Employee Contributions and Leave Payouts Sample Clauses

Employee Contributions and Leave Payouts. Participation in the Plan by an employee who elects to “opt-in” requires a payroll deduction each pay period to fund the employee’s account. The Bargaining Unit has determined that contributions and separation payouts effective July 1, 2014 to the plan shall be: VEBA Tiers Group 1: Day 1, Year 0 through 4 $150 monthly contribution 50% payout 0% of longevity pay Group 2: Day 1, Year 5 through 9 $150 monthly contribution 50% of vacation 25% of sick leave payout 0% of longevity pay Group 3: Day 1, Year 10 through 14 $250 monthly contribution 100% payout 100% longevity pay Group 4: Day 1, Year 15 through 19 $100 monthly contribution 100% payout 100% longevity Group 5: Day 1, Year 20 through 24 $600 monthly contribution 100% payout 100% longevity Group 6: Day 1, Year 25 and thereafter $600 monthly contribution 100% payout 100% longevity Sworn/Safety employees are entitled to convert unused sick leave balance to service with XxxXXXX at the time of retirement. After this election, 100% of the available sick leave balance (25% of remaining balance) will be contributed to their VEBA account. The above contribution amounts, payout percentages and Tier Groups may be amended and created during contract negotiations. Contribution amounts will change on an employee’s anniversary date should they fall into a new Tier Group. Contributions made by an eligible employee must be made through payroll deductions. Eligible employees cannot make direct contributions to the plan. Once separated from the City, the employee can no longer make contributions to the Plan. Employees who “opt-out” will not contribute to the plan on a per pay period basis. Those who have a VEBA account will continue to be eligible to submit for reimbursement for eligible medical expenses, however, they will not be able to make any further contributions to their accounts.
Sample 1
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Related to Employee Contributions and Leave Payouts

  • Employee Contributions (a) Each participant shall be allowed to contribute on a bi-weekly basis up to an amount equal to eighty percent (80%) of the Participant’s wage. Such bi-weekly wage deductions shall be in increments of one percent (1%) and shall be contributed to the Participant’s account. The participant may contribute on a pre-tax, after-tax, Xxxx basis or any combination.

  • Voluntary employee contributions (i) Subject to the governing rules of the relevant superannuation fund, an employee may, in writing, authorise their employer to pay on behalf of the employee a specified amount from the post- taxation wages of the employee into the same superannuation fund as the employer makes the superannuation contributions provided for in Clause 24(b).

  • Employee Contribution Eligible employees shall contribute one percent (1%) of their salary on a per pay period basis to the HCSP.

  • Employer Contributions 8.1 Rates at which the Employer shall contribute for each hour of work performed on behalf of each employee employed under the terms of this Agreement are contained in the Appendices attached to and forming part of this Agreement.

  • Matching Contributions The Employer will make matching contributions in accordance with the formula(s) elected in Part II of this Adoption Agreement Section 3.01.

  • Employer Contribution (a) An Employer contribution for health and dental benefits will only be made for each active employee who has at least eighty (80) paid regular hours in a month and who is eligible for medical insurance coverage, unless otherwise required by law.

  • Elective Deferrals An Employee will be eligible to become a Contributing Participant in the Plan (and thus be eligible to make Elective Deferrals) and receive Matching Contributions (including Qualified Matching Contributions, if applicable) after completing 1 (enter 0, 1 or any fraction less than 1) Years of Eligibility Service.

  • Special Maternity Allowance for Totally Disabled Employees (a) An employee who:

  • Retirement Contributions On behalf of employees, the State will continue to “pick up” the six percent (6%) employee contribution, payable pursuant to law. The parties acknowledge that various challenges have been filed that contest the lawfulness, including the constitutionality, of various aspects of PERS reform legislation enacted by the 2003 Legislative Assembly, including Chapters 67 (HB 2003) and 68 (HB 2004) of Oregon Laws 2003 (“PERS Litigation”). Nothing in this Agreement shall constitute a waiver of any party’s rights, claims or defenses with respect to the PERS Litigation.

  • Rollovers of Xxxx Elective Deferrals Xxxx elective deferrals distributed from a 401(k) cash or deferred arrangement, 403(b) tax-sheltered annuity, 457(b) eligible governmental deferred compensation plan, or federal Thrift Savings Plan, may only be rolled into your Xxxx XXX.

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