Common use of Retirement Contribution Offsets Clause in Contracts

Retirement Contribution Offsets. During the term of this agreement, the City will apply an amount that is approximately equal to 3.4% of the base salary of eligible employees covered by the October 28, 2008 Grievance Settlement Agreement; thereby, reducing the amount deducted from employees’ paychecks as the employees’ retirement contribution by that amount. These Retirement Contribution Offsets will not be changed during the term of this agreement or in FY 2012 in the absence of mutual agreement of the parities. 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.

Retirement Contribution Offsets. During the term of this agreement, the The City agrees that it will apply an amount that is approximately equal to 3.45.4% of the base salary of eligible employees covered by the October 28this agreement, 2008 Grievance Settlement Agreement; thereby, 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 retirement offset increases will remain in effect until the Employee Contribution Offsets will not be changed during the term of this agreement or in FY 2012 in the absence of mutual agreement of the paritiesReserve 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.