Employee Contributions to the Retirement System Sample Clauses

Employee Contributions to the Retirement System. Effective upon the employee becoming a member of the bargaining unit, the Authority shall make a deduction from the employee’s Compensation Earnable in the amount equal to nine (9) percent (which shall be increased to eleven percent (11%) effective November 14, 2014 which shall constitute the employee’s retirement contribution. The deduction shall be credited in accordance with GC Section 31581.2.and shall continue during the employee’s employment period with the Authority or until such time that the employee qualifies under Government Code 31664.1(c). The difference between the (a) required member contribution as determined by OCERS and (b) the actual employee contribution as described above shall be paid by the employer in accordance with Government Code Section 31581.2.
Sample 1
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Employee Contributions to the Retirement System. 1. Classic Member Employees (employees who are not new members as defined by the PEPRA) subject to the 3%@60 formula. Per Government Code Sec. 20692 the County has elected to pay the entire required member contribution (currently 8% of compensation earnable of pensionable income) as Employer Paid Member Contributions (“EPMC”). Pursuant to Government Code Section 20636(c)(4) the County has agreed to report the value of the EPMC to PERS as compensation earnable. Effective March 11, 2021, the County will no longer pay the required member contribution for classic member employees in the unit. On this date, EPMC will end and classic member employees in the unit will pay their required member contribution (currently 8% of compensation earnable of pensionable income). On this date, the County will no longer pay and report to CalPERS as compensation earnable the required member contribution as classic member employees will begin to pay that member contribution.
Sample 1
Employee Contributions to the Retirement System. The deduction from the employee’s Compensation Earnable is seven percent (7%) (which shall be increased to nine percent 9%) effective November 14, 2014 which shall continue during the employee’s employment period with the Authority, or until such time that the employee qualifies under GC 31664.1(c).
Sample 1
Employee Contributions to the Retirement System. A. Employees subject to the 3%@50 and 3%@55 formula: Employees in the Unit shall pay their nine percent (9%) member contribution. These employees also pay an additional three percent (3%) of compensation earnable of the employer rate as cost sharing (per Government Code Section 20516(f)). If, at any time in the future, the Association informs the City that it no longer agrees to this cost sharing agreement, effective on the date of the elimination of the cost sharing (which would need to coincide with the expiration date of the MOU) the base salary of all employees in the bargaining unit will be reduced by three percent (3%). The twelve percent (12%) employee contribution is 9% member and 3% cost sharing. The parties acknowledge that this 12% contribution to retirement satisfies the 2018 legislative goal of the Public Employees’ Pension Reform Act that safety employees pay up to 12% for their pensions.
Sample 1
Employee Contributions to the Retirement System. 1. Classic Member Employees (as defined by the PEPRA) subject to the 3%@60 Formula: Per Government Code Sec. 20692 the County has elected to pay the entire required member contribution (currently 8% of compensation earnable of pensionable income) as Employer Paid Member Contributions (“EPMC”). Pursuant to Government Code Section 20636(c)(4) the County has agreed to report the value of the EPMC to PERS as compensation earnable. The County shall have the option during the term of this Agreement to discontinue the EPMC (and reporting its value to PERS as pensionable income). In the event the County exercises that option, the base salaries of all represented employees shall be increased by eight percent (8%) as of the date the option is exercised. Two (2) weeks advance notice of the exercise of that option shall be provided to RCDDAA and RCAA.
Sample 1

Related to Employee Contributions to the Retirement System

  • 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.

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

  • 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).

  • Rollover Contributions A rollover is a tax-free distribution of cash or other assets from one retirement program to another. There are two kinds of rollover contributions to an IRA. Xx one, you contribute amounts distributed to you from one IRA xx another IRA. Xxth the other, you contribute amounts distributed to you from your employer's qualified plan or 403(b) plan to an IRA. X rollover is an allowable IRA xxxtribution which is not subject to the limits on regular contributions discussed in Part D above. However, you may not deduct a rollover contribution to your IRA xx your tax return. If you receive a distribution from the qualified plan of your employer or former employer, the distribution must be an "eligible rollover distribution" in order for you to be able to roll all or part of the distribution over to your IRA. Xxe portion you contribute to your IRA xxxl not be taxable to you until you withdraw it from the IRA. Xxur employer or former employer will give you the opportunity to roll over the distribution directly from the plan to the IRA. Xx you elect, instead, to receive the distribution, you must deposit it into the IRA xxxhin 60 days after you receive it. An "eligible rollover distribution" is any distribution from a qualified plan that would be taxable other than (1) a distribution that is one of a series of periodic payments for an employee's life or over a period of 10 years or more, (2) a required distribution after you attain age 70 1/2 and (3) certain corrective distributions. If the entire amount in your IRA xxx been contributed in a tax-free rollover from your employer's or former employer's qualified plan or 403(b) plan, you may later roll over the IRA xx a new employer's plan if such plan permits rollovers. Your IRA xxxld then serve as a conduit for those assets. However, you may later roll those IRA xxxds into a new employer's plan only if you make no further contributions to that IRA, xx commingle the IRA xxxlover funds with existing IRA xxxets.

  • Beneficiary Rollovers from Employer-Sponsored Retirement Plans If you are a spouse Beneficiary, nonspouse Beneficiary, or the trustee of an eligible type of trust named as Beneficiary of a deceased employer plan participant, you may directly roll over inherited assets from a qualified retirement plan, 403(a) annuity, 403(b) tax-sheltered annuity, or 457(b) governmental deferred compensation plan to an inherited IRA. The IRA must be maintained as an inherited IRA, subject to the beneficiary distribution requirements.

  • Public Employees Retirement System “PERS”) Members. For purposes of this Section 1, “employee” means an employee who is employed by the State on August 28, 2003 and who is eligible to receive benefits under ORS Chapter 238 for service with the State pursuant to Section 2 of Chapter 733, Oregon Laws 2003.

  • 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.

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