Common use of Payment of Employee/Member Contribution Clause in Contracts

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. 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%).

Payment of Employee/Member Contribution. New 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 XxxXXXXCalPERS, through a payroll deduction. This amount will be determined by XxxXXXX 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 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%).

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 XxxXXXXCalPERS, through a payroll deduction. This amount will be determined by XxxXXXX 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 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 of the normal cost amount and eight percent percent, so that their total retirement contribution will be eight percent (8%).

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 XxxXXXXCalPERS, through a payroll deduction. This amount will be determined by XxxXXXX 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 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%).

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 XxxXXXXCalPERS, through a payroll deduction. This amount will be determined by XxxXXXX 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 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%).

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 XxxXXXXCalPERS each year in their annual valuation, 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. In addition, new members will 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 current half the normal cost amount and eight percent (8%), so that their total retirement contribution will be eight percent (8%).