Common use of Opt-Out Election from the Retirement System Clause in Contracts

Opt-Out Election from the Retirement System. An employee who currently is a member of the Retirement System may voluntarily opt-out of the Retirement System and join the Employer’s Defined Contribution Retirement Plan (DC Plan) (who shall be referred to as the “Electing DB member”). This option is a one-time, irrevocable election that the Electing DB member may exercise by completing an Election and Waiver form and returning it to the Human Resources Department. If a member does not exercise a one-time, irrevocable option, he or she shall remain a member and continue to accrue additional benefits under and in accordance with the terms of the Retirement System, and he or she shall not be eligible to participate in the DC Plan. An Electing DB member who voluntarily exercises this one-time irrevocable option to join the DC Plan shall irrevocably cease to be a member of the Retirement System and shall not accrue any additional benefits under the Retirement System beginning on and after the freeze date set forth in his Election and Waiver form. The following rules shall apply to Electing DB members:

Opt-Out Election from the Retirement System. An employee who currently is a member of the Retirement System may voluntarily opt-out of the Retirement System and join the Employer’s Defined Contribution Retirement Plan (DC Plan) (who shall be referred to as the “Electing DB member”). This option is a one-time, irrevocable election that the Electing DB member may exercise by completing an Election and Waiver form and returning it to the Human Resources Department. If a member does not exercise a one-time, irrevocable option, he or she shall remain a member and continue to accrue additional benefits under and in accordance with the terms of the Retirement System, and he or she shall not be eligible to participate in the DC Plan. An Electing DB member who voluntarily exercises this one-time irrevocable option to join the DC Plan shall irrevocably cease to be a member of the Retirement System and shall not accrue any additional benefits under the Retirement System beginning on and after the freeze date set forth in his Election and Waiver form. The following rules shall apply to Electing DB members: