Common use of Employees Hired After June 7, 2011 Clause in Contracts

Employees Hired After June 7, 2011. Effective the first full pay period after January 1, 2016, the contribution provided by employees hired after June 7, 2011 to the OPEB Trust will be equal to 1% of top step base salary of a police officer. Effective the first full pay period after January 1, 2017 and continuing thereafter until modified by subsequent agreement, the contribution provided by employees hired after June 7, 2011 to the OPEB Trust will be equal to 2% of top step base salary of a police officer. If the creation of the OPEB Trust is still pending on any date on which the employees’ contribution is due, the contribution will be deposited in an interest bearing account that is separate from the City’s general fund until such time as the creation of the OPEB Trust is complete and the money, including any accumulated interest, can be transferred to the OPEB Trust. Contributions to the OPEB Trust, or to the interest bearing account holding funds to be transferred to the OPEB Trust upon its creation, are irrevocable and will not be used towards the payment of OPEB benefits before January 1, 2019. Nothing in these provisions is intended to modify the City’s obligation to provide Retiree Health and Dental benefits outlined in Section 14.3.

Employees Hired After June 7, 2011. Effective the first full pay period after January 1, 2016, the contribution provided by employees hired after June 7, 2011 to the OPEB Trust will be equal to 1% of top step base salary of a police officerfirefighter. Effective the first full pay period after January 1, 2017 and continuing thereafter until modified by subsequent agreement, the contribution provided by employees hired after June 7, 2011 to the OPEB Trust will be equal to 2% of top step base salary of a police officerfirefighter. If the creation of the OPEB Trust is still pending on any date on which the employees’ contribution is due, the contribution will be deposited in an interest bearing account that is separate from the City’s general fund until such time as the creation of the OPEB Trust is complete and the money, including any accumulated interest, can be transferred to the OPEB Trust. Contributions to the OPEB Trust, or to the interest bearing account holding funds to be transferred to the OPEB Trust upon its creation, are irrevocable and will not be used towards the payment of OPEB benefits before January 1, 2019. Nothing in these provisions is intended to modify the City’s obligation to provide Retiree Health and Dental benefits outlined in Section 14.314.4.