New Members’ Additional Contribution Sample Clauses

New Members’ Additional Contribution. Effective November 8, 2015, New Mem- bers assumed, and shall continue to assume responsibility for contributing an addi- tional two percent (2%) of pensionable compensation (in addition to contributing 50% of the normal cost) towards the City’s CalPERS employer contribution rate via automatic payroll deduction on a pre-tax basis. The City shall designate such pay- ments to the City’s CalPERS employer contribution rate as an Employer Pickup as defined by Section 414(h)(2) of the Internal Revenue Code.