Payment of Employee/Member Contribution. New member employees are responsible for paying the employee contribution of one-half of the total normal cost of the plan, as defined by XxxXXXX, through a payroll deduction. This amount will be determined by XxxXXXX in the future. The City has adopted the CalPERS resolution in accordance with IRS Code section 414(h)(2) to ensure that the employee contribution is made on a pre-tax basis.
Payment of Employee/Member Contribution. Classic Members pay their 8% Member Contribution. The City has adopted the CalPERS resolution in accordance with IRS Code section 414(h)(2) to ensure that the employee contribution is made on a pre-tax basis.
Payment of Employee/Member Contribution. Effective October 5, 2013, new member employees are responsible for paying the employee contribution of one-half of the total normal cost of the plan, as defined by CalPERS, through a payroll deduction. This amount will be determined by CalPERS in the future. The City has adopted the CalPERS resolution in accordance with IRS Code section 414(h)(2) to ensure that the employee contribution is made on a pre-tax basis. In addition, new members will pay additional amount for their retirement contribution as cost sharing in accordance with Government Code section 20516(f). That amount will be the difference between the half the normal cost amount and eight percent so that their total retirement contribution will be eight percent (8%).
Payment of Employee/Member Contribution. Classic Members pay their 8% Member Contribution.
Payment of Employee/Member Contribution. Classic members shall pay their entire Member Contribution equal to nine percent (9%) of compensation earnable and the City shall pay and report zero percent (0%) of compensation earnable as Employer Paid Member Contribution (EPMC). The City has adopted the CalPERS resolution in accordance with IRS Code section 414(h)(2) to ensure that the employee contribution is made on a pre-tax basis.
Payment of Employee/Member Contribution. New member employees are responsible for paying the employee contribution of one-half of the total normal cost of the plan, as defined by XxxXXXX, through a payroll deduction. The cost sharing provision below does not change this responsibility for paying one-half the normal cost, which is defined in the annual actuarial valuation report provided by CalPERS. The City has adopted the CalPERS resolution in accordance with IRS Code section 414(h)(2) to ensure that the employee contribution is made on a pre-tax basis. In addition, new members pay an additional amount for their retirement contribution as cost sharing in accordance with Government Code section 20516(f). That amount will be the difference between the half the normal cost amount and eight percent so that their total retirement contribution will be eight percent (8%). If the half the normal cost rate equals or exceeds eight (8%) employees will not be required to cost share.
Payment of Employee/Member Contribution. New member employees are responsible for paying the employee contribution of one-half of the total normal cost of the plan, as defined by XxxXXXX, through a payroll deduction. This amount will be determined by XxxXXXX in the future. The cost sharing provision below does not change this responsibility for paying one-half the normal cost, which is defined in the annual actuarial valuation report provided by CalPERS. The City has adopted the CalPERS resolution in accordance with IRS Code section 414(h)(2) to ensure that the employee contribution is made on a pre-tax basis. In addition, new members pay an additional amount for their retirement contribution as cost sharing in accordance with Government Code section 20516(f). That amount will be the difference between the half the normal cost amount and eight percent so that their total retirement contribution will be eight percent (8%). If the half the normal cost rate equals or exceeds eight (8%) employees will not be required to cost share.
Payment of Employee/Member Contribution a. Tier 1 Employees Subject to the 3%@50 formula:
i. Effective at the beginning of the pay period following City Council approval of this MOU, these employees will pay three percent (3%) compensation earnable towards their CalPERS member contribution. The City pays and reports six percent (6%) as an Employer Paid Member Contribution (EPMC) under Government Code section 20636(c)(4) pursuant to section 20691.
ii. Effective at the beginning of the pay period which includes January 1, 2018, these employees will pay six percent (6%) compensation earnable towards their CalPERS member contribution. The City pays and reports three percent (3%) as an Employer Paid Member Contribution (EPMC) under Government Code section 20636(c)(4) pursuant to section 20691.
iii. Effective at the beginning of the pay period which includes July 1, 2018, these employees will pay the full nine percent (9%) CalPERS member contribution as compensation earnable towards their CalPERS member contribution. The City shall pay and report zero percent (0%) as an Employer Paid Member Contribution (EPMC) under Government Code section 20636(c)(4) pursuant to section 20691.
b. Tier 2 Employees Subject to the 2%@50 formula:
i. These employees pay their 9% CalPERS Member Contribution. The City pays and reports zero percent (0%) as an Employer Paid Member Contribution (EPMC) under Government Code section 20636(c)(4) pursuant to section 20691. The City has adopted the CalPERS resolution in accordance with IRS Code section 414(h)(2) to ensure that the employee contribution is made on a pre-tax basis.
Payment of Employee/Member Contribution. Classic members pay their 9% Member Contribution. Effective in the pay period following adoption of this MOU, the City will pay and report zero percent (0%) as an Employer Paid Member Contribution (EPMC) under Government Code section 20636(c)(4) pursuant to section 20691. The City has adopted the CalPERS resolution in accordance with IRS Code section 414(h)(2) to ensure that the employee contribution is made on a pre- tax basis.
Payment of Employee/Member Contribution. New member employees are responsible for paying the employee contribution of one-half of the total normal cost of the plan, as defined by XxxXXXX, through a payroll deduction. This amount will be determined by XxxXXXX in the future.
