MERS FOR EMPLOYEES HIRED ON OR AFTER JULY 1, 2013 Sample Clauses

MERS FOR EMPLOYEES HIRED ON OR AFTER JULY 1, 2013. Employees hired on or after July 1, 2013, shall have the option to be enrolled in the State Municipal Employees Retirement System (“MERS”) with COLA option. Members electing to be enrolled into MERS will be subject to the current MERS plan provision for firefighters with the COLA option, including disability retirement provisions. Employees will contribute 10% of their annual salary and holiday pay into the MERS. The Town will contribute 10.75% (inclusive of disability insurance) of the employee’s annual salary and holiday pay into the MERS.
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