Common use of Retirement Contribution Offsets Clause in Contracts

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.

Retirement Contribution Offsets. The During the term of this agreement, the City agrees that it will apply an amount that is approximately equal to 5.43.4% of the base salary of eligible employees covered by this agreementthe October 28, thereby 2008 Grievance Settlement Agreement; thereby, reducing the amount deducted from employees’ paychecks as the employees’ retirement contribution by that amount. Effective 7/5/03 These Retirement Contribution Offsets will not be changed during the City will increase term of this agreement or in FY 2012 in the amount it pays to offset a General Member retirement contribution absence of CERS from 5.4% to 7.0%. These retirement offset increases will remain in effect until mutual agreement of the Employee Contribution Reserve is exhaustedparities. 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.