Common use of Retirement Contributions Clause in Contracts

Retirement Contributions. A. Members' normal and cost of living contribution rates will be established and adjusted subsequent to and in accordance with state law and actuarial recommendations adopted by the Retirement Board and the Board of Supervisors. B. The County will adopt employee contribution rates equal to County contributions for full reserve funding of cost-of-living increases to retirees for all active members of the retirement system as recommended by the actuary. C. Employees shall pay the full member contribution for each of the benefit plans provided by the County. D. General Members Contributions to Offset the Increased Cost of the “2.7% at 55” Benefit Formula 1. Except as provided in Section E below, the implementation of the 2.7% at 55 retirement benefit formula shall be without additional cost to the County for as long as the enhanced benefit formula is provided to employees, ie., it will be borne entirely by the employees. Effective with the pay period that commenced June 24, 2005, general members in this bargaining unit began making an additional contribution to the retirement system. This contribution is in addition to the normal employee contribution calculated under Section 31621.8 of the Government Code (or Section 31621 of the Government Code, if applicable), and is in addition to the employee contribution required to help provide full reserve funding of cost-of-living increases to retirees for all active members of the retirement system as recommended by the actuary. The additional employee contribution made under this paragraph is known as the “Reverse Pickup” and is designed to offset both the prospective increased costs, as well as the increased costs attributable to past service liability of providing this enhanced retirement benefit. a. The portion of the additional employee contribution that is attributable to past service liability shall be in accordance with and for the purposes stated in Section 31678.3(d) of the Government Code. This additional contribution shall continue beyond the expiration date of this MOU for the purpose of amortizing, over a 20 year period, the cost of the enhanced retirement benefit. b. The portion of the additional employee contribution that is attributable to the prospective increased cost of the benefit shall also continue beyond the expiration date of this MOU but unlike the past service liability, does not expire at the end of the 20 year period set forth above. 2. Implementation of the foregoing changes increased employee and employer retirement contributions for general members in this bargaining unit. Except as provided in Section E below it is the intention of the parties that the amount of this increase will continue to be borne entirely by the general member employees, and not by the County. 3. The County and OCMA will annually review its costs including costs impacted by changes in the investment earnings and evaluate whether any adjustments to employee contributions are necessary.

Retirement Contributions. A. Members' normal and cost of living contribution rates will be established and adjusted subsequent to and in accordance with state law and actuarial recommendations adopted by the Retirement Board and the Board of Supervisors. B. The County will adopt employee contribution rates equal to County contributions for full reserve funding of cost-of-living increases to retirees for all active members of the retirement system as recommended by the actuary. C. Employees shall pay the full member contribution for each of the benefit plans provided by the County. D. General Members Contributions to Offset the Increased Cost of the “2.7% at 55” Benefit Formula 1. Except as provided in Section E below, the implementation of the 2.7% at 55 retirement benefit formula shall be without additional cost to the County for as long as the enhanced benefit formula is provided to employees, ie.i.e., it will be borne entirely by the employees. Effective with the pay period that commenced June 24, 2005, general members in this bargaining unit began making an additional contribution to the retirement system. This contribution is in addition to the normal employee contribution calculated under Section 31621.8 of the Government Code (or Section 31621 of the Government Code, if applicable), and is in addition to the employee contribution required to help provide full reserve funding of cost-of-living increases to retirees for all active members of the retirement system as recommended by the actuary. The additional employee contribution made under this paragraph is known as the “Reverse Pickup” and is designed to offset both the prospective increased costs, as well as the increased costs attributable to past service liability of providing this enhanced retirement benefit. a. The portion of the additional employee contribution that is attributable to past service liability shall be in accordance with and for the purposes stated in Section 31678.3(d) of the Government Code. This additional contribution shall continue beyond the expiration date of this MOU for the purpose of amortizing, over a 20 20-year period, the cost of the enhanced retirement benefit. b. The portion of the additional employee contribution that is attributable to the prospective increased cost of the benefit shall also continue beyond the expiration date of this MOU but unlike the past service liability, does not expire at the end of the 20 20-year period set forth above. 2. Implementation of the foregoing changes increased employee and employer retirement contributions for general members in this bargaining unit. Except as provided in Section E below it is the intention of the parties that the amount of this increase will continue to be borne entirely by the general member employees, and not by the County. 3. The County and OCMA will annually review its costs including costs impacted by changes in the investment earnings and evaluate whether any adjustments to employee contributions are necessary.

Retirement Contributions. A. Members' normal and cost of living Normal employee contribution rates for employees on the 2.7%@55 retirement formula will be calculated pursuant to Section 31621.8 of the Government Code. Normal employee contribution rates for employees on the 2.5%@67 retirement formula will be calculated pursuant to Section 7522.30 of the Government Code. Cost-of-living contributions will continue to be established and adjusted subsequent to and in accordance with state law and the actuarial recommendations adopted by the Retirement Board and the Board of Supervisors. B. The County will continue to adopt employee contribution rates equal to County contributions for full reserve funding of cost-of-living increases to retirees for all active members of the retirement system as recommended adopted by the actuary. C. OCERS. Employees shall will pay the full employee member contribution rate for each of the benefit plans provided by the County. D. General Members C. Employee Retirement Contributions to Offset the Increased Cost of the “2.7% at 55” Benefit Formulabenefit formula (Reverse Pickup): 1. Except as provided in Section E below, the The implementation of the “2.7% at 55 55” retirement benefit formula shall be without additional cost to the County for as long as the enhanced benefit formula is provided to employees, ie., it will be borne entirely by the employees. Effective with the pay period that commenced on June 24, 2005, general members in this bargaining unit began making an additional employee contribution to the retirement system. This contribution is in addition to the normal employee contribution calculated under Section 31621.8 of the Government Code (or Section 31621 of the Government Code, if applicable), and is in addition to the employee contribution required to help provide full reserve funding of cost-of-living increases to retirees for all active members of the retirement system as recommended by the actuary. The additional employee contribution made under this paragraph is known as the “Reverse Pickup” and is designed to offset both the employer’s prospective increased costs, as well as the employer’s increased costs attributable to past service liability of providing this enhanced retirement benefit. a. The portion of the additional employee contribution that is attributable to past service liability shall be in accordance with with, and for the purposes stated stated, in Section 31678.3(d) of the Government Code. This additional contribution shall continue beyond the expiration date of this MOU MOU, for the purpose of amortizing, over a 30 20 year period, the cost of the enhanced retirement benefit. b. The portion of the additional employee contribution that is attributable to the prospective increased cost of the benefit shall also continue beyond the expiration date of this MOU but unlike the past service liability, does not expire at the end of the 30 20 year period set forth above. 2. Implementation of the foregoing changes increased employee and employer retirement contributions for general members in this bargaining unit. Except as provided in Section E below it is the intention of the parties that the amount After implementation of this increase will continue to be borne entirely by benefit, the general member employees, and not by the County. 3. The County and OCMA OCAA will annually review its costs including costs impacted by changes in the investment earnings and evaluate whether any adjustments to employee contributions are necessary. 3. The relative-ratio based methodology will be used to determine the additional employee contribution toward the 2.7% at 55 retirement benefit formula.

Retirement Contributions. A. Members' normal and cost of living contribution rates will be established and adjusted subsequent to and in accordance with state law and actuarial recommendations adopted by the Retirement Board and the Board of Supervisors. B. The County will adopt employee contribution rates equal to County contributions for full reserve funding of cost-of-living increases to retirees for all active members of the retirement system as recommended by the actuary. C. Employees shall pay the full member contribution for each of the benefit plans provided by the County. D. General Members Contributions to Offset the Increased Cost of the “2.7% at 55” Benefit Formula 1. Except as provided in Section E below, the tThe implementation of the 2.7% at 55 retirement benefit formula shall be without additional cost to the County for as long as the enhanced benefit formula is provided to employees, ie., it will be borne entirely by the employees. Effective with the pay period that commenced June 24, 2005, general members in this bargaining unit began making an additional contribution to the retirement system. This contribution is in addition to the normal employee contribution calculated under Section 31621.8 of the Government Code (or Section 31621 of the Government Code, if applicable), and is in addition to the employee contribution required to help provide full reserve funding of cost-of-living increases to retirees for all active members of the retirement system as recommended by the actuary. The additional employee contribution made under this paragraph is known as the “Reverse Pickup” and is designed to offset both the prospective increased costs, as well as the increased costs attributable to past service liability of providing this enhanced retirement benefit. a. The portion of the additional employee contribution that is attributable to past service liability shall be in accordance with and for the purposes stated in Section 31678.3(d) of the Government Code. This additional contribution shall continue beyond the expiration date of this MOU for the purpose of amortizing, over a 30 20 year period, the cost of the enhanced retirement benefit. b. The portion of the additional employee contribution that is attributable to the prospective increased cost of the benefit shall also continue beyond the expiration date of this MOU but unlike the past service liability, does not expire at the end of the 30 20 year period set forth above. 2. Implementation of the foregoing changes increased employee and employer retirement contributions for general members in this bargaining unit. Except as provided in Section E below it iIt is the intention of the parties that the amount of this increase will continue to be borne entirely by the general member employees, and not by the County. 3. The County and OCMA will annually review its costs including costs impacted by changes in the investment earnings and evaluate whether any adjustments to employee contributions are necessary.

Retirement Contributions. A. Members' normal and cost of living contribution rates will be established and adjusted subsequent to and in accordance with state law and actuarial recommendations adopted by the Retirement Board and the Board of Supervisors. B. The County will adopt employee contribution rates equal to County contributions for full reserve funding of cost-of-living increases to retirees for all active members of the retirement system as recommended by the actuary. C. Employees shall pay the full member contribution for each of the benefit plans provided by the County. D. General Members Contributions to Offset the Increased Cost of the “2.7% at 55” Benefit Formula 1. Except as provided in Section E below, the implementation of the 2.7% at 55 retirement benefit formula shall be without additional cost to the County for as long as the enhanced benefit formula is provided to employees, ie.i.e., it will be borne entirely by the employees. Effective with the pay period that commenced June 24, 2005, general members in this bargaining unit began making an additional contribution to the retirement system. This contribution is in addition to the normal employee contribution calculated under Section 31621.8 of the Government Code (or Section 31621 of the Government Code, if applicable), and is in addition to the employee contribution required to help provide full reserve funding of cost-of-living increases to retirees for all active members of the retirement system as recommended by the actuary. The additional employee contribution made under this paragraph is known as the “Reverse Pickup” and is designed to offset both the prospective increased costs, as well as the increased costs attributable to past service liability of providing this enhanced retirement benefit. a. The portion of the additional employee contribution that is attributable to past service liability shall be in accordance with and for the purposes stated in Section 31678.3(d) of the Government Code. This additional contribution shall continue beyond the expiration date of this MOU for the purpose of amortizing, over a 20 20- year period, the cost of the enhanced retirement benefit. b. The portion of the additional employee contribution that is attributable to the prospective increased cost of the benefit shall also continue beyond the expiration date of this MOU but unlike the past service liability, does not expire at the end of the 20 20- year period set forth above. 2. Implementation of the foregoing changes increased employee and employer retirement contributions for general members in this bargaining unit. Except as provided in Section E below it is the intention of the parties that the amount of this increase will continue to be borne entirely by the general member employees, and not by the County. 3. The County and OCMA will annually review its costs including costs impacted by changes in the investment earnings and evaluate whether any adjustments to employee contributions are necessary.