Employer defined contribution Sample Clauses

Employer defined contribution. All newly hired or existing defined- contribution plan eligible employees in the Washington region shall transition to and participate in the Employer Defined Contribution (EDC) benefit. An eligible employee automatically participates upon the first day of employment in an eligible employee status and will receive an Employer Contribution of 6.3% of EDC eligible pay. All EDC contributions will be immediately vested. » Employer match. For all newly hired employees or existing eligible employees, the Employer shall make contributions to match 100% of an employee’s contribution up to 2.7% of the employee’s eligible pay. An employee must contribute 3% of eligible pay to receive the full 2.7%
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Employer defined contribution. All newly hired or existing defined- contribution plan eligible employees in the Washington region shall transition to and participate in the Employer Defined Contribution (EDC)
Sample 1Sample 2Sample 3

Related to Employer defined contribution

  • Defined Contribution Plan The Employer will establish the following Employer contribution programs in the existing salary deferral plans: » Beginning in 2006 and continuing throughout the term of the Agreement, a performance-based contribution

  • Catch-Up Contributions In the case of a Traditional IRA Owner who is age 50 or older by the close of the taxable year, the annual cash contribution limit is increased by $1,000 for any taxable year beginning in 2006 and years thereafter.

  • 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.

  • 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.

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