Public Employees Retirement System Individual Account Program (IAP) Sample Clauses

Public Employees Retirement System Individual Account Program (IAP). For work performed on and after January 1, 2004, Western Oregon University shall pay on behalf of members of the Public Employees Retirement System (PERS) the statutorily required employee contribution to the Individual Account Program under ORS 238A.330 and pursuant to ORS 238A.335, or under ORS 1. The full amount of the members’ required contributions paid by WOU to PERS on behalf of members shall be considered as “salary” within the meaning of ORS 238.005 (20) for the purpose of computing “final average salary” within the meaning of ORS 238.005 (8), but shall not be considered “salary” for the purposes of determining the amount of required employee contributions. 2. If the employee IAP account under ORS.238A.300 is declared invalid or is otherwise eliminated and a replacement is not available, then effective upon the date of its invalidation or elimination, a corresponding general salary increase of six percent (6%) shall be paid to participating employees, or its equivalent, pursuant to the relevant chapter of law for governing PERS employee contributions.
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Public Employees Retirement System Individual Account Program (IAP). For work performed on and after January 1, 2004, Western Oregon University shall pay on behalf of members of the Public Employees Retirement System (PERS) the statutorily required employee contribution to the Individual Account Program under ORS 238A.330 and pursuant to ORS 238A.335, or under ORS 238.315 if the member elected assistance under ORS 243.920. 1. The full amount of the members’ required contributions paid by WOU to PERS on behalf of members shall be considered “salary” within the meaning of ORS238.005 (26)(a) and ORS 238A.005(17)(b)(F) for the purpose of computing “final average salary” within the meaning of ORS 238.005 (9) and ORS 238A.130, but shall not be considered “salary” for the purposes of determining the amount of required employee contributions. Pursuant to ORS 238A.335(2)(a) and through the term of this Agreement, the parties agree that employee compensation has been reduced in order to generate the funds needed to make these employee contributions; the employer will file any required notices with the Public Employees Retirement Board. 2. If the employee IAP account under ORS 238A.300 is declared invalid or is otherwise eliminated and a replacement is not available, then effective upon the date of its invalidation or elimination, a corresponding general salary increase of six percent (6%) shall be paid to participating employees, or its equivalent, pursuant to the relevant chapter of law for governing PERS employee contributions.
Sample 1

Related to Public Employees Retirement System Individual Account Program (IAP)

  • Public Employees Retirement System “PERS”) Members.

  • Incentive, Savings and Retirement Plans During the Employment Period, the Executive shall be entitled to participate in all incentive, savings and retirement plans, practices, policies and programs applicable generally to other peer executives of the Company and its affiliated companies, but in no event shall such plans, practices, policies and programs provide the Executive with incentive opportunities (measured with respect to both regular and special incentive opportunities, to the extent, if any, that such distinction is applicable), savings opportunities and retirement benefit opportunities, in each case, less favorable, in the aggregate, than the most favorable of those provided by the Company and its affiliated companies for the Executive under such plans, practices, policies and programs as in effect at any time during the 120-day period immediately preceding the Effective Date or if more favorable to the Executive, those provided generally at any time after the Effective Date to other peer executives of the Company and its affiliated companies.

  • Multiple Individual Retirement Accounts In the event the depositor maintains more than one Individual Retirement Account (as defined in Section 408(a)) and elects to satisfy his or her minimum distribution requirements described in Article IV above by making a distribution from another individual retirement account in accordance with Item 6 thereof, the depositor shall be deemed to have elected to calculate the amount of his or her minimum distribution under this custodial account in the same manner as under the Individual Retirement Account from which the distribution is made.

  • Traditional Individual Retirement Custodial Account The following constitutes an agreement establishing an Individual Retirement Account (under Section 408(a) of the Internal Revenue Code) between the depositor and the Custodian.

  • REGISTERED RETIREMENT SAVINGS PLAN 1. In this Article:

  • 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.

  • 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

  • Retirement Program Any employee employed prior to October 1, 1977, working at least seventy (70) hours per month shall by law be a member of the Washington Public Employees Retirement system (PERS) Plan One. Any employee working at least seventy (70) hours per month, entering employment on or after October 1, 1977, shall by law be a member of the School Employees Retirement System, Plan Two or Three. The District shall provide each new employee information concerning PERS or SERS membership benefits.

  • Savings and Retirement Plans During the Employment Period, the Executive shall be entitled to participate in all other savings and retirement plans, practices, policies and programs, in each case on terms and conditions no less favorable than the terms and conditions generally applicable to the Company’s other executive employees.

  • Xxxx Individual Retirement Custodial Account The following constitutes an agreement establishing a Xxxx XXX (under Section 408A of the Internal Revenue Code) between the depositor and the Custodian.

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