Common use of Money Purchase Pension Plan Clause in Contracts

Money Purchase Pension Plan. A. The District will continue to deposit an amount equivalent to six and sixty−five one hundredth’s percent (6.65%) of the employee’s base rate monthly compensation (after deducting the first one hundred thirty−three dollars and thirty−three cents [$133.33] paid during the month) up to a maximum annual contribution of one thousand eight hundred and sixty−eight dollars and sixty−five cents ($1,868.65) into a Money Purchase Pension Plan for employees. The base rate monthly compensation equals one hundred seventy−three and one third (173.33) hours times base straight time hourly rate. B. Additional Contributions to Employees’ Money Purchase Pension Plan or Retiree Health Benefits Trust during PERS Superfunding. 1. Except as provided below, beginning October 1, 2001, and for the period(s) during which the District’s PERS account is superfunded, the District shall make an additional contribution to each employee’s Money Purchase Pension Plan account in the amount of 3.5% of gross straight−time wages. This contribution is 50% or one half of the 7% PERS Employer Paid Member Contribution (EPMC). The other 3.5% will be available to the District for discretionary obligations and purposes. The 7% EPMC will be discontinued during the period(s) of superfunding. 2. If the District’s employer PERS account becomes superfunded in any fiscal year commencing before the fiscal year beginning July 1, 2034, and if in the next fiscal year the RHBT has an unfunded actuarial liability as determined by the District’s actuaries, then the District shall, at the commencement of the fiscal year after superfunding status begins, discontinue its payment of the EPMC for members of the bargaining units from the operating budget and shall instead direct an equal amount into the District’s Retiree Health Benefit Trust. If the District’s employer PERS account loses superfunding status, the payments provided in section B.1 or B.2 of this section, whichever applies, shall cease and the District shall resume payment of the employee PERS contribution from the operating budget.

Money Purchase Pension Plan. A. The District will continue to deposit an amount equivalent to six and sixty−five sixty-five one hundredth’s hundredth‟s percent (6.65%) of the employee’s employee‟s base rate monthly compensation (after deducting the first one hundred thirty−three thirty-three dollars and thirty−three thirty-three cents [$133.33] paid during the month) up to a maximum annual contribution of one thousand eight hundred and sixty−eight sixty-eight dollars and sixty−five sixty-five cents ($1,868.65) into a Money Purchase Pension Plan for employees. The base rate monthly compensation equals one hundred seventy−three seventy-three and one third (173.33) hours times base straight time hourly rate. B. Additional Contributions to Employees’ Employees‟ Money Purchase Pension Plan or Retiree Health Benefits Trust during PERS Superfunding. 1. Except as provided below, beginning October 1, 2001, and for the period(s) during which the District’s District‟s PERS account is superfunded, the District shall make an additional contribution to each employee’s employee‟s Money Purchase Pension Plan account in the amount of 3.5% of gross straight−time straight-time wages. This contribution is 50% or one half of the 7% PERS Employer Paid Member Contribution (EPMC). The other 3.5% will be available to the District for discretionary obligations and purposes. The 7% EPMC will be discontinued during the period(s) of superfunding. 2. If the District’s District‟s employer PERS account becomes superfunded in any fiscal year commencing before the fiscal year beginning July 1, 2034, and if in the next fiscal year the RHBT has an unfunded actuarial liability as determined by the District’s District‟s actuaries, then the District shall, at the commencement of the fiscal year after superfunding status begins, discontinue its payment of the EPMC for members of the bargaining units from the operating budget and shall instead direct an equal amount into the District’s District‟s Retiree Health Benefit Trust. If the District’s District‟s employer PERS account loses superfunding status, the payments provided in section B.1 or B.2 of this section, whichever applies, shall cease and the District shall resume payment of the employee PERS contribution from the operating budget.

Money Purchase Pension Plan. A. The District will continue to deposit an amount equivalent to six and sixty−five one hundredth’s sixty-five hundredths percent (6.65%) of the employee’s base rate monthly compensation (after deducting the first one hundred thirty−three thirty- three dollars and thirty−three thirty-three cents [$133.33] paid during the month) up to a maximum annual contribution of one thousand eight hundred and sixty−eight sixty-eight dollars and sixty−five sixty-five cents ($1,868.65) into a Money Purchase Pension Plan (MPPP) for employees. The base rate monthly compensation equals one hundred seventy−three seventy-three and one third (173.33) hours times X base straight time hourly rate. B. Additional Contributions to Employees’ Employees Money Purchase Pension Plan or Retiree Health Benefits Trust during PERS Superfunding. 1. Except as provided below, beginning October 1, 2001, below and for the period(s) during which the District’s PERS account is superfunded, the District shall make an additional contribution to each employee’s Money Purchase Pension Plan account in the amount of three and one-half percent (3.5% %) of gross straight−time straight-time wages. This contribution is fifty percent (50% %) or one one-half (½) of the seven percent (7% %) PERS Employer Paid Member Contribution (EPMC). The other three and one-half percent (3.5% %) will be available to the District for discretionary obligations and purposes. The seven percent (7% %) EPMC will be discontinued during the period(s) of superfunding. 2. If the District’s employer PERS account becomes superfunded in any fiscal year commencing before the fiscal year beginning July 1, 2034, and if in the next fiscal year the RHBT has an unfunded actuarial liability as determined by the District’s actuaries, then the District shall, at the commencement of the fiscal year after superfunding status begins, discontinue its payment of the EPMC for members of the bargaining units from the operating budget and shall instead direct an equal amount into the District’s Retiree Health Benefit Trust. If the District’s employer PERS account loses superfunding status, the payments provided in section B.1 B(1) or B.2 B(2) of this sectionthis, whichever applies, shall cease and the District shall resume payment of the employee PERS contribution from the operating budget.

Money Purchase Pension Plan. A. The District will continue to deposit an amount equivalent to six and sixty−five sixty-five one hundredth’s percent (6.65%) of the employee’s base rate monthly compensation (after deducting the first one hundred thirty−three thirty-three dollars and thirty−three thirty-three cents [$133.33] paid during the month) up to a maximum annual contribution of one thousand eight hundred and sixty−eight sixty-eight dollars and sixty−five sixty-five cents ($1,868.65) into a Money Purchase Pension Plan for employees. The base rate monthly compensation equals one hundred seventy−three seventy-three and one third (173.33) hours times base straight time hourly rate. B. Additional Contributions to Employees’ Money Purchase Pension Plan or Retiree Health Benefits Trust during PERS Superfunding. 1. Except as provided below, beginning October 1, 2001, and for the period(s) during which the District’s PERS account is superfunded, the District shall make an additional contribution to each employee’s Money Purchase Pension Plan account in the amount of 3.5% of gross straight−time straight-time wages. This contribution is 50% or one half of the 7% PERS Employer Paid Member Contribution (EPMC). The other 3.5% will be available to the District for discretionary obligations and purposes. The 7% EPMC will be discontinued during the period(s) of superfunding. 2. If the District’s employer PERS account becomes superfunded in any fiscal year commencing before the fiscal year beginning July 1, 2034, and if in the next fiscal year the RHBT has an unfunded actuarial liability as determined by the District’s actuaries, then the District shall, at the commencement of the fiscal year after superfunding status begins, discontinue its payment of the EPMC for members of the bargaining units from the operating budget and shall instead direct an equal amount into the District’s Retiree Health Benefit Trust. If the District’s employer PERS account loses superfunding status, the payments provided in section B.1 or B.2 of this section, whichever applies, shall cease and the District shall resume payment of the employee PERS contribution from the operating budget.

Money Purchase Pension Plan. A. The District will continue to deposit an amount equivalent to six and sixty−five one hundredth’s sixty-five hundredths percent (6.65%) of the employee’s base rate monthly compensation (after deducting the first one hundred thirty−three thirty-three dollars and thirty−three thirty-three cents [$133.33] paid during the month) up to a maximum annual contribution of one thousand eight hundred and sixty−eight sixty- eight dollars and sixty−five sixty-five cents ($1,868.65) into a Money Purchase Pension Plan (MPPP) for employees. The base rate monthly compensation equals one hundred seventy−three seventy-three and one third (173.33) hours times X base straight time hourly rate. B. Additional Contributions to Employees’ Employees Money Purchase Pension Plan or Retiree Health Benefits Trust during PERS Superfunding. 1. Except as provided below, beginning October 1, 2001, below and for the period(s) during which the District’s PERS account is superfunded, the District shall make an additional contribution to each employee’s Money Purchase Pension Plan account in the amount of three and one-half percent (3.5% %) of gross straight−time straight-time wages. This contribution is fifty percent (50% %) or one one-half (½) of the seven percent (7% %) PERS Employer Paid Member Contribution (EPMC). The other three and one-half percent (3.5% %) will be available to the District for discretionary obligations and purposes. The seven percent (7% %) EPMC will be discontinued during the period(s) of superfunding. 2. If the District’s employer PERS account becomes superfunded in any fiscal year commencing before the fiscal year beginning July 1, 2034, and if in the next fiscal year the RHBT has an unfunded actuarial liability as determined by the District’s actuaries, then the District shall, at the commencement of the fiscal year after superfunding status begins, discontinue its payment of the EPMC for members of the bargaining units from the operating budget and shall instead direct an equal amount into the District’s Retiree Health Benefit Trust. If the District’s employer PERS account loses superfunding status, the payments provided in section B.1 B(1) or B.2 B(2) of this sectionthis, whichever applies, shall cease and the District shall resume payment of the employee PERS contribution from the operating budget.

Money Purchase Pension Plan. A. The District will continue to deposit an amount equivalent to six and sixty−five one hundredth’s sixty-five hundredths percent (6.65%) of the employee’s base rate monthly compensation (after deducting the first one hundred thirty−three thirty- three dollars and thirty−three thirty-three cents [$133.33] paid during the month) up to a maximum annual contribution of one thousand eight hundred and sixty−eight sixty-eight dollars and sixty−five sixty-five cents ($1,868.65) into a Money Purchase Pension Plan (MPPP) for employees. The base rate monthly compensation equals one hundred seventy−three seventy-three and one third (173.33) hours times X base straight time hourly rate. B. Additional Contributions to Employees’ Employees Money Purchase Pension Plan or Retiree Health Benefits Trust during PERS Superfunding. 1. Except as provided below, beginning October 1, 2001, below and for the period(s) during which the District’s PERS account is superfunded, the District shall make an additional contribution to each employee’s Money Purchase Pension Plan account in the amount of three and one-half percent (3.5% %) of gross straight−time straight-time wages. This contribution is fifty percent (50% %) or one one–half (½) of the seven percent (7% %) PERS Employer Paid Member Contribution (EPMC). The other three and one-half percent (3.5% %) will be available to the District for discretionary obligations and purposes. The seven percent (7% %) EPMC will be discontinued during the period(s) of superfunding. 2. If the District’s employer PERS account becomes superfunded in any fiscal year commencing before the fiscal year beginning July 1, 2034, and if in the next fiscal year the RHBT has an unfunded actuarial liability as determined by the District’s actuaries, then the District shall, at the commencement of the fiscal year after superfunding status begins, discontinue its payment of the EPMC for members of the bargaining units from the operating budget and shall instead direct an equal amount into the District’s Retiree Health Benefit Trust. If the District’s employer PERS account loses superfunding status, the payments provided in section B.1 B(1) or B.2 B(2) of this sectionthis, whichever applies, shall cease and the District shall resume payment of the employee PERS contribution from the operating budget.