Pension Formula Change Sample Clauses

Pension Formula Change. 1. Employees hired between October 1, 2011 and December 31, 2012 shall be provided a new retirement formula of 2.0 percent @ 50 (2.7 percent @ 55). These employees shall contribute from their annual salary an employee contribution of 9 percent to CalPERS. Final compensation for employees hired on or after October 1, 2011 will be calculated based on a three-year average.
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Pension Formula Change. If any three (3) of the following agencies: Anaheim, Glendale, Huntington Beach, Santa Xxx, Santa Xxxxxx, Torrance, Irvine, Redondo Beach, and Newport Beach, convert to a 3% @ 55 CalPERS formula, the LBPOA agrees to automatically convert to a 3% @ 55 CalPERS formula for new bargaining unit members.

Related to Pension Formula Change

  • Benefit Eligibility For purposes of the Benefit Plan entitlement, common-law and same sex relationships will apply as defined.

  • REGISTERED RETIREMENT SAVINGS PLAN 1. In this Article:

  • Group Benefits Eligibility 7.2.1 Participation in the Plan shall be a condition of employment for all teachers commencing employment for a full school year.

  • Full Employer Contribution - Basic Eligibility Employees covered by this Agreement who are scheduled to work at least seventy-five (75) percent of the time are eligible for the full Employer Contribution. This means:

  • Partial Employer Contribution - Basic Eligibility The following employees covered by this Agreement receive the full Employer Contribution for basic life coverage, and at the employee's option, a partial Employer Contribution for health and dental coverages if they are scheduled to work at least fifty (50) percent but less than seventy-five (75) percent of the time. This means:

  • Effective Date of Benefit Termination Medical, dental and life coverage termination will take effect on the first of the month following the loss of eligible employee or dependent status. Disability benefit coverage terminations will take effect on the day following loss of eligible employee status.

  • Special Parental Allowance for Totally Disabled Employees (a) An employee who:

  • Retirement Savings Plan Within fifteen (15) days after the date of Termination of Employment, the Company shall pay to Employee a cash payment in an amount, if any, necessary to compensate Employee for the Employee’s unvested interests under the Company’s retirement savings plan which are forfeited by Employee in connection with the Termination of Employment.

  • Oregon Public Service Retirement Plan Pension Program Members For purposes of this Section 2, “employee” means an employee who is employed by the State on or after August 29, 2003 and who is not eligible to receive benefits under ORS Chapter 238 for service with the State pursuant to Section 2 of Chapter 733, Oregon Laws 2003.

  • Group Registered Retirement Savings Plan 9.9.1 The College agrees to implement a group Registered Retirement Savings Plan for participation by employees. For regular employees who wish to participate in the Plan, the College agrees to contribute the total amount of the annual contribution by the fifteenth of the first month of the Benefit Year. The employee shall repay that contribution through payroll deduction in equal instalments throughout the Benefit Year.

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