Employee’s Contribution to Retirement System Sample Clauses

Employee’s Contribution to Retirement System. Effective September 1, 1999, each employee (Tier 1 and Tier 2) willshall pay the Employee’s Contribution currently set at nine percent (9%) of pensionable income to CalPERS to the Public Employees’ Retirement System in accordance with the rules and regulations governing such contributions. Effective January 1, 2013, employees subject to the Tier 3 (2.7% at 57 Formula) level benefits, shall contribute an amount equivalent to half the normal costs established by CalPERS, currently established as twelve percent (12%) of pensionable income. If the normal cost as determined by CalPERS increases or decreases during the term of this MOU, the employee contribution shall also increase or decrease accordingly.
Sample 1
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Employee’s Contribution to Retirement System. All employees shall pay the employee contribution to the Public Employees’ Retirement System. The City shall provide the 414(h)(2) Exemption from the Internal Revenue Service granting a deferral from federal withholding taxes of that portion of employees’ contribution to PERS.
Sample 1
Employee’s Contribution to Retirement System. 8.4.1 The full employees’s contribution shall be deducted from the unit member’s pay by the City and forwarded to the Public Employees’ Retirement System in accordance with the rules and regulations governing such contributions.
Sample 1

Related to Employee’s Contribution to Retirement System

  • Transition to Retirement 24.1 An Employee may advise their Employer in writing of their intention to retire within the next five years and participate in a retirement transition arrangement.

  • 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.

  • Pension Contributions While on Short Term Disability Contributions for OMERS Plan Members When an employee/plan member is on short-term sick leave and receiving less than 100% of regular salary, the Board will continue to deduct and remit OMERS contributions based on 100% of the employee/plan member’s regular pay.

  • 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.

  • REGISTERED RETIREMENT SAVINGS PLAN 1. In this Article:

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

  • VESTED RETIREMENT GRATUITY VOLUNTARY EARLY PAYOUT a) An Employee eligible for a Sick Leave Credit retirement gratuity as per Appendix A shall have the option of receiving a payout of his/her gratuity on August 31, 2016, or on the employee’s normal retirement date.

  • Full Employer Contribution - Basic Eligibility Employees covered by this Agreement who are scheduled to work at least seventy-five (75) percent of the time are eligible for the full Employer Contribution. This means:

  • Post-Retirement Benefits The present value of the expected cost of post-retirement medical and insurance benefits payable by the Borrower and its Subsidiaries to its employees and former employees, as estimated by the Borrower in accordance with procedures and assumptions deemed reasonable by the Required Lenders is zero.

  • Retirement System The withdrawal of employee contributions made on or after January 1, 2014 may also be withdrawn but only on an actuarially neutral basis. The actuarial present value of the pension reduction shall be equal to the amount of accumulated member contributions withdrawn. The actuarial present value shall computed using the interest rate used in the annual actuarial valuation and the mortality table used in the annual actuarial valuation with a 50% unisex blend.

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