Retirement Formulas and Employee Contributions Sample Clauses

Retirement Formulas and Employee Contributions. Safety Employees
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Retirement Formulas and Employee Contributions. A. Safety Employees 1. Employees Hired Prior to January 1, 2011 a. Safety Retirement Formula: These Employees shall receive the three percent at fifty (3% at 50) retirement formula as per California Government Code Section 31664.1. b. Employee Contributions to the Retirement System which shall continue during the employee’s employment period with the Authority, or until such time that the employee qualifies under GC 31664.1(c): 1. These employees shall pay the required member contribution as determined by OCERS minus the two percent (2%) HCRC described in paragraph A.1.c below. 2. If there are any increases to the maximum employee contribution to OCERS, employees in the unit will pay their maximum employee contribution based on age of entry into OCERS, less the two percent (2%) HCRC described in paragraph A.1.c below. c. The Health Care Converted Retirement Contribution (“HCRC”) credit in the amount of two percent (2%), which shall constitute the employee’s contribution will be applied, which combined with the applicable employee paid member contribution described above in subsection (b) shall constitute the total employee paid member contribution. 2. Employees Hired From January 1, 2011 through June 30, 2012 a. Retirement Formula: These Employees shall receive the three percent at fifty (3% at 50) retirement formula per California Government Code Section 31664.1. b. Employee Contributions to the Retirement System which shall continue during the employee’s employment period with the Authority, or until such time that the employee qualifies under GC 31664.1(c): 1. These employees shall pay the required member contribution as determined by OCERS. 2. If there are any increases to the maximum employee contribution to OCERS, employees in the unit will pay their maximum employee contribution based on age of entry into OCERS.
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Retirement Formulas and Employee Contributions. 1. Employees Hired Prior to December 1, 2012 a. Retirement Formula: These employees receive the 2.7% at age 55 formula in accordance with Government Code Section 31676.19. Employees shall pay their maximum employee contribution based on age of entry into OCERS, including any increases to the maximum employee contribution as calculated by OCERS. 2. Employees Hired by the Authority after December 1, 2012 with Reciprocal Retirement Benefits a. Retirement Formula: These employees receive the 2% at age 55 formula in accordance with Government Code Section 31676.16. Employees shall pay their maximum employee contribution based on age of entry into OCERS, including any increases to the maximum employee contribution as calculated by OCERS. 3. Employees Hired by the Authority on or after January 1, 2013 with No Reciprocal Benefits a. The retirement formula is the 2.5% at age 67 retirement formula per Government Code Section 7522.20(a), utilizing the average three (3) highest years of compensation per Government Code Section 7522.32. Pensionable compensation and other pension related conditions are governed by the provisions of PEPRA and the OCERS Board of Retirement.
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Retirement Formulas and Employee Contributions. A. Safety Employees 1. Employees Hired Prior to January 1, 2011 a. Safety Retirement Formula: These Employees shall receive the three percent at fifty (3% at 50) retirement formula as per California Government Code Section 31664.1.
Sample 1
Retirement Formulas and Employee Contributions. A. Employees Hired Prior to July 1, 2011 1. Retirement Formula: These employees receive the 2.7%@55 formula in accordance with Government code section 31676.19.
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Retirement Formulas and Employee Contributions. 1. Employees Hired Prior to December 1, 2012 a. Retirement Formula: These employees receive the 2.7% at age 55 formula in accordance with Government Code Section 31676.19. Employees shall pay their maximum employee contribution based on age of entry into OCERS, including any increases to the maximum employee contribution as calculated by OCERS. 2. Employees Hired by the Authority after December 1, 2012 with Reciprocal Retirement BenefitsAre Legacy Members under OCERS a. Retirement Formula: These employees receive the 2% at age 55 formula in accordance with Government Code Section 31676.16. Employees shall pay their maximum employee contribution based on age of entry into OCERS, including any increases to the maximum employee contribution as calculated by OCERS. 3. Employees Hired by the Authority on or after January 1, 2013 with No Reciprocal Benefits a. The retirement formula is the 2.5% at age 67 retirement formula per Government Code Section 7522.20(a), utilizing the average three (3) highest years of compensation per Government Code Section 7522.32. Pensionable compensation and other pension related conditions are governed by the provisions of PEPRA and the OCERS Board of Retirement.
Sample 1
Retirement Formulas and Employee Contributions. 1. Employees Hired Prior to December 1, 2012 a. Retirement Formula: These employees receive the 2.7% at age 55 formula in accordance with Government Code Section 31676.19. Employees shall pay their maximum employee contribution based on age of entry into OCERS, including any increases to the maximum employee contribution as calculated by OCERS.
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Retirement Formulas and Employee Contributions 
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Related to Retirement Formulas and Employee Contributions

  • Employee Contributions Any member of the bargaining unit who is hired on or after September 1, 2010 is eligible to make a voluntary contribution to the City=s Deferred Compensation Plan offered by Ameritas.

  • Retirement Contributions On behalf of employees, the State will continue to “pick up” the six percent (6%) employee contribution, payable pursuant to law. The parties acknowledge that various challenges have been filed that contest the lawfulness, including the constitutionality, of various aspects of PERS reform legislation enacted by the 2003 Legislative Assembly, including Chapters 67 (HB 2003) and 68 (HB 2004) of Oregon Laws 2003 (“PERS Litigation”). Nothing in this Agreement shall constitute a waiver of any party’s rights, claims or defenses with respect to the PERS Litigation.

  • Voluntary Employee Contributions (i) Subject to the governing rules of the relevant superannuation fund, an employee may, in writing, authorise their employer to pay on behalf of the employee a specified amount from the post- taxation wages of the employee into the same superannuation fund as the employer makes the superannuation contributions provided for in Clause 24(b). (ii) An employee may adjust the amount the employee has authorised their employer to pay from the wages of the employee from the first of the month following the giving of three months’ written notice to their employer. (iii) The employer must pay the amount authorised under Clauses 24(d)(i) or 24(d)(ii) no later than 28 days after the end of the month in which the deduction authorised under Clauses 24(d)(i) or 24(d)(ii) was made.

  • Incentive, Savings and Retirement Plans During the Employment Period, the Executive shall be entitled to participate in all incentive, savings and retirement plans, practices, policies and programs applicable generally to other peer executives of the Company and its affiliated companies, but in no event shall such plans, practices, policies and programs provide the Executive with incentive opportunities (measured with respect to both regular and special incentive opportunities, to the extent, if any, that such distinction is applicable), savings opportunities and retirement benefit opportunities, in each case, less favorable, in the aggregate, than the most favorable of those provided by the Company and its affiliated companies for the Executive under such plans, practices, policies and programs as in effect at any time during the 120-day period immediately preceding the Effective Date or if more favorable to the Executive, those provided generally at any time after the Effective Date to other peer executives of the Company and its affiliated companies.

  • Employee Contribution Eligible employees shall contribute one percent (1%) of their salary on a per pay period basis to the HCSP.

  • 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.

  • Matching Contributions The Employer will make matching contributions in accordance with the formula(s) elected in Part II of this Adoption Agreement Section 3.01.

  • Participant Contributions If Participant contributions are permitted, complete (a), (b), and (c). Otherwise complete (d).

  • 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.

  • Savings and Retirement Plans During the Employment Period, the Executive shall be entitled to participate in all other savings and retirement plans, practices, policies and programs, in each case on terms and conditions no less favorable than the terms and conditions generally applicable to the Company’s other executive employees.

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