EMPLOYER PAID PORTION OF EMPLOYEE MANDATED RETIREMENT CONTRIBUTIONS Sample Clauses

EMPLOYER PAID PORTION OF EMPLOYEE MANDATED RETIREMENT CONTRIBUTIONS. A. Employees Hired Prior to June 27, 2010: The County shall pay to VCERA the mandated member retirement contribution on the first $ 161 of compensation earnable, described as Basic Rate 1 in VCHRP. The employee will then pay to VCERA 3% of compensation earnable out of the remainder of the mandated member retirement contribution, described as Basic Rate 2 in VCHRP. The remaining balance of the mandated member retirement contribution shall be paid by the County.
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EMPLOYER PAID PORTION OF EMPLOYEE MANDATED RETIREMENT CONTRIBUTIONS. X. Xxxxxxxxx Hired Prior to June 27, 2010: The County shall pay to VCERA the xxxxxx xx member ret irement contribution on the f irst $ 161 of compensation earnable, described as Basic Rat e 1 in VCHRP. The employee w ill then pay to VCERA 3% of compensation earnable out of the remainder of the xxxxxx xx member ret irement contribution, described as Basic Rate 2 in VCHRP. The remaining balance of the xxxxxx xx member ret irement contribution shall be paid by the County. B. Employees Hired on or After June 27, 2010: The County shall pay to VCERA the xxxxxx xx member ret irement contribution on the f irst $ 161 of compensation earnable, described as Basic Rat e 1 in VCHRP. The employee w ill then pay to VCERA 4% of compensation earnable out of the remainder of the xxxxxx xx member ret irement contribution, described as Basic Rate 2 in VCHRP. The remaining balance of the xxxxxx xx member ret irement contribution shall be paid by the County. 2.
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EMPLOYER PAID PORTION OF EMPLOYEE MANDATED RETIREMENT CONTRIBUTIONS. A. Represented employees shall contribute as retirement contributions an amount equal to one-half of the actuarially- determined normal cost of the applicable retirement formula. Any required amounts in excess of the required member contribution shall be contributed consistent with the cost- sharing provisions set forth in Government Code 31631.5. Future increases or decreases in actuarially-determined normal retirement costs will be split equally between the employee and the County. B. Pursuant to Section 414(h)(2) of the Internal Revenue Code, the County shall declare that it is “picking up” the entire required member contribution so as to cause the taxable income of each represented employee to be reduced by the amount of the “pick up.” Therefore, for taxation purposes, this “pick up” shall not be regarded as ordinary income in accordance with Section 414(h) of the United States Internal Revenue Code. 2.
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Related to EMPLOYER PAID PORTION OF EMPLOYEE MANDATED RETIREMENT CONTRIBUTIONS

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

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  • 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.

  • Post-Retirement Employment Unit members who retire from the University during the term of this Agreement may propose a post-retirement appointment of up to three years duration. During this post-retirement appointment, the total of retirement benefits and post-retirement salary paid by the University shall not exceed the salary paid at the time of retirement. The annual compensation received from the University for the post-retirement appointment shall not exceed fifty (50) percent of the annual salary at the time of retirement. The duties for a post-retirement appointment shall be defined and agreed to in writing by the bargaining unit member and the Employer/University Administration prior to the bargaining unit member's retirement. Such appointments are at the discretion of the Employer/University Administration and are subject to existing law and all rules and regulations of the State Retirement Board. The decision of the Employer/University Administration not to approve a proposal for a post-retirement appointment shall not be grievable under the Grievance and Arbitration Procedure, Article 7.

  • Pre-Retirement Leave An employee scheduled to retire and to receive a superannuation allowance under the applicable Superannuation Act(s), or who has reached the mandatory retiring age, shall be entitled to:

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  • REGISTERED RETIREMENT SAVINGS PLAN 1. In this Article:

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