Common use of Retirement Plan Contributions Clause in Contracts

Retirement Plan Contributions. Bargaining unit faculty members shall be eligible to participate in the Public Employees Retirement System (PERS), the Oregon Public Service Retirement Plan (OPSRP), the Optional Retirement Plan (ORP), the Tax-Deferred Investment 403(b) Plan (TDI), and the Oregon Savings Growth Plan as set forth by Oregon law. A. Public Employees Retirement System Individual Account Program (IAP). For work performed on and after January 1, 2004, Western Oregon University shall pay on behalf of members of the Public Employees Retirement System (PERS) the statutorily required employee contribution to the Individual Account Program under ORS 238A.330 and pursuant to ORS 238A.335, or under ORS 238.315 if the member elected assistance under ORS 243.920. 1. The full amount of the members’ required contributions paid by WOU to PERS on behalf of members shall be considered “salary” within the meaning of ORS 238.005 (26)(a) and ORS 238A.005(17)(b)(F) for the purpose of computing “final average salary” within the meaning of ORS 238.005 (9) and ORS 238A.130, but shall not be considered “salary” for the purposes of determining the amount of required employee contributions. Pursuant to ORS 238A.335(2)(a) and through the term of this Agreement, the parties agree that employee compensation has been reduced in order to generate the funds needed to make these employee contributions; the employer will file any required notices with the Public Employees Retirement Board. 2. If the employee IAP account under ORS 238A.300 is declared invalid or is otherwise eliminated and a replacement is not available, then effective upon the date of its invalidation or elimination, a corresponding general salary increase of six percent (6%) shall be paid to participating employees, or its equivalent, pursuant to the relevant chapter of law for governing PERS employee contributions.

Retirement Plan Contributions. Bargaining unit faculty members shall be eligible to participate in the Public Employees Retirement System (PERS), the Oregon Public Service Retirement Plan (OPSRP), the Optional Retirement Plan (ORP), the Tax-Deferred Investment 403(b) Plan (TDI), and the Oregon Savings Growth Plan as set forth by Oregon law. A. Public Employees Retirement System Individual Account Program (IAP). For work performed on and after January 1, 2004, Western Oregon University shall pay on behalf of members of the Public Employees Retirement System (PERS) the statutorily required employee contribution to the Individual Account Program under ORS 238A.330 and pursuant to ORS 238A.335, or under ORS 238.315 if the member elected assistance under ORS 243.920. 1. The full amount of the members’ required contributions paid by WOU to PERS on behalf of members shall be considered “salary” within the meaning of ORS 238.005 ORS238.005 (26)(a) and ORS 238A.005(17)(b)(F) for the purpose of computing “final average salary” within the meaning of ORS 238.005 (9) and ORS 238A.130, but shall not be considered “salary” for the purposes of determining the amount of required employee contributions. Pursuant to ORS 238A.335(2)(a) and through the term of this Agreement, the parties agree that employee compensation has been reduced in order to generate the funds needed to make these employee contributions; the employer will file any required notices with the Public Employees Retirement Board. 2. If the employee IAP account under ORS 238A.300 is declared invalid or is otherwise eliminated and a replacement is not available, then effective upon the date of its invalidation or elimination, a corresponding general salary increase of six percent (6%) shall be paid to participating employees, or its equivalent, pursuant to the relevant chapter of law for governing PERS employee contributions.

Retirement Plan Contributions. Bargaining unit faculty members shall be eligible to participate in the Public Employees Retirement System (PERS), the Oregon Public Service Retirement Plan (OPSRP), the Optional Retirement Plan (ORP), the Tax-Deferred Investment 403(b) Plan (TDI), and the Oregon Savings Growth Plan as set forth by Oregon law. A. Public Employees Retirement System Individual Account Program (IAP). For work performed on and after January 1, 2004, Western Oregon University shall pay on behalf of members of the Public Employees Retirement System (PERS) the statutorily required employee contribution to the Individual Account Program under ORS 238A.330 and pursuant to ORS 238A.335, or under ORS 238.315 if the member elected assistance under ORS 243.920.required 1. The full amount of the members’ required contributions paid by WOU to PERS on behalf of members shall be considered “salary” within the meaning of ORS 238.005 ORS238.005 (26)(a) and ORS 238A.005(17)(b)(F) for the purpose of computing “final average salary” within the meaning of ORS 238.005 (9) and ORS 238A.130, but shall not be considered “salary” for the purposes of determining the amount of required employee contributions. Pursuant to ORS 238A.335(2)(a) and through the term of this Agreement, the parties agree that employee compensation has been reduced in order to generate the funds needed to make these employee contributions; the employer will file any required notices with the Public Employees Retirement Board. 2. If the employee IAP account under ORS 238A.300 is declared invalid or is otherwise eliminated and a replacement is not available, then effective upon the date of its invalidation or elimination, a corresponding general salary increase of six percent (6%) shall be paid to participating employees, or its equivalent, pursuant to the relevant chapter of law for governing PERS employee contributions.