Common use of Retirement Plan Contributions Clause in Contracts

Retirement Plan Contributions. 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 238.215 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 as “salary” within the meaning of ORS 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. 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 238.215 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 as “salary” ―salary‖ within the meaning of ORS 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.