Member Contribution to PERS Retirement Plan Sample Clauses

Member Contribution to PERS Retirement Plan. New Members
Sample 1Sample 2Sample 3See All (21)
AutoNDA by SimpleDocs
Member Contribution to PERS Retirement Plan. Classic Members (1) Effective June 30, 2012, police safety employees and miscellaneous employees shall pay the full member contribution, 9% and 7% respectively, to the PERS retirement plan. (2) Effective January 1, 2013, fire safety employees shall pay, as a cost share, the 9.81% value of the employer share of PERS. The City shall pay up to nine percent (9%) of the member contribution to the PERS retirement plan on behalf of fire safety employees. The City’s payments to the member contribution shall be reported to PERS as additional compensation for the purpose of retirement benefit calculations to the extent allowed by law. (3) Effective August 22, 2015: (a) Fire safety employees shall pay twelve percent (12%) of salary to the employer share of PERS. The parties have amended the PERS contract to reflect a new cost-share agreement, in which fire safety classic member shall, from the date of the amendment, pay the twelve percent (12%) of the employer contribution as a PERS cost-share and it will be credited to the employee’s account. (b) Police safety employees shall pay twelve percent (12%) of salary to the PERS retirement plan. The parties have amended the PERS contract to reflect a new cost-share agreement in which police safety classic members shall, from the date of the amendment, pay a nine percent (9%) employee contribution and three percent (3%) of the employer contribution through PERS cost-share so that it will be credited to the employee’s account. (c) Miscellaneous employees shall pay eight percent (8%) of salary to the PERS retirement plan. The parties have amended the PERS contract to reflect a new cost-share agreement in which miscellaneous members shall, from the date of amendment, pay a seven percent (7%) employee contribution and one percent (1%) of the employer contribution through PERS cost-share so that it will be credited to the employee’s account.
Sample 1Sample 2Sample 3See All (4)
Member Contribution to PERS Retirement Plan. Classic Members (1) Classic members in miscellaneous classifications shall pay the seven percent (7%) member contribution to the PERS retirement plan and shall qualify for the 2% at 55 benefit formula and retirement shall be based upon the highest twelve (12) consecutive months of compensation. (2) Effective June 20, 2020, employees covered under Section 17.15(a) (Member Contribution to PERS Retirement Plan – Classic Members) shall pay, through payroll deduction, one hundred percent (100%) of the seven percent (7%) member contribution, plus an additional one percent (1%) of the employer’s contribution of PERSable compensation for a total contribution of eight percent (8%) toward the cost of pension benefits as permitted by Government Code section 20516 (Employee Cost Sharing of Additional Benefits). The parties acknowledge that CalPERS mandates an election of unit members, separate from the ratification of this MOU, to provide for this cost sharing pursuant to Government Code section 20516. As soon as practicable after the effective date of this MOU, the City will initiate the contract amendment process. Upon approval and agreement from the bargaining unit and completion of the City’s amendment to the CalPERS contract, employee contributions will be made pursuant to Government Code section 20516. Should the membership vote against the CalPERS contract amendment, effective June 20, 2020, the above referenced one percent (1%) cost sharing shall be implemented outside of a CalPERS contract amendment as authorized by Government Code section 20516(f). The Union and the City will take all actions necessary to implement the pension cost sharing agreement described in this Section.
Sample 1Sample 2See All (4)
Member Contribution to PERS Retirement Plan. Classic Members “Classic members” shall pay the seven percent (7%) of salary employee contribution to the PERS retirement plan, and one percent (1%) of the employer contribution through PERS cost share, for a total of eight percent (8%).
Sample 1Sample 2
Member Contribution to PERS Retirement Plan. Classic Members (1) Classic members, as defined by PERS, shall qualify for the 2% at 55 benefit formula and retirement shall be based upon the highest twelve (12) consecutive months of compensation. (2) All classic members shall pay eight percent (8%) of salary to the PERS retirement plan. The employee shall pay the seven percent (7%) employee contribution and an additional one percent (1%) contribution through PERS cost-share. The CalPERS cost share amendment was completed on July 11, 2015. (3) The City agrees to withhold the above contributions on a pre-tax basis to the extent allowable under State and federal law.
Sample 1Sample 2
Member Contribution to PERS Retirement Plan. Classic Members (1) Classic members shall pay twelve percent (12%) of the employer’s contribution to the PERS retirement plan. If necessary, the contract with PERS shall be amended to reflect the proper allocation of funds. (2) To the extent permitted by law, the employee payments in this Article will be deducted on a pre-tax basis and applied toward the employer’s contribution pursuant to IRS Code section 414(h)(2) and Government Code section 20516 and maintained in the employee’s PERS account. (3) The parties agree to use their best efforts to promptly effectuate the cost-sharing provisions of this Article so that bargaining unit members’ payment of the employer’s contribution shall be applied towards the employee’s retirement account. (4) In the event that the employees fail to ratify the cost share agreement described in this Article, or other PERS requirements are not met, the parties agree that the employee’s cost share will be deducted from the employee’s pay via a payroll deduction on a pre-tax basis to the extent permitted by law. Deduction via this approach will not be maintained in the employee’s PERS account. The tax status of this deduction shall be based on IRS requirements. The City makes no representation as to the taxable nature of this deduction. The City and each employee shall retain liability for their respective tax obligations. (5) In the event there is a change in California law requiring employees to pay the member contribution to PERS, the employee’s cost-sharing agreement shall decrease in an amount equal to the required employee contribution to PERS.
Sample 1
Member Contribution to PERS Retirement Plan. Classic Members (1) Effective June 29, 2013, “classic members” as defined by PERS, shall pay seven percent (7%) of the member contribution to the PERS retirement plan. Classic members shall qualify for the 2% at 55 benefit formula and retirement shall be based upon the highest twelve (12) consecutive months of compensation. (2) Effective September 5, 2015, “classic members” shall pay eight percent (8%) of salary to the PERS retirement plan. The parties will seek to amend the PERS contract to reflect a new cost-share agreement in which miscellaneous classic members shall, from the date of the amendment, pay a seven percent (7%) employee contribution and one percent (1%) of the employer contribution through PERS cost-share. If this PERS cost share is not approved by a vote of the bargaining unit employees, the one percent (1%) cost share will remain in the City’s account.
Sample 1
AutoNDA by SimpleDocs

Related to Member Contribution to PERS Retirement Plan

  • Maintaining Eligibility for Employer Contribution The employer's contribution continues as long as the employee remains on the payroll in an insurance eligible position. Employees who complete their regular school year assignment shall receive coverage through August 31.

  • Eligibility for Employer Contribution This section describes eligibility for an Employer Contribution toward the cost of coverage.

  • Supplemental Executive Retirement Plan The Executive shall participate in the Company's Unfunded Pension Plan for Selected Executives (the "SERP").

  • Incentive, Savings and Retirement Plans During the Employment Period, the Executive shall be entitled to participate in all incentive, savings and retirement plans, practices, policies and programs applicable generally to other peer executives of the Company and its affiliated companies, but in no event shall such plans, practices, policies and programs provide the Executive with incentive opportunities (measured with respect to both regular and special incentive opportunities, to the extent, if any, that such distinction is applicable), savings opportunities and retirement benefit opportunities, in each case, less favorable, in the aggregate, than the most favorable of those provided by the Company and its affiliated companies for the Executive under such plans, practices, policies and programs as in effect at any time during the 120-day period immediately preceding the Effective Date or if more favorable to the Executive, those provided generally at any time after the Effective Date to other peer executives of the Company and its affiliated companies.

  • REGISTERED RETIREMENT SAVINGS PLAN 1. In this Article:

  • Employer Contribution (a) An Employer contribution for health and dental benefits will only be made for each active employee who has at least eighty (80) paid regular hours in a month and who is eligible for medical insurance coverage, unless otherwise required by law. (b) It is understood that the administrative intent of this Article is that the Employer contribution is made for individuals who are participants in the medical insurance coverages. Participation will mean that eligible less-than-full-time employees who drop out of coverage will be considered to participate. Additionally, employees who elect to opt out of coverage for a cash incentive will be considered to participate.

  • Post-Retirement Benefits The present value of the expected cost of post-retirement medical and insurance benefits payable by the Borrower and its Subsidiaries to its employees and former employees, as estimated by the Borrower in accordance with procedures and assumptions deemed reasonable by the Required Lenders is zero.

  • Savings and Retirement Plans During the Employment Period, the Executive shall be entitled to participate in all other savings and retirement plans, practices, policies and programs, in each case on terms and conditions no less favorable than the terms and conditions generally applicable to the Company’s other executive employees.

  • Effective Date of Benefit Termination Medical, dental and life coverage termination will take effect on the first of the month following the loss of eligible employee or dependent status. Disability benefit coverage terminations will take effect on the day following loss of eligible employee status.

  • Transition to Retirement 24.1 An Employee may advise their Employer in writing of their intention to retire within the next five years and participate in a retirement transition arrangement. 24.2 Transition to retirement arrangements may be proposed and, where agreed, implemented as: (a) a flexible working arrangement (see clause 16 (Flexible Working Arrangements)); (b) in writing between the parties; or (c) any combination of the above. 24.3 A transition to retirement arrangement may include but is not limited to: (a) a reduction in their EFT; (b) a job share arrangement; or (c) working in a position at a lower classification or rate of pay. 24.4 The Employer will consider, and not unreasonably refuse, a request by an Employee who wishes to transition to retirement: (a) to use accrued Long Service Leave (LSL) or Annual Leave for the purpose of reducing the number of days worked per week while retaining their previous employment status; or (b) to be appointed to a role which that has a lower hourly rate of pay or hours (post transition role), in which case: (i) the Employer will preserve the accrual of LSL at the time of reduction in salary or hours; and (ii) where LSL is taken or paid out in lieu on termination, the Employee will be paid LSL hours at the applicable classification and grade, and at the preserved hours, prior to the post transition role until the preserved LSL hours are exhausted.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!