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 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. Corrections Firearms Instructor Oil & Hazardous Material Responder I Oil & Hazardous Material Responder II

  • 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.

  • Pension Contributions 19.2.3.1 Unless required by law to commence receiving a pension prior to the Member’s actual retirement date (i.e., currently December 31 of the year in which the Member attains age sixty-nine (69)) the Member who postponed retirement beyond his or her TRD will continue to make pension contributions.

  • 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.

  • Annual Contributions □ Check enclosed in the amount of $ representing current contribution for tax year 20 . This contribution does not exceed the maximum permitted amount for the year of contribution as described in the Xxxx XXX Disclosure Statement. If no tax year is indicated, contribution will automatically apply to current year.

  • Premium Contributions i. Effective March 1, 2014, the Company and employees will contribute toward the premium costs of the NECA Health Plan for eligible Regular employees in accordance with this Section.

  • 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.

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