Effective July 1, 2005. The City shall enroll employees with a full-time hire date on or after July 1, 2005, in the MERS Defined Contribution Retirement Plan with five (5) year or age 65 vesting. The City will contribute 5% of the employee’s wages into the plan. In addition, the City will contribute up to 7% of the employee’s wages into an ICMA- RC 457 deferred compensation plan, with a 100% matching of employee wage contributions, in 1% increments, up to an additional 7% of the employee’s wages. In no event will the City’s combined contribution to the MERS Defined Contribution Plan and the ICMA-RC 457 plan exceed 12% of the employee’s annual wage.
Appears in 3 contracts
Samples: Collective Bargaining Agreement, Collective Bargaining Agreement, Collective Bargaining Agreement
Effective July 1, 2005. The City shall enroll employees with a full-time hire date on or after July 1, 2005, in the MERS Defined Contribution Retirement Plan with five (5) year or age 65 vesting. The City will shall contribute 5% of the employee’s wages into the plan. In addition, the City will contribute up to 7% of the employee’s wages into an ICMA- ICMA-RC 457 deferred compensation plan, with a 100% matching of employee wage contributions, in 1% increments, up to an additional 7% of the employee’s wages. In no event will the City’s combined contribution to the MERS Defined Contribution Plan and the ICMA-RC 457 plan exceed 12% of the employee’s annual wage.
Appears in 2 contracts
Samples: Collective Bargaining Agreement, Collective Bargaining Agreement
