Common use of Retirement Contribution Clause in Contracts

Retirement Contribution. The retirement plan presently in effect shall be continued and the Employer shall take no action to decrease the benefits under the present retirement plan during the term of this Agreement. During the term of this Agreement, the Employer contribution will be eight percent (8.0%) with all eligible new unit members required to contribute six percent (6.0%) of his or her gross earnings. New unit members are eligible to participate in the retirement plan at age twenty-five (25) with two (2) years of consecutive service. At age thirty (30), participation is mandatory.

Retirement Contribution. The retirement plan presently in effect shall be continued and the Employer shall take no action to decrease the benefits under the present retirement plan during the term of this Agreementcontract. During the term of this Agreement, the Employer contribution will be eight percent (8.0%) with all eligible new unit members hires required to contribute six percent (6.0%) of his or her gross earningsearnings amount. New unit members hires are eligible to participate in the retirement plan at age twenty-five (25) with two (2) years of consecutive serviceservice to the College. At age thirty (30), participation is mandatory.