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.
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.
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.
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.
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.
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
