Common use of Required Employee Contribution Clause in Contracts

Required Employee Contribution. As required by Government Code Section 7522.04(g), SCERA safety members covered by this Section 26.2 shall pay 50 percent (50%) of normal costs. In addition, SCERA members covered by this Section 26.2 shall pay 3.0 percent (3%) of any compensation from which retirement deductions are required to be made to their employee retirement account. The additional contributions shall be deducted from the employee’s compensation pretax and shall become part of the accumulated retirement contributions of the employees. This contribution to defray the cost of the unfunded accrued actuarial liability will continue unless modified by a subsequent agreement between the County and DSLEM. The County and DSLEM agree it is their mutual intent that the aforementioned employee contributions described in this subsection shall cease no later than the end of the twenty (20) year amortization period which began July 2003.

Required Employee Contribution. As required by Government Code Section 7522.04(g), SCERA safety members covered by this Section 26.2 shall pay 50 percent (50%) of normal costs. In addition, SCERA members covered by this Section 26.2 shall pay 3.0 percent (3%) of any compensation from which retirement deductions are required to be made to their employee retirement account. The additional contributions shall be deducted from the employee’s compensation pretax and shall become part of the accumulated retirement contributions of the employees. This contribution to defray the cost of the unfunded accrued actuarial liability will continue unless modified by a subsequent agreement between the County and DSLEM. The County and DSLEM agree it is their mutual intent that the aforementioned employee contributions described in this subsection shall cease no later at than the end of the twenty (20) year amortization period which began July 2003.twenty