Retirement Contribution Offsets Sample Clauses

Retirement Contribution Offsets. Upon termination of employment, an employee will have no vested right in employee pension contribution offsets contributed by City. Substitution of this portion of the employees’ contribution by a City payment will not decrease the total amount applied toward the required retirement contribution and will not affect retirement benefits. Provided, however, such payment shall not exceed any employee’s total contribution to the Retirement System.
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Retirement Contribution Offsets a. The following language in paragraphs 2.b. through 5 has been left in the MOU for historical purposes only and has no force and effect during the term of this MOU. b. City agrees to continue to offset or pay for 4.3% of the employee’s portion of the required retirement contribution to SDCERS. The employee, upon termination, will have no vested right in the amount so contributed by City. Substitution of this portion of the employee’s 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 employee’s total contribution to the Retirement system. c. City agrees that it will apply an amount that is approximately equal to 7.3% of the base wage of employees covered by this MOU who are SDCERS Safety Members, into the City Retirement System, thereby reducing the amount deducted from employee’s paychecks as the employee’s retirement contribution by that amount. Effective July 1, 2002, this amount for Safety Members will be increased to 9.0%. This increase will remain in effect until the Employee Contribution Reserve is exhausted. Effective July 5, 2003, this amount, for Safety Members, will increase to 10% of base wage. This increase will remain in effect until the Employee Contribution Reserve is exhausted. For SDCERS General Members represented by Local 145, effective July 5, 2003, City agrees that it will apply an additional 1.6%, for a total of 7.0%, of the base wage of employees covered by this MOU, into the Retirement System, thereby reducing the amount deducted from employee’s paychecks as the employee’s retirement contribution by that amount. This increase is to remain in effect until the Employee Contribution Reserve is exhausted. The employee, upon termination, will have no vested right in the amount so contributed by City. Substitution of this portion of the employee’s 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 employee’s total contribution to the Retirement System. d. City agrees not to propose reductions in the retirement offset through 2002.
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Retirement Contribution Offsets. 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, thereby reducing the amount deducted from employees’ paychecks as the employees’ retirement contribution by that amount. Effective 7/5/03 the City will increase the amount it pays to offset a General Member retirement contribution of CERS from 5.4% to 7.0%. These retirement offset increases will remain in effect until the Employee Contribution Reserve is exhausted. 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 Offsets. Effective July 1, 2013, the City will not pay any retirement contribution offsets on behalf of any employee.
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Retirement Contribution Offsets. Effective July 1, 2013, the City will no longer offset or pay employee retirement contributions.
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Retirement Contribution Offsets. 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 and 7.3% for eligible Lifeguards in the City Retirement System, thereby reducing the amount deducted from employees’ paychecks as the employees’ retirement contribution by that amount. Effective July 6, 2002, the City will increase the amount it pays to offset the employees’ retirement contribution, which offset reduces the amount deducted from employees’ paychecks, from 7.3% to 9.0% for eligible Lifeguards. Effective July 5, 2003, the City will increase the amount it pays to offset the eligible Lifeguards retirement contribution from 9% to 10%. These retirement offset increases will remain in effect until the Employee Contribution Reserve is exhausted. 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 Offsets. Effective July 1, 2011, for employees hired before July 1, 2009, the City will pay a portion of the employees’ required retirement contributions in an amount equal to 2.3% of their base compensation, thereby reducing the amount deducted from their paychecks. Upon termination, these employees will have no vested right in the contributions by the City.
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Retirement Contribution Offsets. Effective July 1, 2011, the City will apply an amount that is approximately equal to .4 percent 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.
Sample 1
Retirement Contribution Offsets. The City agrees that it will apply an amount that is approximately equal to 5.4 percent of the base salary of employees covered by this MOU, thereby reducing the amount deducted from employees’ paychecks as the employees’ retirement contribution by that amount. Effective July 5, 2003, the City will increase the amount it pays to offset a General Member retirement contribution of SDCERS from 5.4 percent to 7.0 percent. These retirement offset increases will remain in effect until the Employee Contribution Reserve is exhausted. 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 Retirement System.
Sample 1

Related to Retirement Contribution Offsets

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

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

  • Company Contributions The Company shall continue to make a Company Contribution for Plan Years 2017, 2018 and 2019, on the same terms and conditions set forth in the Participant Agreement, with the performance metrics and targets in connection with such Company Contributions for such Plan Years to be established in the sole discretion of the Committee, following consultation with the Chief Executive Officer of the Company.

  • Employee Contributions Any member of the bargaining unit who is hired on or after September 1, 2010 is eligible to make a voluntary contribution to the City=s Deferred Compensation Plan offered by Ameritas.

  • Payment of Contributions The College and eligible academic staff members of the plan shall each contribute one-half of the contributions to the Academic and Administrative Pension Plan.

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