Common use of Retirement Plan Contributions Clause in Contracts

Retirement Plan Contributions. The Department of Water and Power (Department) will make its Retirement Plan Contributions on behalf of the employees in bargaining units represented by Local 18 of the International Brotherhood of Electrical Workers (Local 18) by the end of the first work day following the 9th day of the month. Failure to do so shall obligate the Department to pay the higher of: interest at the rate of 8% per year, or the annual rate of return on the actuarial value of assets reported in the most recent valuation by the Retirement Board Actuary.

Retirement Plan Contributions. The Department of Water and Power (Department) will make its Retirement Plan Contributions Contribution on behalf of the employees in bargaining units represented by Local 18 of the International Brotherhood of Electrical Workers (Local 18) by the end of the first work day following the 9th day of the month. Failure to do so shall obligate the Department to pay the higher of: interest at the rate of 8% per year, or the annual rate of return on the actuarial value of assets reported in the most recent valuation by the Retirement Board Actuary.