Common use of Retirement Offset Clause in Contracts

Retirement Offset. 1. Each employee shall pay, via payroll deduction, the amount prescribed by the rate established for each employee’s contribution for the appropriate General benefit Tier into the appropriate fund in accordance with the rules and regulations governing such employee contributions excepting that the County will contribute the below rates but no more than the employee’s established rate, to the fund on behalf of the General employee covered by this Agreement. In the event that the employee’s rate is less than the rate indicated below, the employee shall not be credited with the difference. Effective July 1, 2012: Retirement Contribution Offset – Tier A/1 Association Code Employees who have less than 5 yrs. of continuous service: Employees who have at least 5 yrs. of continuous service: CR 2.25% 4.5% Retirement Contribution Offset – Tier B Association Code Employees who have less than 5 yrs. of continuous service: Employees who have at least 5 yrs. of continuous service: CR 1.75% 3.5% Effective December 27, 2013: Retirement Contribution Offset – Tier A/1 Association Code Employees who have less than 5 yrs. of continuous service: Employees who have at least 5 yrs. of continuous service: CR 1.5% 3.0% Retirement Contribution Offset – Tier B Association Code Employees who have less than 5 yrs. of continuous service: Employees who have at least 5 yrs. of continuous service: Retirement Contribution Offset – Tier B Association Code Employees who have less than 5 yrs. of continuous service: Employees who have at least 5 yrs. of continuous service: CR 1.17% 2.33% Tier C: No Offset. Upon termination, employees shall have no vested right in the amount of retirement funds contributed by the County on their behalf. Effective December 27, 2013, in exchange for the offset reduction specified above, employees shall receive a 2.2% salary adjustment. Effective June 9, 2017, the offset shall be eliminated. Effective June 9, 2017, all employees shall receive a wage increase as an even exchange for the remaining offset elimination. The amount of this even exchange shall be based on the Fiscal Year 2016-17 Adopted Budget for the bargaining unit and will be determined by converting the amount appropriated for offset to a percentage of the total salaries and benefits. Total salaries and benefits shall include base salary, supplemental pay, employer retirement contributions, other post-employment benefits, OASDI and Medicare. The amount of this increase for employees will be cost neutral to the County and in no way shall it result in a cost increase to the County.

Retirement Offset. 1. Each employee shall pay, via payroll deduction, the amount prescribed by the rate established for each employee’s contribution for the appropriate General benefit Tier into the appropriate fund in accordance with the rules and regulations governing such employee contributions excepting that the County will contribute the below rates but no more than the employee’s established rate, to the fund on behalf of the General employee covered by this Agreement. In the event that the employee’s rate is less than the rate indicated below, the employee shall not be credited with the difference. Effective July 1, 2012: Retirement Contribution Offset – Tier A/1 Association Union Code Employees who have less than 5 yrs. of continuous service: Employees who have at least 5 yrs. of continuous service: CR 2.25% 4.5% Retirement Contribution Offset – Tier B Association Union Code Employees who have less than 5 yrs. of continuous service: Employees who have at least 5 yrs. of continuous service: CR 1.75% 3.5% Effective December 27, 2013: Retirement Contribution Offset – Tier A/1 Association Union Code Employees who have less than 5 yrs. of continuous service: Employees who have at least 5 yrs. of continuous service: CR 1.5% 3.0% Retirement Contribution Offset – Tier B Association Code Employees who have less than 5 yrs. of continuous service: Employees who have at least 5 yrs. of continuous service: Retirement Contribution Offset – Tier B Association Union Code Employees who have less than 5 yrs. of continuous service: Employees who have at least 5 yrs. of continuous service: CR 1.17% 2.33% Tier C: No Offset. Upon termination, employees shall have no vested right in the amount of retirement funds contributed by the County on their behalf. Effective December 27, 2013, in exchange for the offset reduction specified above, employees shall receive a 2.2% salary adjustment. Effective June 9, 2017, the offset shall be eliminated. Effective June 9, 2017, all employees shall receive a wage increase as an even exchange for the remaining offset elimination. The amount of this even exchange shall be based on the Fiscal Year 2016-17 Adopted Budget for the bargaining unit and will be determined by converting the amount appropriated for offset to a percentage of the total salaries and benefits. Total salaries and benefits shall include base salary, supplemental pay, employer retirement contributions, other post-employment benefits, OASDI and Medicare. The amount of this increase for employees will be cost neutral to the County and in no way shall it result in a cost increase to the County.

Retirement Offset. 1. Each employee shall pay, via payroll deduction, the amount prescribed by the rate established for each employee’s contribution for the appropriate General benefit Tier into the appropriate fund in accordance with the rules and regulations governing such employee contributions excepting that the County will contribute the below rates but no more than the employee’s established rate, to the fund on behalf of the General employee covered by this Agreement. In the event that the employee’s rate is less than the rate indicated below, the employee shall not be credited with the difference. Effective July 1, 2012: Retirement Contribution Offset – Tier A/1 Association Code Employees who have less than 5 yrs. of continuous service: Employees who have at least 5 yrs. of continuous service: CR 2.25% 4.5% Retirement Contribution Offset – Tier B Association Code Employees who have less than 5 yrs. of continuous service: Employees who have at least 5 yrs. of continuous service: CR 1.75% 3.5% Effective December 27, 2013: Retirement Contribution Offset – Tier A/1 Association Code Employees who have less than 5 yrs. of continuous service: Employees who have at least 5 yrs. of continuous service: CR 1.5% 3.0% Retirement Contribution Offset – Tier B Association Code Employees who have less than 5 yrs. of continuous service: Employees who have at least 5 yrs. of continuous service: Retirement Contribution Offset – Tier B Association Code Employees who have less than 5 yrs. of continuous service: Employees who have at least 5 yrs. of continuous service: CR 1.17% 2.33% Tier C: No Offset. Upon termination, employees shall have no vested right in the amount of retirement funds contributed by the County on their behalf. Effective December 27, 2013, in exchange for the offset reduction specified above, employees shall receive a 2.2% salary adjustment. Effective June 9, 2017, the offset shall be eliminated. Effective June 9, 2017, all employees shall receive a wage increase as an even exchange for the remaining offset elimination. The amount of this even exchange shall be based on the Fiscal Year 2016-17 Adopted Budget for the bargaining unit and will be determined by converting the amount appropriated for offset to a percentage of the total salaries and benefits. Total salaries and benefits shall include base salary, supplemental pay, employer retirement contributions, other post-employment benefits, OASDI and Medicare. The amount of this increase for employees will be cost neutral to the County and in no way shall it result in a cost increase to the County.