Common use of Pension Cost Sharing Clause in Contracts

Pension Cost Sharing. Effective the first day of the first full pay period in January 2016, in addition to paying 50% of normal costs as described above, employees covered by this Section 3 shall pay, through payroll deduction, an additional 1.0% of PERSable compensation toward the City’s normal cost of pension benefits as permitted by Government Code Section 20516.

Pension Cost Sharing. Effective the first day of the first full pay period in January 2016, in addition to paying 50% of normal costs as described above, employees covered by this Section 3 2 shall pay, through payroll deduction, the full 7.0% member contribution and an additional 1.01% of PERSable compensation toward the City’s required contribution for a total contribution of 8% toward the normal cost of pension benefits as permitted by Government Code Section 20516.