PERS Retirement System and Employee Contribution Sample Clauses

PERS Retirement System and Employee Contribution. Pension Contribution for Represented EAGLES Members on the 2.7 percent at 55 (2.7@55) Pension Formula Effective July 1, 2007, City shall provide retirement benefits as administered by the Public Employees Retirement System (PERS) providing for the 2.7 percent at 55 formula. The employee is responsible for paying the seven percent (7%) employee PERS contribution plus the additional employee PERS contribution of one percent (1%) effective with this amendment effective July 1, 2007. The total eight percent (8%) is the responsibility of the employee. Such payments shall be made pursuant to IRC Section 414(h)(2). Pension Contribution for Represented EAGLES Members on the 2.0 percent at 62 (2.0@62) Pension Formula This section establishes the pension contribution for represented EAGLES members on the 2.0@62 pension formula. This formula was established by the Public Employee Pension Reform Act of 2013 (PEPRA). It went into effect January 1, 2013 and imposed a new pension formula and minimum employee contribution for represented members hired on or after January 1, 2013 who met criteria established in the legislation. In accordance with PEPRA, represented members on this formula must pay at least 50 percent of normal cost of their pension. For FY 15-16, half the normal cost is 6.25 percent of salary.
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PERS Retirement System and Employee Contribution. Pension Contribution for Represented SEIU Members on the 2.7 percent at 55 (2.7@55) Pension Formula The City shall change the Public Employees Retirement System (PERS) retirement benefits from the current two percent at age fifty-five (2% @ 55) formula to the two and seven-tenths percent at age fifty-five (2.7% @ 55) formula effective July 1, 2007. The employee’s PERS deduction shall increase from seven percent (7%) to eight percent (8%) upon implementation of the new retirement formula and shall be paid by the employee pursuant to 414(h)(2) IRS provision. Implementation is subject to the City reaching agreement with all bargaining units covered by this retiree enhancement. Pension Contribution for Represented SEIU Members on the 2.0 percent at 62 (2.0@62) Pension Formula This section establishes the pension contribution for represented SEIU members on the 2.0@62 pension formula. This formula was established by the Public Employee Pension Reform Act of 2013 (PEPRA). It went into effect January 1, 2013 and imposed a new pension formula and minimum employee contribution for represented members hired on or after January 1, 2013 who met criteria established in the legislation. In accordance with PEPRA, represented members on this formula must pay at least 50 percent of normal cost of their pension. For FY 15-16 half the normal cost is 6.25 percent of salary.
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PERS Retirement System and Employee Contribution. The City shall change the Public Employees Retirement System (PERS) retirement benefits from the current two percent at age fifty-five (2% @ 55) formula to the two and seven-tenths percent at age fifty-five (2.7% @ 55) formula effective July 1, 2007. The employee's PERS deduction shall incr ease from seven percent (7%) to eight percent (8%) upon implementation of the new retirement formula and shall be paid by the employee pursuant to 414(h)(2 ) IRS provision. Implementation is subject to the City reaching agreement with all bargaining units covered by this retiree enhancement.
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PERS Retirement System and Employee Contribution. City/Employee Contribution Effective July 1, 2007, City shall provide retirement benefits as administered by the Public Employees Retirement System (PERS) providing for the 2.7 percent at 55 formula. No later than July 31, 2007, the City shall contribute approximately Four Million Dollars ($4,000,000) (of which approximately Two Million Four Hundred Thousand Dollars ($2,400,000) represents the EAGLES) to PERS to reduce the Miscellaneous Contract unfunded liability of Eleven Million Eight Hundred Fifty-Four Thousand Seven Hundred Thirty-One Dollars ($11,854,731) (of which approximately Seven Million One Hundred Thousand Dollars ($7,100,000) represents the EAGLES) resulting from implementation of the 2.7 percent at 55 benefit as shown on the November 21, 2006 PERS Contract Amendment Cost Analysis, Miscellaneous Plan for the City of Mountain View. The employee is responsible for paying the seven percent (7%) employee PERS contribution plus the additional employee PERS contribution of one percent (1%) effective with this amendment effective July 1, 2007. The total eight percent (8%) is the responsibility of the employee. Such payments shall be made pursuant to IRC Section 414(h)(2).
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Related to PERS Retirement System and Employee Contribution

  • Public Employees Retirement System “PERS”) Members. For purposes of this Section 1, “employee” means an employee who is employed by the State on August 28, 2003 and who is eligible to receive benefits under ORS Chapter 238 for service with the State pursuant to Section 2 of Chapter 733, Oregon Laws 2003.

  • Retroactive Pay for Terminated Employees An employee who has retired or severed his/her employment between the termination date of this Agreement and the effective date of the new Agreement shall receive the full retroactivity of any increase in wages, salaries or other benefits.

  • 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.

  • Employee Contribution Eligible employees shall contribute one percent (1%) of their salary on a per pay period basis to the HCSP.

  • 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.

  • Retirement System The withdrawal of employee contributions made on or after January 1, 2014 may also be withdrawn but only on an actuarially neutral basis. The actuarial present value of the pension reduction shall be equal to the amount of accumulated member contributions withdrawn. The actuarial present value shall computed using the interest rate used in the annual actuarial valuation and the mortality table used in the annual actuarial valuation with a 50% unisex blend.

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

  • Dependent Care Salary Reduction Plan The Employer agrees to maintain the current dependent care salary reduction plan that allows eligible employees, covered by this Agreement, the option to participate in a dependent care reimbursement program for work-related dependent care expenses on a pretax basis as permitted by federal tax law or regulation.

  • Probation for Newly Hired Employees (a) The Employer may reject a probationary employee for just cause. A rejection during probation shall not be considered a dismissal for the purpose of Article 11.2

  • Non-Vested Retirement Gratuity for Teachers 1. The minimum years of service for retirement gratuity shall be defined as the lesser of the contractual minimal service requirement in the 2008-2012 collective agreement, or ten (10) years.

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