Pickup of Operator Contribution to Retirement System Sample Clauses

Pickup of Operator Contribution to Retirement System. ‌ 50. Represented employees agree to pay their own employee retirement contribution to SFERS. For employees who became members of SFERS prior to November 2, 1976 (Charter Section A8.509 Miscellaneous Plan), SFMTA shall pick up one-half percent (0.5%) of the total employee retirement contribution. Effective October 10, 2015, represented employees who are members of SFERS hired before July 1, 2011, shall receive a base wage increase of three and eighteen hundredths’ percent (3.18%) in exchange for their agreement to pay two and one- half percent (2.5%) of the seven and one-half percent (7.5%) employee retirement contribution previously picked up by SFMTA. Effective October 10, 2015, represented employees who became members of SFERS on or after July 1, 2011, shall receive a base wage increase of three and eighteen hundredths’ percent (3.18%) in exchange for their agreement to pay one third of the employee retirement contribution being picked up by SFMTA on October 9, 2015. Effective October 8, 2016, represented employees who are members of SFERS hired before July 1, 2011, shall receive a base wage increase of three and sixteen hundredths’ percent (3.16%) in exchange for their agreement to pay another two and one-half percent (2.5%) of the seven and one-half percent (7.5%) employee retirement contribution previously picked up by SFMTA. Effective October 8, 2016, represented employees who became members of SFERS on or after July 1, 2011, shall receive a base wage increase of three and sixteen hundredths’ percent (3.16%) in exchange for their agreement to pay one half of the remaining employee retirement contribution being picked up by SFMTA on October 7, 2016. Effective January 14, 2017, represented employees who are members of SFERS hired before July 1, 2011, shall receive a base wage increase of three and sixteen hundredths’ percent (3.16%) in exchange for their agreement to pay the final two and one-half percent (2.5%) remaining of the seven and one-half percent (7.5%) employee retirement contribution previously picked up by SFMTA. Effective January 14, 2017, represented employees who became members of SFERS on or after July 1, 2011, shall receive a base wage increase of three and sixteen hundredths’ percent (3.16%) in exchange for their agreement to pay all of the remaining employee retirement contribution being picked up by SFMTA on January 13, 2017. For the base hourly wage rates (top step) during the term of this Agreement, see Appendix C. For wage rates...
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Pickup of Operator Contribution to Retirement System. Represented employees agree to pay their own employee retirement contribution to SFERS. For employees who became members of SFERS prior to November 2, 1976 (Charter Section A8.509 Miscellaneous Plan), SFMTA shall pick up one-half percent (0.5%) of the total employee retirement contribution.
Sample 1
Pickup of Operator Contribution to Retirement System. For permanent Operators employees employed by the SFMTA before July 1, 2011, the SFMTA shall pick up the employee share of contributions to the San Francisco Employee Retirement System (SFERS), up to a maximum of seven and one half percent (7.5%) of pension covered gross salary for new plan SFERS members and eight percent (8%) of pension covered gross salary for old plan SFERS members.
Sample 1

Related to Pickup of Operator Contribution to Retirement System

  • Transition to Retirement 24.1 An Employee may advise their Employer in writing of their intention to retire within the next five years and participate in a retirement transition arrangement. 24.2 Transition to retirement arrangements may be proposed and, where agreed, implemented as: (a) a flexible working arrangement (see clause 16 (Flexible Working Arrangements)); (b) in writing between the parties; or (c) any combination of the above. 24.3 A transition to retirement arrangement may include but is not limited to: (a) a reduction in their EFT; (b) a job share arrangement; or (c) working in a position at a lower classification or rate of pay. 24.4 The Employer will consider, and not unreasonably refuse, a request by an Employee who wishes to transition to retirement: (a) to use accrued Long Service Leave (LSL) or Annual Leave for the purpose of reducing the number of days worked per week while retaining their previous employment status; or (b) to be appointed to a role which that has a lower hourly rate of pay or hours (post transition role), in which case: (i) the Employer will preserve the accrual of LSL at the time of reduction in salary or hours; and (ii) where LSL is taken or paid out in lieu on termination, the Employee will be paid LSL hours at the applicable classification and grade, and at the preserved hours, prior to the post transition role until the preserved LSL hours are exhausted.

  • 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.

  • What Forms of Distribution Are Available from a Xxxxxxxxx Education Savings Account Distributions may be made as a lump sum of the entire account, or distributions of a portion of the account may be made as requested.

  • REGISTERED RETIREMENT SAVINGS PLAN 1. In this Article:

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

  • 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.

  • Public Employees Retirement System “PERS”) Members.

  • Third Party Administrators for Defined Contribution Plans 2.1 The Fund may decide to make available to certain of its customers, a qualified plan program (the “Program”) pursuant to which the customers (“Employers”) may adopt certain plans of deferred compensation (“Plan or Plans”) for the benefit of the individual Plan participant (the “Plan Participant”), such Plan(s) being qualified under Section 401(a) of the Code and administered by TPAs which may be plan administrators as defined in the Employee Retirement Income Security Act of 1974, as amended. 2.2 In accordance with the procedures established in Schedule 2.1 entitled “Third Party Administrator Procedures,” as may be amended by the Transfer Agent and the Fund from time to time (“Schedule 2.1”), the Transfer Agent shall: (a) Treat Shareholder accounts established by the Plans in the name of the Trustees, Plans or TPAs, as the case may be, as omnibus accounts; (b) Maintain omnibus accounts on its records in the name of the TPA or its designee as the Trustee for the benefit of the Plan; and (c) Perform all Services under Section 1 as transfer agent of the Funds and not as a record-keeper for the Plans. 2.3 Transactions identified under Sections 1 and 2 of this Agreement shall be deemed exception services (“Exception Services”) when such transactions: (a) Require the Transfer Agent to use methods and procedures other than those usually employed by the Transfer Agent to perform transfer agency and recordkeeping services; (b) Involve the provision of information to the Transfer Agent after the commencement of the nightly processing cycle of the TA2000 System; or (c) Require more manual intervention by the Transfer Agent, either in the entry of data or in the modification or amendment of reports generated by the TA2000 System, than is normally required.

  • Coverage Selection Prior to Retirement An employee who retires and is eligible to continue insurance coverage as a retiree may change his/her health or dental plan during the sixty (60) calendar day period immediately preceding the date of retirement. The employee may not add dependent coverage during this period. The change takes effect on the first day of the month following the date of retirement.

  • Retirement Contribution 1. The State shall, as permitted by 5 M.R.S.A. §17702 §§s5 and 6, pay its cost of the 6.5% or 7.5% retirement contribution for employees in the bargaining unit who are covered under special Law Enforcement retirement plans. 2. 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.

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