Retirement Plan for Employees Sample Clauses

Retirement Plan for Employees hired on or after January 1, 2011 General. Subject to the terms and conditions herein provided, the Employer agrees to maintain the Monroe County Employees Retirement System Ordinance now in effect for all employees covered by this Agreement who become participants in the Plan on or after January 1, 2011. In accordance with the provisions of said Ordinance, an individual will be eligible for normal retirement upon attaining age 60 or older with 8 or more years of credited service, or age 50 or older with 25 or more years of credited service. Effective January 1, 2011 the monthly benefit formula applicable to retirement for all employees in the bargaining unit who were hired on or after January 1, 2011, shall be one and one-half ( 1.5% ) percent of the employee's final average compensation multiplied by his years of credited service, not to exceed seventy-five percent (75%) of final average compensation. Effective January 1, 2011, all employees shall contribute three (3%) percent of all earnings to the Retirement System. Such contributions shall be made through automatic payroll deduction on a biweekly basis from each member’s earnings. Final average compensation shall be the average of the compensation paid an individual during the period of thirty-six (36) consecutive months of his credited service producing the highest average compensation contained within the period of 120 months of his credited service immediately preceding the date his employment with the Employer last terminates An individual who retires under the normal retirement or disability retirement provisions of the Monroe County Employees Retirement System Ordinance may elect to be paid the individual's accumulated member contributions provided such election is made prior to the date the first payment of the pension is made. The amount of pension paid to an individual making such election shall be reduced as provided in the Ordinance.
Sample 1
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Retirement Plan for Employees. Hired on or After January 1, 2011 For all employee hired or rehired on or after January 1, 2011, the Board shall establish a 401(a) defined contribution retirement plan in lieu of the existing retirement plan as restated in 2003. The Board shall contribute to the 401(a) defined contribution retirement plan for each employee hired or rehired on or after January 1, 2011, at the same contribution rate per annum (July 1 through June 30) as the employee contributes to the 457 (b) plan for that year, but no less than 9.0% and no more than 13.0% of the employee’s annual regular salary for payroll periods ending in that year. For this purpose, annual regular salary does not include lump sum payments for unused leave. The Board will make its 9.0% minimum contribution based on each payroll period, within 31 days after the end of the payroll period, or the date of the employee’s death or separation from employment. The Board will make its contributions for the year above the 9.0% minimum, up to the 13% annual maximum, within 31 days after the end of the year (i.e. by July 31 for the prior July 1 through June 30) or the date of the employee’s death or separation from employment. The Board will begin making contributions for an employee to the 401(a) defined contribution retirement plan for the employee’s regular salary for payroll periods beginning on or after the employee’s seventh (7th) month of employment with the Water Board. The intent of this provision is to require an employee to successfully complete the six (6) month trial period after the date of the employee’s hire or rehire with the Water Board before the Board is required to make a contribution for the employee to the 401(a) defined contribution retirement plan. All employees subject to this agreement may contribute to the 457(b) retirement plan established by the Board, in any amount they choose, not to exceed the annual limit under Federal Law. Any employee hired or rehired on or after January 1, 2011, who is participating in the Board’s 401(a) defined contribution retirement plan shall be required to work for the Water Board for forty-eight (48) continuous months after the date of the employee’s hire or rehire before the employee is fully vested in the 401(a) defined contribution retirement plan. An employee who is rehired after fully vesting in the 401(a) defined contribution retirement plan shall be required to work for the Water Board for forty-eight
Sample 1
Retirement Plan for Employees. Hired After April 21, 2012 but Before January 1, 2013, and Classic Members, as Defined by CalPERS - All employees hired after April 21, 2012 but before January 1, 2013 and classic members as determined by XxxXXXX, shall receive the retirement benefit of 2% at 55. For purposes of determining a retirement benefit, final compensation for unit members covered by this Section 4.3 shall mean the highest annual average pensionable compensation earned during 36 consecutive months of service. Each bargaining unit member covered by this Section 4.3 shall pay through payroll deduction 100% of the required bargaining unit member contribution, which is 7%. Employees covered by this Section 4.3 shall pay, through payroll deduction, the 100% of the 7% member contribution plus an additional 1% of PERSable compensation towards the employer’s contribution, for a total contribution of 8% toward the normal cost of pension benefits as permitted by Government Code Section 20516.
Sample 1
Retirement Plan for Employees. Hired On or After January 1, 2013, Who Are Not Classic Members - All employees hired on or after January 1, 2013 who are new members shall receive the retirement benefit of 2% at 62. For purposes of determining a retirement benefit, final compensation for unit members covered by this Section 4.4 shall mean the highest annual average pensionable compensation earned during 36 consecutive months of service. As required by Government Code §7522.04(g), unit members covered by this Section 4.4 shall pay, through payroll deductions, 50 percent (50%) of total normal costs of their retirement plan as determined annually by XxxXXXX, plus an additional 1% of PERSable compensation toward the cost of pension benefits as permitted by Government Code Section 20516. The City shall notify members under this section 4.4 of the monthly contribution for the next CalPERS fiscal year in the first quarter of the calendar year, or as soon as reasonably practicable, following CalPERS publication of the required contribution rate. Employee contributions under sections 4.2, 4.3, and 4.4 shall be made in accordance with Section 414.h(2) of the IRC .
Sample 1
Retirement Plan for Employees. Hired On or Before April 21, 2012 - Employees hired on or before April 21, 2012 in this unit shall receive the retirement benefit of 2.7% at 55. For purposes of determining a retirement benefit, final compensation for unit members covered by this Section 4.3.2 shall mean the highest annual average pensionable compensation earned during 36 consecutive months of service. Each bargaining unit member covered by this Section 4.3.2 shall pay through payroll deduction 100% of the required bargaining unit member contribution, which is 8%. Employees covered by Section 4.3.2 shall pay, through payroll deduction, the 100% of the eight percent (8%) member contribution plus an additional one percent (1%) of PERSable compensation for a total contribution of nine percent (9%) toward the cost of pension benefits as permitted by Government Code Section 20516.
Sample 1
Retirement Plan for Employees hired after July 1, 2005)
Sample 1
Retirement Plan for Employees. Hired On or Before July 1, 2006 Employees hired on or before July 1, 2006 shall receive the 3% at 50 retirement benefit. For purposes of determining a retirement benefit, final compensation for employees covered by Section 17.3a shall mean the single highest year of pensionable compensation. Employees covered by Section 17.3a shall pay, through payroll deduction, 100% of the nine percent (9%) member contribution plus an additional four percent (4%) of PERSable compensation for a total contribution of thirteen percent (13%) toward the cost of pension benefits as permitted by Government Code Section 20516.
Sample 1
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Retirement Plan for Employees. Hired On or Before December 31, 2012, and Classic Members as Defined by CalPERS: Employees hired on or before December 31, 2012 shall receive the 3% at 50 retirement benefit. For purposes of determining a retirement benefit, final compensation for employees covered by Section B.1. shall mean the single highest year of compensation earnable. Each employee covered by Section B.1. shall pay through payroll deduction, 100% of the required bargaining unit member contribution, which is nine percent (9%).
Sample 1
Retirement Plan for Employees. Hired On or After January 1, 2013, Who Are Not Classic Members: Employees hired on or after January 1, 2013 who are new members, as defined by XxxXXXX, shall receive the 2.7% at 57 benefit. For purposes of determining a retirement benefit, final compensation for unit members covered by Section B.2. shall mean the highest annual average pensionable compensation earned during thirty-six (36) consecutive months of service. As required by Government Code §7522.30, unit members covered by Section B.2. shall pay, through payroll deduction, fifty percent (50%) of the total normal cost of their retirement plan as determined annually by XxxXXXX.
Sample 1

Related to Retirement Plan for Employees

  • Compensation for Employees Employees shall receive compensation at the biweekly or hourly rate for the range and step or flat rate assigned to the class in which they are employed.

  • Retirement Plans 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 (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, JHSS shall provide the following administrative services:

  • Transportation for Employees Transportation will be provided to employees who are required to work other than their normal working hours, and who must travel to or from their home during the hours between 11:30 p.m. and 6:00 a.m. and when convenient public transportation or other transportation facilities are not available. An employee shall be reimbursed for the cost of commercial transportation within their headquarters area, upon presentation of receipts.

  • Retirement Plan The 2.7% at 55 retirement plan will be available to eligible bargaining unit members covered by this Section 6.1.1.

  • Eligibility for Employer Contribution This section describes eligibility for an Employer Contribution toward the cost of coverage.

  • Retirement Savings Plan Within fifteen (15) days after the date of Termination of Employment, the Company shall pay to Employee a cash payment in an amount, if any, necessary to compensate Employee for the Employee’s unvested interests under the Company’s retirement savings plan which are forfeited by Employee in connection with the Termination of Employment.

  • Salaried Employees 1. Employees in this unit who qualify for exemption from the FLSA overtime provisions based upon duties and who are assigned to a class or pay grade, if the class has multiple pay grades, with a top step regular biweekly rate, without bonuses, above the top step regular biweekly rate for the class of Shift Superintendent Wastewater Treatment I shall be treated as salaried employees, in accordance with the provisions of the FLSA as identified in Los Angeles Administrative Code section 4.113(b). Salaried employees may be assigned 5/40, 4/10, 9/80 or other schedules at the discretion of Management. Notwithstanding any LAAC and MOU provisions, or other City department rules and regulations to the contrary, these employees shall not be required to record specific hours of work for compensation purposes, although hours may be recorded for other purposes. These employees will be paid the predetermined salary for each biweekly pay period, as indicated in the appropriate salary appendices, and shall not receive overtime compensation. Salaried employees shall not be subject to deductions from salary or any leave banks for absence from work for less than a full workday. This provision applies to occasional partial day absences from work which is authorized by the appropriate supervisor designated by management. This provision does not apply to long-term or recurring partial day absences (e.g., intermittent leave/reduced work schedule for purposes of Family/Medical Leave). Salaried employees shall not be subject to disciplinary suspension for a period of less than a workweek (seven days; half of the biweekly pay) unless based on violations of a safety rule of major significance. This requirement shall be superseded by the revised Department of Labor FLSA regulations pertaining to disciplinary suspensions of FLSA-exempt employees on the operative date of the FLSA regulations. The appointing authority of each City department may grant time off for hours worked due to unusual situations.

  • Maintaining Eligibility for Employer Contribution The employer's contribution continues as long as the employee remains on the payroll in an insurance eligible position. Employees who complete their regular school year assignment shall receive coverage through August 31.

  • SALARY DETERMINATION FOR EMPLOYEES IN ADULT EDUCATION PCA Article B.3 does not apply in School District No. 34 (Abbotsford).

  • Holiday Pay for Employees Laid Off An employee who is laid off at the close of business the day before a holiday who has worked not less than five (5) previous consecutive work days shall be paid for the holiday.

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