MERS Defined Contribution Plan Sample Clauses

MERS Defined Contribution Plan. All new hires to SCCMHA will become members of the SCCMHA Defined Contribution Plan under (MERS) which provides for the following employee and employer contributions: Employer Contribution Employee Contribution Total 6% 0% 6% 9% 3% 12% The Employee may select one (1) of the above contribution plans initially upon being hired and may not change the contribution plan thereafter. Employees under the Defined Contribution Plan can retire at age fifty-five (55) with six (6) years of service. Part-time employees hired after April 2, 2008, may make their own contributions to the MERS Retirement Plan in accordance with legal requirements and limitations, which will be administered by the Employer. However, the Employer shall not be responsible for making any contributions to MERS on behalf of the part-time employees hired after April 2, 2008.
Sample 1
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MERS Defined Contribution Plan. Effective November 1, 2016, or as soon thereafter as the Plan is established by MERS, regular full-time employees shall participate in the Municipal Employees’ Retirement System of Michigan (“MERS”) Defined Contribution Plan, a qualified retirement plan under Section 401(a) of the IRS Code. Regular part-time employees after having worked for four (4) years shall be considered as working thirty (30) hours per week for the purposes of MERS, and shall, therefore, be eligible for MERS coverage.‌ The Library shall contribute 8.0% of employees’ compensation into the MERS Defined Contribution Plan. Regular full-time employees shall contribute 3.0% of their compensation into the Defined Contribution Plan. The MERS Defined Benefit Plan, which employees were covered by prior to the effective date of this Agreement, was frozen as of November 1, 2016. Employees will maintain their benefits pursuant to the MERS Defined Benefit Plan (Plan B-4, Benefit F-55/25 Option and the V-6 Rider).
Sample 1

Related to MERS Defined Contribution Plan

  • 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

  • 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.

  • BENEFIT FUND The Trustees are authorized and directed to establish a study committee to review the legality, feasibility and desirability of setting up and maintaining an employee funded Section 125 Flexible Spending Account (FSA). If an FSA is determined to be legal, feasible and desirable in this context, the Trustees are further authorized and directed to establish such an arrangement and offer it to employees covered by this Agreement; provided that the FSA shall not be offered to employees of any Employer who is unwilling or unable to permit employee participation in the FSA.

  • Reciprocal Compensation Arrangements Pursuant to Section 251(b (5) of the Act

  • City Contribution 387. The City agrees to maintain health and dental benefits at present levels for the life of the Agreement.

  • Retirement Contribution The State shall, as permitted by 5 M.R.S.A. §17702 §§s5 and 6, pay the cost of the 6.5% or 7.5% retirement contribution for employees in the following classifications. Corrections Firearms Instructor Oil & Hazardous Material Responder I Oil & Hazardous Material Responder II

  • Oregon Public Service Retirement Plan Pension Program Members For purposes of this Section 2, “employee” means an employee who is employed by the State on or after August 29, 2003 and who is not eligible to receive benefits under ORS Chapter 238 for service with the State pursuant to Section 2 of Chapter 733, Oregon Laws 2003.

  • Financial contribution Methods of payment

  • Distribution of Financial Contribution The financial contribution of the Funding Authority to the Project shall be distributed by the Coordinator according to: - the Consortium Plan - the approval of reports by the Funding Authority, and - the provisions of payment in Section 7.3. A Party shall be funded only for its tasks carried out in accordance with the Consortium Plan.

  • AGGREGATION PLAN Competitive Supplier agrees that it has been provided with and had a reasonable opportunity to examine, and has examined, the Aggregation Plan, and has not discerned any conflicts between this Agreement and the Aggregation Plan. The Parties agree that the Aggregation Plan, in the form as it exists on the Effective Date, shall be construed harmoniously with this Agreement to the greatest practicable extent. Notwithstanding the foregoing, in the event of any conflict between this Agreement and the Aggregation Plan, the Agreement shall govern.

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