IAP. Effective January 1, 2004, in lieu of paying the six percent (6%) employee contribution to PERS for PERS members, Eastern Oregon University will pay the six percent (6%) employee contribution to the employee’s Individual Account Program (IAP) established under HB 2020. Effective January 1, 2004, if the employee IAP account is declared invalid or is otherwise eliminated and a replacement is not available, then, effective upon the date of its invalidation or elimination, a corresponding general salary increase of six percent (6%) shall be paid to eligible employees, its equivalent, pursuant to the relevant chapter of law for governing PERS employee contributions. If for any reason the six percent (6%) payment by Eastern Oregon University described above is declared invalid or otherwise eliminated, then effective on the date of its invalidation or elimination, a corresponding general salary increase of six percent (6%) shall be paid to eligible employees. In such case, employees’ six percent (6%) contributions shall be deducted for payment to the applicable employee accounts and shall be treated as ‘pre-tax’ contributions pursuant to Internal Revenue Code Section 414(h)(2). In no case shall there be a six percent (6%) increase under both paragraph 2 and 3, above, of this Section. The above provisions regarding the IAP and the six percent employee contribution are not applicable to members in the ORP.
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Samples: Collective Bargaining Agreement, Collective Bargaining Agreement, Collective Bargaining Agreement
