Common use of Pension Contribution Clause in Contracts

Pension Contribution. a. Contributions for Employees Hired On or After May 29, 2017: Employees hired by the City on or after May 29, 2017, shall make an additional contribution equal to one and one half percent (1.5%) of their pensionable compensation to the City of Fresno Employees Retirement System, reducing the City contribution by a corresponding amount. Employees hired by the City prior to May 29, 2017, who enter Unit 1 on or after May 29, 2017, and were paying an additional one and one half percent (1.5%) of their pensionable compensation immediately prior to entering Unit 1, shall continue to pay the additional one and one half percent (1.5%) of their pensionable compensation to the City of Fresno Employees Retirement System, reducing the City contribution by a corresponding amount. In accordance with Internal Revenue Code Section 414(h)(2) and related guidance, the City shall pick-up and pay the contribution by salary reduction in accordance with this provision to the City of Fresno Employees Retirement System. The employee shall have no option to receive the one and one half percent (1.5%) contribution in cash. The one and one half percent (1.5%) contribution paid by the employee will not be credited to an employee’s accumulated contribution account, nor will it be deposited into a member’s Deferred Retirement Option Program (“DROP”) account. Employees who separate City employment regardless of reason and withdraw their employee contributions from the Retirement System between the date this agreement is approved by the City, and the effective date of a Fresno Municipal Code amendment pursuant to the provisions in this Section will have an amount equivalent to the additional one and one half percent (1.5%) the employee contributed pursuant to these provisions refunded by the City of Fresno.

Pension Contribution. a. Contributions for Employees Hired On or After May 29, 2017: 2017 Employees hired by the City on or after May 29, 2017, 2017 * * * shall make an additional contribution equal to * * * one and one half percent (1.5%) of their pensionable compensation to the City of Fresno Employees Retirement System, reducing the City contribution by a corresponding amount. Employees hired by the City prior to May 29, 2017, 2017 who enter Unit 1 on or after * * * May 29, 2017, 2017 and were paying an additional one and one half percent (1.5%) of their pensionable compensation immediately prior to entering Unit 1, shall continue to pay the additional one and one half percent (1.5%) of their pensionable compensation to the City of Fresno Employees Retirement System, reducing the City contribution by a corresponding amount. In accordance with Internal Revenue Code Section 414(h)(2) and related guidance, the City shall pick-up and pay the contribution by salary reduction in accordance with this provision to the City of Fresno Employees Retirement System. The employee shall have no option to receive the * * * one and one half percent (1.5%) contribution in cash. The * * * one and one half percent (1.5%) contribution paid by the employee will not be credited to an employee’s accumulated contribution account, nor will it be deposited into a member’s Deferred Retirement Option Program (“DROP”) account. Employees who separate City employment regardless of reason and withdraw their employee contributions from the Retirement System between the date this agreement is approved by the City, and the effective date of a Fresno Municipal Code amendment pursuant to the provisions in this Section will have an amount equivalent to the additional one and one half percent (1.5%) the employee contributed pursuant to these provisions refunded by the City of Fresno.