Common use of Participation in Defined Contribution Plan Clause in Contracts

Participation in Defined Contribution Plan. Alternatively, the employee may elect to participate in the defined contribution plan. The Employer shall contribute six percent (6.00%) of the employee’s salary to the plan at no cost to the employee. Employees have the option of contributing up to the maximum amount allowable by law. There shall be a rolling 5 year vesting period for employer contributions, provided that all employer contributions shall vest upon the completion of the fifth year and thereafter. Employees electing the defined contribution plan may not elect to participate in the defined benefit plan at a later date.

Participation in Defined Contribution Plan. Alternatively, the employee may elect to participate in the defined contribution plan. The Employer shall contribute six percent (6.00%) of the employee’s salary plan subject to the plan at no cost to the employee. Employees have the option of contributing up to the maximum amount allowable following terms: 2% (mandatory) 2% 4% 4% total 7% total 11% Additional as permitted by law. law and regulation No contributions beyond 7% total There shall be a rolling 5 year vesting period for employer contributions, provided that all employer contributions shall vest upon the completion of the fifth year and thereafter. Employees electing the defined contribution plan may not elect to participate in the defined benefit plan at a later date.