Retirement Contribution Offset Sample Clauses

Retirement Contribution Offset. Replace this Section in its entirety with the following: Effective July 1, 2011, the City will apply an amount that is approximately equal to .4% of the base salary of employees hired before July 1, 2009, thereby reducing the amount deducted from employees’ paychecks as the employees’ retirement contribution by that amount. The employee, upon termination, will have no vested right in the amount so contributed by the City. Substitution of this portion of the employees’ contribution by a City payment will not decrease the total amount applied towards the required retirement contribution, and will not affect retirement benefits; provided, however, such payment shall not exceed any employees’ total contribution to the system.
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Retirement Contribution Offset. For the term of this agreement, the Cityʼs offset or “pick-up” of employee pension contributions for employees in Local-127-represented bargaining units will remain at the level in effect on June 30, 2005, except as adjusted due to the automatic increase in employee pension contributions upon depletion of the Employee Contribution Rate Reserve in 2005. Before implementing an agreement, if any, with any other represented employee group to change the current method of depleting the Employee Contribu- tion Rate Reserve, the City will first demonstrate to Local 127 that the proposed change will have no adverse impact on employees in Local 127- represented bargaining units.
Sample 1
Retirement Contribution Offset. The City agrees that it will apply an amount that is approximately equal to 5.4% of the base salary of employees covered by this agreement into the City Retirement System, thereby reducing the amount deducted from employeesʼ paychecks as the employeesʼ retirement contribution by that amount. The employee, upon termination, will have no vested right in the amount so contributed by the City. Substitution of this portion of the em- ployeesʼ contribution by a City payment will not decrease the total amount applied towards the required retirement contribution, and will not affect retirement benefits. Provided, however, such payment shall not exceed any employeesʼ total contribution to the system. Effective July 5, 2003 the City will increase the amount it pays to offset the employeesʼ retirement contribution, which offset reduces the amount deducted from employeesʼ paychecks, from 5.4% to 7.0% for General Members of CERS. These retirement offset increases to remain in effect until Employee Contribution Reserve is exhausted.
Sample 1

Related to Retirement Contribution Offset

  • 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.

  • Retirement Contributions On behalf of employees, the State will continue to “pick up” the six percent (6%) employee contribution, payable pursuant to law. The parties acknowledge that various challenges have been filed that contest the lawfulness, including the constitutionality, of various aspects of PERS reform legislation enacted by the 2003 Legislative Assembly, including Chapters 67 (HB 2003) and 68 (HB 2004) of Oregon Laws 2003 (“PERS Litigation”). Nothing in this Agreement shall constitute a waiver of any party’s rights, claims or defenses with respect to the PERS Litigation.

  • Matching Contributions The Employer will make matching contributions in accordance with the formula(s) elected in Part II of this Adoption Agreement Section 3.01.

  • Employer Contribution (a) An Employer contribution for health and dental benefits will only be made for each active employee who has at least eighty (80) paid regular hours in a month and who is eligible for medical insurance coverage, unless otherwise required by law. (b) It is understood that the administrative intent of this Article is that the Employer contribution is made for individuals who are participants in the medical insurance coverages. Participation will mean that eligible less-than-full-time employees who drop out of coverage will be considered to participate. Additionally, employees who elect to opt out of coverage for a cash incentive will be considered to participate.

  • Pension Contributions While on leave pursuant to Section B. of this Article, an employee may make contributions to the appropriate State pension system and will receive service credit for the time the employee is on unpaid leave.

  • Retirement Pay Any teacher with ten (10) years consecutive teaching experience in the Park Hill School District immediately prior to retirement from PSRS without an age reduction for early retirement, shall receive upon retirement from the Park Hill School District a terminal amount based upon the following formula: (Notation, the teacher must make application to PSRS for retirement and begin drawing from PSRS on the first available month following retirement). Years of service to the Park Hill School District to be divided by ten (10) and multiplied by one-ninth (1/9) of the last completed contract. Retirement notification after December 15 for the current academic year will result in a reduction of $1,000.00 from the total under Article 36. In the event of a sudden severe illness of the teacher, teacher’s legally recognized spouse, and/or child, the transfer of a legally recognized spouse, or being called into active military duty may be cause for the District not to impose the late notification reduction of $1,000.00. A teacher who otherwise qualifies for payment under Article 36 and dies while currently classified as an active employee will receive such payment.

  • Catch-Up Contributions In the case of a Traditional IRA Owner who is age 50 or older by the close of the taxable year, the annual cash contribution limit is increased by $1,000 for any taxable year beginning in 2006 and years thereafter.

  • Participant Contributions If Participant contributions are permitted, complete (a), (b), and (c). Otherwise complete (d).

  • 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.

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

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