Prohibits contribution holidays. Pension boards may suspend contributions if a plan is 120 percent funded or if the retirement system determines that additional contributions would jeopardize the tax status or otherwise harm the plan.
Prohibits contribution holidays Sample Clauses
Related to Prohibits contribution holidays
Vacation/Holidays The Executive shall be entitled to all public holidays observed by the Company and vacation days in accordance with the applicable vacation policies for senior executives of the Company, which shall be taken at a reasonable time or times.
Pension Contributions While on Short Term Disability Contributions for OMERS Plan Members When an employee/plan member is on short-term sick leave and receiving less than 100% of regular salary, the Board will continue to deduct and remit OMERS contributions based on 100% of the employee/plan member’s regular pay.
Pay for Holidays Worked (a) When an employee is required to work on a designated holiday, the employee shall be paid compensation, or given compensatory time off, for such work at the rate of time and one-half the employee’s regular rate of pay, in addition to regular pay received for all hours worked for the holiday.
Compensation for Holidays Worked a. With the exception of the provisions in Section C.2.b., below, an employee required to work on a holiday listed above shall be paid at the employee's regular straight-time rate of pay for the hours actually worked. In addition, an eligible employee shall receive either compensatory time off or holiday pay at the option of the University at the regular straight-time rate, including any shift differential.
Deductions from Sick Leave A deduction shall be made from accumulated sick leave of all normal working days (exclusive of holidays) absent for sick leave.
Holidays Worked When an employee works on a calendar holiday, he/she shall receive payment of the holiday at the regular rate and in addition, at the discretion of the Employer, (1) be paid at the rate of time and one half for hours actually worked on the holiday or (2) be given compensatory time off equal to one and one half the number of hours actually worked.
Special Parental Allowance for Totally Disabled Employees (a) An employee who:
Sick Leave Credit-Based Retirement Gratuities 1) A Teacher is not eligible to receive a sick leave credit gratuity after August 31, 2012, except a sick leave credit gratuity that the Teacher had accumulated and was eligible to receive as of that day.
Annual Leave Exclusive of Public Holidays The period of annual leave prescribed by this clause is exclusive of any public holidays, and if any such holiday falls within an employee’s period of annual leave and is observed on a day which in the case of that employee would have been an ordinary working day, there will be added to the period of annual leave time equivalent to the ordinary time which the employee would have worked if such day had not been a holiday.
Vacation Leave on Retirement An employee scheduled to retire and to receive pension benefits under the Public Service Pension Plan Rules or who has reached the mandatory retiring age, shall be granted full vacation entitlement for the final calendar year of service.
