Employee Retirement Contribution. As stated in Government Code Section 20677.6, effective September 1, 2010, miscellaneous and industrial members in the First Tier retirement or the Alternate Retirement Plan (ARP) subject to social security shall contribute ten percent (10%) of monthly compensation in excess of $513 for retirement. Miscellaneous and Industrial members in the First Tier retirement or the ARP not subject to social security shall contribute eleven percent (11%) of monthly compensation in excess of $317 for retirement.
Employee Retirement Contribution. From the salary schedule amounts, listed in Appendices A and B, the Board shall “pick up” and pay the required employee contribution to the Teacher Retirement System on behalf of each teacher as a Board-paid teacher retirement contribution. The purpose of such contribution shall be to shelter such payment from federal income tax consistent with tax rulings 414(h)(2), 81-35 and 81-36. Should such shelter be subsequently declared illegal by a court of competent jurisdiction or superseded by a later tax ruling, such payment shall become gross income to the employee.
Employee Retirement Contribution. As stated in Government Code Section 20683.2, effective July 1, 2013, Second Tier members, including ARP members, shall contribute one and one-half percent (1.5%) of monthly pensionable compensation for retirement, and will increase by 1.5% points annually. The final annual increase in the contribution rate shall be adjusted as appropriate to reach fifty percent (50%) of normal cost.
Employee Retirement Contribution. As stated in Government Code Section 20677.71, State Miscellaneous/Industrial First Tier members shall contribute eight percent (8%) of monthly compensation in excess of five hundred thirteen dollars ($513) for retirement.
Employee Retirement Contribution. Effective upon completion of ERP payroll programming, J Unit employees shall pay 3.5% (three and one half percent) of the 7% (seven percent) employee contribution toward PERS. This 3.5% shall not be retroactive.
Employee Retirement Contribution. From the established salary schedule, according to authority granted by the Pension Reform Act of 1974, Section 414(h) (2) of the Internal Revenue Code, the Board of Education agrees to pay to the Teacher Retirement System on behalf of each teacher, the percentage of earnings specified by law for each teacher, and will shelter said amount for tax purposes. The Board will continue to pay to TRS from future established compensation schedules, on behalf of each teacher the percentage of the teacher's respective gross scheduled earnings specified by law. Should any of the above be declared improper by an IRS ruling or opinion, that clause or portion thereof shall be deleted from this Agreement to the extent that it violates the ruling or opinion.
Employee Retirement Contribution. The employee retirement contribution will be made on a pre-tax basis by implementing provisions of Section 414(h)(2) of the Internal Revenue Code. Employees shall make the following employee retirement contributions through payroll deductions: • Safety employees subject to the 3% @ 50 and 2% @ 50 benefit formula shall pay all of the employee retirement contribution (9%). • Safety employees who meet the definition of “New Member” under XXXXX shall pay the required PEPRA member contribution rate as established by XxxXXXX. • Miscellaneous employees subject to the 3% @ 60 benefit formula shall pay all of the employee retirement contribution (8%). • Miscellaneous employees subject to the 2% @ 60 benefit formula shall pay all of the employee retirement contribution (7%). • Miscellaneous employees who meet the definition of “New Member” under XXXXX shall pay the required PEPRA member contribution rate as established by XxxXXXX.
Employee Retirement Contribution.
1.5.1 The City agrees to contribute to the California Public Employees’ Retirement System (CalPERS) on behalf of each employee, seven (7%) percent of the employee’s compensation upon which retirement contributions are calculated (hereinafter “7%”). Effective the first pay period in January 2007 following City Council approval the City contribution shall be reduced to four (4%) percent of the employee’s compensation. Said contributions shall be considered deferred compensation, not salary, and shall be credited to the employee’s retirement account. Any future income tax obligation resulting from these contributions shall be the exclusive responsibility of the employee. In the event the Internal Revenue Service shall change its current position and determine that such contributions constitute salary, not deferred compensation, any resulting tax obligations shall be the exclusive responsibility of the employee and the City shall not be held responsible therefore. Effective the first full pay period after July 1, 2013, each employee agrees to contribute an additional – four percent (4%) of compensation towards the employee share of retirement contribution. Therefore, the employee will pay the full seven percent (7%) of the employee share effective the first full pay period on or after July 1, 2013.
Employee Retirement Contribution. The employee retirement contribution will be made on a pre-tax basis by implementing provisions of section 414(h)(2) of the Internal Revenue Code (IRC). Employees shall make the following employee retirement contributions through payroll deductions: • Safety employees subject to the 3% @ 50 and 2% @ 50 benefit formula shall pay all of the employee retirement contribution (9%). • Safety employees who meet the definition of “New Member” under XXXXX shall pay the required PEPRA member contribution rate as established by XxxXXXX.
Employee Retirement Contribution.
1.4.1 Effective the first full pay period after July 1, 2013, each employee agrees to pay the full seven percent (7%) of the employee share.
