RETIREMENT COST SHARING Sample Clauses

RETIREMENT COST SHARING a. Effective January 1, 2018, employees will pay one-half of the difference, if any, between the present employee contribution and 50% of the County combined employee and employer normal cost as defined in the County Employee Retirement Law of 1937 (1937 Act). b. Effective July 1, 2018, employees will pay three-quarters of the difference, if any, between the present employee contribution and 50% of the combined employee and employer normal cost as defined in the County Employees Retirement Law of 1937 (1937 Act). c. Effective July 1, 2019, all employees will pay 50% of the combined employee and employer normal cost as defined in the County Employee Retirement Law of 1937 (1937 Act).
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RETIREMENT COST SHARING a. Fiscal Year 2016-2017: No additional retirement pick-up. b. Fiscal Year 2017-2018: Effective January 1, 2018, all employees will pay an increase in their retirement contribution by two percent (2%). c. Fiscal Year 2018-2019: Effective the first pay period of July 2018, all employees will pay an additional increase in retirement contribution by two percent (2%). d. Effective June 30, 2019, all employees will pay fifty percent (50%) of the combined employee and employer normal cost as defined in the County Employees’ Retirement Law of 1937.
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RETIREMENT COST SHARING. The City agrees to absorb any changes in the employer contribution rates through June, 2005. Beginning with contribution rate changes effective July, 2005, any increase in the employer rate in excess of 1.5% will be shared equally (50/50) between the City and the employees. The resulting employee share will be reduced from the July, 2005 calculated CPI adjustment. The same methodology will be followed in subsequent years of the term of this MOU. In no case shall the adjustment exceed 1% of salaries, alone or in combination with the health premium sharing calculation described in Section 21.1 above. 21.5.3.1 In the event there is a reduction in the employer contribution rate from the previous year’s rate, the sharing formula described in 21.5.5 will be reversed. The City would realize the first 1.5% reduction in contribution rate. Reductions greater than 1.5% would be shared equally (50/50) between the City and the employees. The July CPI adjustment would be increased by the resulting employee share, not to exceed the amount contributed by employees the previous year under the combined retirement/health premium cost sharing calculations and in no case greater than 1% of unit salaries.
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RETIREMENT COST SHARING. 47 11.10 Tier 5 Miscellaneous Employee Retirement.............................. 47
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RETIREMENT COST SHARING. The CITY shall pay the employer rate prescribed by the Public Employees’ Retirement System (PERS) in accordance with the rules and regulations governing such employer contributions. Effective July 1, 2015, employees will pay a portion of the employer rate, as prescribed below. A. Classic sworn Employees shall pay 100% of the required member contribution rate (9%), plus an additional 3.0% of pensionable compensation towards the employer’s contribution for a total of 12%. Classic non-sworn employees shall pay 100% of the required member contribution rate (7%), plus an additional 3% of pensionable compensation towards the employer’s contribution for a total of 10%. For the duration of this contract, classic members, as defined by XxxXXXX (MOU sections 8.1. X. & B. and sections 8.2. A. & B.), shall contribute no more than 12% (sworn) or 10% (non-sworn) of pensionable compensation towards retirement. B. PEPRA employees shall pay 50% of the plan’s total normal cost, plus an additional 3% of pensionable compensation. In accordance with the side agreement reached by the parties (included as Appendix B to this Agreement), for the duration of this contract, Sworn PEPRA members, as defined by CalPERS (MOU sections 8.1 C. and sections 8.2 C.) shall pay no more than 16% of pensionable compensation towards retirement, unless required by law (i.e., if 50% of the Normal Cost exceeds 16%). During the term of this agreement, the parties agree to work together further to take all steps reasonably required to address issues related to possible overpayment of cost-sharing amounts by PEPRA members and for the City to adopt and implement any required revisions or amendments to its contract with CalPERS and/or associated City resolutions to effectuate the previously agreed-to cost-sharing under this Article. C. For the duration of this contract, the City shall not impose any increases to the member contribution for classic or PEPRA members beyond those provided herein unless the employer contribution is reduced by a commensurate rate or as otherwise negotiated by the parties.
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Related to RETIREMENT COST SHARING

  • Cost Sharing a) With respect to the funding in C6.1a), should there be an amount of employee co-pay, the Trust shall advise boards what that amount shall be. Unless advised otherwise, there will be no deductions upon the Participation Date. b) Any further cost sharing or funding arrangements as per previous local collective agreements in effect as of August 31, 2014 remain status quo.

  • Post-Retirement Benefits The present value of the expected cost of post-retirement medical and insurance benefits payable by the Borrower and its Subsidiaries to its employees and former employees, as estimated by the Borrower in accordance with procedures and assumptions deemed reasonable by the Required Lenders is zero.

  • Benefit Coverage The Company agrees to provide pension and welfare benefits as described in the Company Booklets, benefit plan documents or policies of insurance for the duration of the Agreement.

  • Profit Sharing Profit sharing, bonuses, or other similar compensation of any kind paid by CM/GC to its employees.

  • Defined Benefit Pension Plans The Borrower will not adopt, create, assume or become a party to any defined benefit pension plan, unless disclosed to the Lender pursuant to Section 5.10.

  • Retirement Plans (a) In connection with the individual retirement accounts, simplified employee pension plans, rollover individual retirement plans, educational IRAs and XXXX individual retirement accounts (“XXX Plans”), 403(b) Plans and money purchase and profit sharing plans (“Qualified Plans”) (collectively, the “Retirement Plans”) within the meaning of Section 408 of the Internal Revenue Code of 1986, as amended (the “Code”) sponsored by a Fund for which contributions of the Fund’s shareholders (the “Participants”) are invested solely in Shares of the Fund, Transfer Agent shall provide the following administrative services: (i) Establish a record of types and reasons for distributions (i.e., attainment of eligible withdrawal age, disability, death, return of excess contributions, etc.); (ii) Record method of distribution requested and/or made; (iii) Receive and process designation of beneficiary forms requests; (iv) Examine and process requests for direct transfers between custodians/trustees, transfer and pay over to the successor assets in the account and records pertaining thereto as requested; (v) Prepare any annual reports or returns required to be prepared and/or filed by a custodian of a Retirement Plan, including, but not limited to, an annual fair market value report, Forms 1099R and 5498; and file same with the IRS and provide same to Participant/Beneficiary, as applicable; and (vi) Perform applicable federal withholding and send Participants/Beneficiaries an annual TEFRA notice regarding required federal tax withholding. (b) Transfer Agent shall arrange for PFPC Trust Company to serve as custodian for the Retirement Plans sponsored by a Fund. (c) With respect to the Retirement Plans, Transfer Agent shall provide each Fund with the associated Retirement Plan documents for use by the Fund and Transfer Agent shall be responsible for the maintenance of such documents in compliance with all applicable provisions of the Code and the regulations promulgated thereunder.

  • 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.

  • Supplemental Retirement Benefits The terms and conditions for the payment of supplemental retirement benefits are set forth in a separate written agreement between the parties.

  • Retirement Pay Any teacher with ten (10) years consecutive teaching experience in the Park Hill School District immediately prior to retirement from PSRS without an age reduction for early retirement, shall receive upon retirement from the Park Hill School District a terminal amount based upon the following formula: (Notation, the teacher must make application to PSRS for retirement and begin drawing from PSRS on the first available month following retirement). Years of service to the Park Hill School District to be divided by ten (10) and multiplied by one-ninth (1/9) of the last completed contract. Retirement notification after December 15 for the current academic year will result in a reduction of $1,000.00 from the total under Article 36. In the event of a sudden severe illness of the teacher, teacher’s legally recognized spouse, and/or child, the transfer of a legally recognized spouse, or being called into active military duty may be cause for the District not to impose the late notification reduction of $1,000.00. A teacher who otherwise qualifies for payment under Article 36 and dies while currently classified as an active employee will receive such payment.

  • Retirement Benefits Due to either investment or employment during the marriage, either the Husband or Wife: (check one)

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