PERS RETIREMENT CONTRIBUTION Sample Clauses

PERS RETIREMENT CONTRIBUTION. The employee is responsible for paying the entire employee contribution related to the CalPERS retirement formula for which they are eligible. The City of Lompoc will pay no portion of the employee contribution for any of the contracted CalPERS retirement formulas. As defined under the Public Employees Pension Reform Act (PEPRA), all new “Non- Classic” PERS member employees covered under this MOU and hired on or after January 1, 2013 shall receive the “2.7% at age 57 PERS plan” benefit with their final compensation calculated based upon the average full-time monthly pay rate for the highest thirty-six (36) consecutive months. As defined under the Public Employees Pension Reform Act (PEPRA) and determined by XxxXXXX, all new “Classic” PERS members, hired on or after January 1, 2013 shall receive the PERS plan benefit formula that they would have been eligible for had they been hired on December 31, 2012. All new PERS member employees covered under this MOU and hired on or after September 24, 2011 and before January 1, 2013 shall receive the “3% at age 55 PERS plan” benefit with their final compensation calculated based upon the average full-time monthly pay rate for the highest thirty-six (36) consecutive months. Employees hired before September 24, 2011, shall receive the “3% at age 50 PERS plan” benefit. The City implemented the PERS 1959 Survivor’s benefit at the fourth level effective January 1997. The IAFF, Local 1906 represented employees will be responsible for paying the difference between the employer cost for level one basic survivor benefit and the level four employers cost increase. However, in consideration of an identified surplus in the local fire member’s survivor’s benefit account as of June 14, 1996, the agreed upon members’ payment will be waived for a period of six years from the implementation date of the fourth level benefit. The members’ payment of the employer cost increase between level one and level four benefits will be waived through January 2009, as long as a surplus exists in the fire members’ survivor’s account sufficient to pay the increased employer cost. As soon as the fire members’ survivor’s account is not sufficient to pay the increased employer cost, the fire members will then begin to pay the increased employer cost.
Sample 1Sample 2
AutoNDA by SimpleDocs
PERS RETIREMENT CONTRIBUTION. 5-1 Employee Contribution - Safety Members: Safety employees under this Agreement are provided the “3% at age 50” CalPERS plan benefit, which requires a 9% employee contribution. The City shall contribute 0.135% of the required 9% employee contribution on the employee’s behalf with the remaining 08.865% paid by the employee. Employees will have the option to have a salary adjustment in the form of a deferred income payment for their member contribution.
Sample 1Sample 2
PERS RETIREMENT CONTRIBUTION. Classic PERS members shall be responsible for paying the employee portion of the PERS retirement contribution (currently seven percent), effective on the date provided above.
Sample 1
PERS RETIREMENT CONTRIBUTION. 5-1 Employees under this Agreement shall continue to receive the “3% at age 50 PERS plan” benefit. Unless modified herein, employees shall pay 8.865% 6.865%of their employee contribution of nine percent (9%), with the City paying the balance of .135%. 2.135%. Employees will have the option to have a salary adjustment in the form of deferred income payment for their member contribution. Contribution to the nine percent (9%) cost of the “3% at age 50 PERS plan” benefit shall, subject to Article 4, Section 4-2, be as follows: Effective Pay
Sample 1
PERS RETIREMENT CONTRIBUTION 
Sample 1Sample 2

Related to PERS RETIREMENT CONTRIBUTION

  • Retirement Contribution The State shall, as permitted by 5 M.R.S.A. §17702 §§s5 and 6, pay the cost of the 6.5% or 7.5% retirement contribution for employees in the following classifications. Corrections Firearms Instructor Oil & Hazardous Material Responder I Oil & Hazardous Material Responder II

  • Retirement Contributions On behalf of employees, the State will continue to “pick up” the six percent (6%) employee contribution, payable pursuant to law. The parties acknowledge that various challenges have been filed that contest the lawfulness, including the constitutionality, of various aspects of PERS reform legislation enacted by the 2003 Legislative Assembly, including Chapters 67 (HB 2003) and 68 (HB 2004) of Oregon Laws 2003 (“PERS Litigation”). Nothing in this Agreement shall constitute a waiver of any party’s rights, claims or defenses with respect to the PERS Litigation.

  • Maintaining Eligibility for Employer Contribution The employer's contribution continues as long as the employee remains on the payroll in an insurance eligible position. Employees who complete their regular school year assignment shall receive coverage through August 31.

  • Eligibility for Employer Contribution This section describes eligibility for an Employer Contribution toward the cost of coverage.

  • Employer Contribution (a) An Employer contribution for health and dental benefits will only be made for each active employee who has at least eighty (80) paid regular hours in a month and who is eligible for medical insurance coverage, unless otherwise required by law.

  • Pre-Retirement Leave An employee scheduled to retire and to receive a superannuation allowance under the applicable Superannuation Act(s), or who has reached the mandatory retiring age, shall be entitled to:

  • Non-Retirement Savings Accounts An account maintained in the Cayman Islands (other than an insurance or Annuity Contract) that satisfies the following requirements under the laws of the Cayman Islands.

  • Retirement Pay Any teacher with ten (10) years consecutive teaching experience in the Park Hill School District immediately prior to retirement from PSRS without an age reduction for early retirement, shall receive upon retirement from the Park Hill School District a terminal amount based upon the following formula: (Notation, the teacher must make application to PSRS for retirement and begin drawing from PSRS on the first available month following retirement). Years of service to the Park Hill School District to be divided by ten (10) and multiplied by one-ninth (1/9) of the last completed contract. Retirement notification after December 15 for the current academic year will result in a reduction of $1,000.00 from the total under Article 36. In the event of a sudden severe illness of the teacher, teacher’s legally recognized spouse, and/or child, the transfer of a legally recognized spouse, or being called into active military duty may be cause for the District not to impose the late notification reduction of $1,000.00. A teacher who otherwise qualifies for payment under Article 36 and dies while currently classified as an active employee will receive such payment.

  • Deferred Retirement a. An employee who, upon separation from County service, is eligible for paid retirement and elects deferred retirement must defer participation in the Grant until such time as he or she becomes an active retiree.

  • VESTED RETIREMENT GRATUITY VOLUNTARY EARLY PAYOUT a) An Employee eligible for a Sick Leave Credit retirement gratuity as per Appendix A shall have the option of receiving a payout of his/her gratuity on August 31, 2016, or on the employee’s normal retirement date.

Time is Money Join Law Insider Premium to draft better contracts faster.