Common use of Guaranteed Retirement Income Plan Clause in Contracts

Guaranteed Retirement Income Plan. Effective the first full pay period following July 1, 2009, employee account balances shall be credited with an employer contribution of eight percent of employee’s regular earnings. Employees must contribute 4 percent of base salary up to the FICA maximum, and 8 percent of base salary above the FICA maximum. The Board of Investment Trustees shall direct investments under the Plan per the ERS. The employer shall annually (effective the first full pay period following July 1st) credit each account with an investment credit of 7.25%. The employee will be 100% vested in the Employer contributions and investment credits after 3 years of participation. Employees electing to participate in GRIP rather than RSP shall also receive the benefits listed in 44.5 and 44.6 of this article. For employees hired on or after July 1, 2009, employees shall be offered a one time irrevocable choice between the RSP with the contributions as enumerated in Article 44.2 or the GRIP. Employees must make an election 150 days from the date of employment, to be effective as of the first full pay period following the 180 days. If the employee fails to make an election, the employee will automatically be enrolled in the RSP upon the expiration of the 180 day period. Bargaining unit members in the GRIP would be credited with the County contribution of 6% instead of 8% of employee’s regular earnings for the July 1, 2011- June 30, 2012 period. However, GRIP members would continue to contribute their full contribution rate during the same period.10

Guaranteed Retirement Income Plan. Effective the first full pay period following July 1, 2009, employee account balances shall be credited with an employer contribution of eight percent of employee’s regular earnings. Employees must contribute 4 percent of base salary up to the FICA maximum, and 8 percent of base salary above the FICA maximum. The Board of Investment Trustees shall direct investments under the Plan per the ERS. The employer shall annually (effective the first full pay period following July 1st) credit each account with an investment credit of 7.25%. The employee will be 100% vested in the Employer contributions and investment credits after 3 years of participation. Employees electing to participate in GRIP rather than RSP shall also receive the benefits listed in 44.5 and 44.6 of this article. For employees hired on or after July 1, 2009, employees shall be offered a one time irrevocable choice between the RSP with the contributions as enumerated in Article 44.2 or the GRIP. Employees must make an election 150 days from the date of employment, to be effective as of the first full pay period following the 180 days. If the employee fails to make an election, the employee will automatically be enrolled in the RSP upon the expiration of the 180 day period. Bargaining unit members in the GRIP would be credited with the County contribution of 6% instead of 8% of employee’s regular earnings for the July 1, 2011- June 30, 2012 period. However, GRIP members would continue to contribute their full contribution rate during the same period.10period.11

Guaranteed Retirement Income Plan. Effective the first full pay period following July 1, 2009, employee account balances shall be credited with an employer contribution of eight percent of employee’s regular earnings. Employees must contribute 4 percent of base salary up to the FICA maximum, and 8 percent of base salary above the FICA maximum. The Board of Investment Trustees shall direct investments under the Plan per the ERS. The employer shall annually (effective the first full pay period following July 1st) credit each account with an investment credit of 7.25%. The employee will be 100% vested in the Employer contributions and investment credits after 3 years of participation. Employees electing to participate in GRIP rather than RSP shall also receive the benefits listed in 44.5 and 44.6 of this article. For employees hired on or after July 1, 2009, employees shall be offered a one one-time irrevocable choice between the RSP with the contributions as enumerated in Article 44.2 or the GRIP. Employees must make an election 150 days from the date of employment, to be effective as of the first full pay period following the 180 days. If the employee fails to make an election, the employee will automatically be enrolled in the RSP upon the expiration of the 180 180-day period. Bargaining unit members in the GRIP would be credited with the County contribution of 6% instead of 8% of employee’s regular earnings for the July 1, 2011- June 30, 2012 period. However, GRIP members would continue to contribute their full contribution rate during the same period.10period.11