Pick Up and Payment of Employee Pension Contribution Sample Clauses

Pick Up and Payment of Employee Pension Contribution. ‌ The City shall pick up and pay to the Joliet Police Pension Fund (the Fund), on behalf of each Employee covered by this Agreement; an amount equal to the police officer contribution required by Section 3-125.1 of the Illinois Pension Code (40 ILCS 5/3-125.1), as amended, which as of the effective date of this agreement is 9.91% of salary. It is understood that this pick up and payment to the Fund consists of the amount assessed against each such Employee under the provisions of the Fund and shall be considered to be a payment of salary under Section 1. Such amounts picked up and paid to the Fund will be treated as employer contributions for income tax purposes pursuant to 26 USC Section 414(h). The City shall not be required by this paragraph to pick up and pay any additional amounts to the Fund. The Labor Council agrees that the City's pick up and payment of contributions to the Fund is solely for the purpose of making such contributions, which otherwise would be made by the Employee, nontaxable for income tax purposes and shall not be considered as reducing the salaries paid to the Employees in accordance with Section 1 hereof. The Labor Council shall hold the City harmless and indemnify the City against any and all liabilities, losses, and expenses of whatever nature arising out of the City's agreement to pick up and make payments to the Fund in accordance with this Section.
Sample 1
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Related to Pick Up and Payment of Employee Pension Contribution

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