Common use of Refund of Employee Contributions Clause in Contracts

Refund of Employee Contributions. 14 Employees who have had payroll deductions for the Post-Retirement Medical Benefit and who are 15 permanently separated for other than retirement from the employment of the District will receive a 16 refund of all of their contributions plus interest through the preceding June 30. Employees may elect to 17 receive their refund on June 30 of the separated fiscal year and will receive interest through that date. 18 Interest Earnings on Contributions 19 The interest which will be applied to the employee’s contributions at June 30 of each year is established 20 by the Management and Labor Benefits Committee. The rate paid will be annually calculated at 4% 21 simple interest for the individual’s actual contributions as averaged for the fiscal year with all funds 22 invested in the “Post Medical Retirement Benefit Trust Fund” held in the Placer County Treasury.