Employee Retirement Contributions Sample Clauses

Employee Retirement Contributions. The Board shall pay, in addition to each employee’s salary, the employee’s contribution to the Illinois Teachers’ Retirement System up to a maximum of 9.0% excluding the contributions to the Teachers’ Health Insurance System (THIS) Fund.
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Employee Retirement Contributions. The Employer shall designate each employee's mandatory contribution to the School Employee's Retirement System of Ohio as "picked up" by the Employer as contemplated by Internal Revenue Service Ruling 77-464 and 81-36, although they shall continue to be designated as employee contributions as permitted by the Attorney General Opinion 81-097. This will reduce the amount of employee income reported by the Employer as subject to Federal and Ohio income tax by the current percentage amount of the employee's contribution which has been designated as "picked up." The amount to be "picked up"/tax deferred on behalf of each employee shall be as required by law of the employee's compensation. The "picked up"/tax deferred rate shall apply uniformly to all employees of the bargaining unit. No employee's total salary shall be increased by such "pick up" nor is the Employer's total contribution to the School Employee's Retirement System of Ohio increased. These "pick up"/tax deferred provisions shall apply to all compensation including supplemental earnings.
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Employee Retirement Contributions. Effective the first full pay period starting on July 1, 2016, all full-time represented employees in the Tier 1 group (2.5%@55 retirement formula) hired prior to February 19, 2012 shall pay an additional 0.5% (in addition to the current 7%) of the employee contribution to PERS for a total of 7.5% of the employee’s PERS contribution. Effective the first full pay period starting after July 1, 2017, all full-time represented employees in the Tier 1 group (2.5%@55 retirement formula) hired prior to February 19, 2012 shall pay an additional 0.5% (in addition to the current 7.5%) of the employee contribution to PERS for a total of 8% of the employee’s PERS contribution. Full-time employees in the Tier 2 (2%@60) and Tier 3 (PEPRA – 2%@62) retirement groups pay their Full employee contribution, currently 7% for Tier 2 and 6.8% for Tier 3. If required, the City shall adopt a resolution reporting employer paid member contribution of the employee contribution to PERS which would be 0.5% starting on July 1, 2016 and 0% starting on the first full pay period after July 1, 2017 for Tier 1 group. All employee paid member contributions shall continue to be collected on a pre-tax basis.
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Employee Retirement Contributions. Effective July 1, 1993, employees shall contribute four and one-half (4.5%) percent of the employee's annual salary, which shall include all compensation used to determine average final compensation, as defined in this Article. Effective July 1, 1998, the employee's contribution shall be increased to five (5%) percent. Effective July 1, 1999, the employee's contribution shall be increased to six percent (6.0%), which shall include all compensation used to determine final average compensation as defined in this Article. The six percent (6%) contribution shall be allocated as 4.5% for pension and 1.5% for retiree health insurance.
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Employee Retirement Contributions. Effective July 1, 2001, employees shall contribute six percent (6.0%) of the employee’s annual salary, which shall include all compensation used to determine average final compensation as defined in this Article
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Employee Retirement Contributions. The statutory 8% contributions to the City sponsored retirement plan administered by XxxXXXX. Employer Retirement Contributions: The actuarially determined contributions to the City sponsored retirement plan administered by CalPERS necessary to fund retirement benefits. Flexible Spending Accounts: Depository accounts maintained on behalf of employees for the purpose of exempting such expenditures from income related taxes. Personnel Officer: The City Manager or his/her designee. Stated Salary: Negotiated salary for all purposes except calculations and reporting to CalPERS for retirement related issues. Salary Subject to PERS: An employee’s unadjusted base salary plus the portion of the EPMC paid by the City of Sierra Madre, used solely for retirement related calculations and reporting to CalPERS.
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Related to Employee Retirement Contributions

  • Retirement Contribution 1. The State shall, as permitted by 5 M.R.S.A. §17702 §§s5 and 6, pay its cost of the 6.5% or 7.5% retirement contribution for employees in the bargaining unit who are covered under special Law Enforcement retirement plans. 2. The State shall, as permitted by 5 M.R.S.A. §17702 §§s5 and 6, pay the cost of the 6.5% or 7.5% retirement contribution for employees in the following classifications.

  • 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.

  • Pre-Retirement Leave An Employee scheduled to retire and to receive a superannuation allowance under the applicable pension Acts or who has reached the mandatory retiring age, shall be entitled to: (a) A special paid leave for a period equivalent to fifty percent (50%) of his/her accumulated sick leave credit, to be taken immediately prior to retirement; or (b) A special cash payment of an amount equivalent to the cash value of fifty percent (50%) of his/her accumulated sick leave credit, to be paid immediately prior to retirement and based upon his/her current rate of pay.

  • Incentive, Savings and Retirement Plans During the Employment Period, the Executive shall be entitled to participate in all incentive, savings and retirement plans, practices, policies and programs applicable generally to other peer executives of the Company and its affiliated companies, but in no event shall such plans, practices, policies and programs provide the Executive with incentive opportunities (measured with respect to both regular and special incentive opportunities, to the extent, if any, that such distinction is applicable), savings opportunities and retirement benefit opportunities, in each case, less favorable, in the aggregate, than the most favorable of those provided by the Company and its affiliated companies for the Executive under such plans, practices, policies and programs as in effect at any time during the 120-day period immediately preceding the Effective Date or if more favorable to the Executive, those provided generally at any time after the Effective Date to other peer executives of the Company and its affiliated companies.

  • 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). (ii) An employee may adjust the amount the employee has authorised their employer to pay from the wages of the employee from the first of the month following the giving of three months’ written notice to their employer. (iii) The employer must pay the amount authorised under Clauses 24(d)(i) or 24(d)(ii) no later than 28 days after the end of the month in which the deduction authorised under Clauses 24(d)(i) or 24(d)(ii) was made.

  • Savings and Retirement Plans During the Employment Period, the Executive shall be entitled to participate in all other savings and retirement plans, practices, policies and programs, in each case on terms and conditions no less favorable than the terms and conditions generally applicable to the Company’s other executive employees.

  • Maintaining Eligibility for Employer Contribution The employer's contribution continues as long as the employee remains on the payroll in an insurance eligible position. Employees who complete their regular school year assignment shall receive coverage through August 31.

  • Deferred Retirement a. An employee who is eligible for paid retirement at the time he or she separates from County service, but elects deferred retirement, may defer participation in the Grant until such time as he or she becomes an active retiree. b. An otherwise eligible employee who is not eligible for paid retirement at the time he or she separates from County service but is eligible for and elects deferred retirement shall not become eligible for participation in the Grant.

  • 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. (b) It is understood that the administrative intent of this Article is that the Employer contribution is made for individuals who are participants in the medical insurance coverages. Participation will mean that eligible less-than-full-time employees who drop out of coverage will be considered to participate. Additionally, employees who elect to opt out of coverage for a cash incentive will be considered to participate.

  • Retirement Pay Any teacher with ten (10) years consecutive teaching experience in the Park Hill School District immediately prior to retirement from PSRS without an age reduction for early retirement, shall receive upon retirement from the Park Hill School District a terminal amount based upon the following formula: (Notation, the teacher must make application to PSRS for retirement and begin drawing from PSRS on the first available month following retirement). Years of service to the Park Hill School District to be divided by ten (10) and multiplied by one-ninth (1/9) of the last completed contract. Retirement notification after December 15 for the current academic year will result in a reduction of $1,000.00 from the total under Article 36. In the event of a sudden severe illness of the teacher, teacher’s legally recognized spouse, and/or child, the transfer of a legally recognized spouse, or being called into active military duty may be cause for the District not to impose the late notification reduction of $1,000.00. A teacher who otherwise qualifies for payment under Article 36 and dies while currently classified as an active employee will receive such payment.

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