Contracts

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. Any employee covered under this agreement hired in the Lenawee County Sheriff’s =s Department on or after January 1, 2006 will only be eligible to enroll in the County’s =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 =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.