NEW MEMBER CONTRIBUTION. A “new member” as defined by XXXXX, hired on or after January 1, 2013, shall contribute twelve percent (12%) of their salary toward their pension benefit or no less than fifty percent (50%) of the normal cost toward their pension benefit, whichever is greater.
Appears in 4 contracts
Samples: Memorandum of Understanding, Memorandum of Understanding, Memorandum of Understanding
NEW MEMBER CONTRIBUTION. A “new member” as defined by XXXXX, hired on or after January 1, 2013, shall contribute twelve percent (12%) of their salary toward their pension benefit or no less than fifty percent (50%) of the total annual normal cost toward their pension benefit. Effective January 1, whichever is greater.2018, “new members” shall contribute
Appears in 1 contract
Samples: Memorandum of Understanding
