Common use of Retirement Plan Clause in Contracts

Retirement Plan. The employees covered by this agreement shall be eligible to participate in the Professional Support Staff Retirement Plan for the term of this agreement, in accordance with its terms. Employees hired after March 4, 2007 shall become member of the defined contribution plan. Employees covered by this agreement, hired prior to March 4, 2007 however, shall be entitled to receive an early retirement (or deferred vested) benefit at age fifty-five (55), with the appropriate early retirement monthly reduction as described in the plan. In connection with this agreement: 1. The plan shall be amended to provide that the early (and deferred vested) retirement monthly reduction as described in the plan applicable to the portion of the employee’s benefit attributable to Benefit Service earned under the plan after February 1, 2004 and before the end of the term of this agreement shall be zero; 2. The employees covered by this agreement shall contribute the percentage of their pay (calculated before reduction by the contribution) determined by the plan’s actuary from time to time (with each amount as calculated payable from each June 1 to the following May 31) to the plan as an employee contribution, beginning February 1, 2004 and continuing for the term of this agreement; 3. The University shall “pick-up” that contribution in accordance with Section 414(h)(2) of the Internal Revenue Code; 4. Notwithstanding 3., above, and Appendix A, the University shall reduce each employee’s pay by a corresponding amount; and 5. The plan shall also be amended to provide for a refund of the contributions described above, without interest, in the event no other benefits are payable under the plan on death or termination of employment. In accordance with Section 414(h)(2) of the Code, this contribution will be treated as an employer contribution for federal income tax purposes and will be taken into account as “wages” for purposes of FICA. The contribution is being paid by the University in lieu of contributions by the employees, and no employee has the opportunity to receive the contributed amounts directly. To the extent permitted by law, however, the picked-up contribution shall be treated as wages for all other purposes, such as for overtime pay, calculating benefits under the plan, state taxes, calculation of Senior Officer Pay under Appendix A, cost-of-living increases (if any) and salary increases, and full pay in Appendix A shall be used for these purposes. As noted above, the cost of reducing this early retirement monthly reduction to zero shall be re-evaluated for each contract year (each June 1 to the following May 31) by the University’s actuary. The employee contribution for each contract year shall be changed automatically and without additional collective bargaining to equal the cost as determined by the University’s actuary from time to time. The University will notify each employee covered by this agreement prior to implementing the changed contribution.

Retirement Plan. The employees covered by this agreement shall be eligible to participate in the Professional Support Staff Retirement Plan for the term of this agreement, in accordance with its terms. Employees hired after March 4, 2007 shall become member of the defined contribution plan. Employees covered by this agreement, hired prior to March 4, 2007 however, shall be entitled to receive an early retirement (or deferred vested) benefit at age fifty-five (55), with the appropriate early retirement monthly reduction as described in the plan. In connection with this agreement: 1. The plan shall be amended to provide that the early (and deferred vested) retirement monthly reduction as described in the plan applicable to the portion of the employee’s benefit attributable to Benefit Service earned under the plan after February 1, 2004 and before the end of the term of this agreement shall be zero; 2. The employees covered by this agreement shall contribute the percentage of their pay (calculated before reduction by the contribution) determined by the plan’s actuary from time to time (with each amount as calculated payable from each June 1 to the following May 31) to the plan as an employee contribution, beginning February 1, 2004 and continuing for the term of this agreement; 3. The University shall “pick-up” that contribution in accordance with Section 414(h)(2) of the Internal Revenue Code; 4. Notwithstanding 3., above, and Appendix A, the University shall reduce each employee’s pay by a corresponding amount; and 5. The plan shall also be amended to provide for a refund of the contributions described above, without interest, in the event no other benefits are payable under the plan on death or termination of employment. In accordance with Section 414(h)(2) of the Code, this contribution will be treated as an employer contribution for federal income tax purposes and will be taken into account as “wages” for purposes of FICA. The contribution is being paid by the University in lieu of contributions by the employees, and no employee has the opportunity to receive the contributed amounts directly. To the extent permitted by law, however, the picked-up contribution shall be treated as wages for all other purposes, such as for overtime pay, calculating benefits under the plan, state taxes, calculation of Senior Officer Pay under Appendix A, cost-of-living increases (if any) and salary increases, and full pay in Appendix A shall be used for these purposes. As noted above, the cost of reducing this early retirement monthly reduction to zero shall be re-evaluated for each contract year (each June 1 to the following May 31) by the University’s actuary. The employee contribution for each contract year shall be changed automatically and without additional collective bargaining to equal the cost as determined by the University’s actuary from time to time. The University will notify each employee covered by this agreement prior to implementing the changed contribution. 12.4.1.1 Employee Contributions shall be adjusted each June 1 as follows: The Employee Contribution shall be adjusted each year by comparing the “Recommended Contribution as a Percentage of Payroll” as determined by the Plan’s actuary from time to time to 12%. If the Total Recommended Contribution as a percentage of payroll is greater then 12%; the employee contribution will be that percentage amount that is greater than 12% If the Recommended Contribution as a Percentage of Payroll is less than 12%, there shall be no employee contribution. No amount shall be returned to any staff member as a result of any change in the Employee Contribution. The Actuary Valuation Report for the plan year proceeding the contract year will be used to determine the Recommended Contribution as a Percentage of Payroll. The amount of the contribution shall be treated as picked up by the University as provided for in the Internal Revenue Code. No employee may receive this picked up contribution directly. After being withheld, the contributions shall be paid by the University directly to the plan’s Trustee or insurance company. Contributions that may not be picked up for any reason shall still be deducted from each employee’s compensation and shall be treated as after-tax employee contributions.

Retirement Plan. The employees covered by this agreement shall be eligible to participate in the Professional Support Staff Retirement Plan for the term of this agreement, in accordance with its terms. Employees hired after March 4, 2007 shall become member of the defined contribution plan. Employees covered by this agreement, hired prior to March 4, 2007 however, shall be entitled to receive an early retirement (or deferred vested) benefit at age fifty-five (55), with the appropriate early retirement monthly reduction as described in the plan. In connection with this agreement: 1. The plan shall be amended to provide that the early (and deferred vested) retirement monthly reduction as described in the plan applicable to the portion of the employee’s benefit attributable to Benefit Service earned under the plan after February 1, 2004 and before the end of the term of this agreement shall be zero; 2. The employees covered by this agreement shall contribute the percentage of their pay (calculated before reduction by the contribution) determined by the plan’s actuary from time to time (with each amount as calculated payable from each June 1 to the following May 31) to the plan as an employee contribution, beginning February 1, 2004 and continuing for the term of this agreement; 3. The University shall “pick-up” that contribution in accordance with Section 414(h)(2) of the Internal Revenue Code; 4. Notwithstanding 3., above, and Appendix A, the University shall reduce each employee’s pay by a corresponding amount; and 5. The plan shall also be amended to provide for a refund of the contributions described above, without interest, in the event no other benefits are payable under the plan on death or termination of employment. In accordance with Section 414(h)(2) of the Code, this contribution will be treated as an employer contribution for federal income tax purposes and will be taken into account as “wages” for purposes of FICA. The contribution is being paid by the University in lieu of contributions by the employees, and no employee has the opportunity to receive the contributed amounts directly. To the extent permitted by law, however, the picked-up contribution shall be treated as wages for all other purposes, such as for overtime pay, calculating benefits under the plan, state taxes, calculation of Senior Officer Pay under Appendix A, cost-of-living increases (if any) and salary increases, and full pay in Appendix A shall be used for these purposes. As noted above, the cost of reducing this early retirement monthly reduction to zero shall be re-evaluated for each contract year (each June 1 to the following May 31) by the University’s actuary. The employee contribution for each contract year shall be changed automatically and without additional collective bargaining to equal the cost as determined by the University’s actuary from time to time. The University will notify each employee covered by this agreement prior to implementing the changed contribution. 12.4.1.1 Employee Contributions shall be adjusted each June 1 as follows: The Employee Contribution will be adjusted each year by comparing the “Recommended Contribution as a Percentage of Payroll” as determined by the Plan’s actuary from time to time to 12%. If the Total Recommended Contribution as a percentage of payroll is greater then 12%; the employee contribution will be that percentage amount that is greater than 12% If the Recommended Contribution as a Percentage of Payroll is less than 12%, there will be no employee contribution. No amount will be returned to any staff member as a result of any change in the Employee Contribution. The Actuary Valuation Report for the plan year proceeding the contract year will be used to determine the Recommended Contribution as a Percentage of Payroll. The amount of the contribution shall be treated as picked up by the University as provided for in the Internal Revenue Code. No employee may receive this picked up contribution directly. After being withheld, the contributions shall be paid by the University directly to the plan’s Trustee or insurance company. Contributions that may not be picked up for any reason shall still be deducted from each employee’s compensation and shall be treated as after-tax employee contributions.

Retirement Plan. The employees covered by this agreement shall be eligible to participate in the Professional Support Staff Clerical, Office and Technical Employees Retirement Plan for the term of this agreement, in accordance with its terms. Employees hired after March 4, 2007 shall become member of the defined contribution plan. Employees covered by this agreement, hired prior to March 4, 2007 however, shall be entitled to receive an early retirement (or deferred vested) benefit at age fifty-five (55), with the appropriate early retirement monthly reduction as described in the plan. In connection with this agreement: 1. The plan shall be amended to provide that the early (and deferred vested) retirement monthly reduction as described in the plan applicable to the portion of the employee’s benefit attributable to Benefit Service earned under the plan after February 1, 2004 and before the end of the term of this agreement shall be zero; 2. The employees covered by this agreement shall contribute the percentage of their pay (calculated before reduction by the contribution) determined by the plan’s actuary from time to time (with each amount as calculated payable from each June 1 to the following May 31) to the plan as an employee contribution, beginning February 1, 2004 and continuing for the term of this agreement; 3. The University shall “pick-up” that contribution in accordance with Section 414(h)(2) of the Internal Revenue Code; 4. Notwithstanding 3., above, and Appendix A, the University shall reduce each employee’s pay by a corresponding amount; and 5. The plan shall also be amended to provide for a refund of the contributions described above, without interest, in the event no other benefits are payable under the plan on death or termination of employment. In accordance with Section 414(h)(2) of the Code, this contribution will be treated as an employer contribution for federal income tax purposes and will be taken into account as “wages” for purposes of FICA. The contribution is being paid by the University in lieu of contributions by the employees, and no employee has the opportunity to receive the contributed amounts directly. To the extent permitted by law, however, the picked-up contribution shall be treated as wages for all other purposes, such as for overtime pay, calculating benefits under the plan, state taxes, calculation of Senior Officer Pay under Appendix A, cost-of-living increases (if any) and salary increases, and full pay in Appendix A shall be used for these purposes. As noted above, the cost of reducing this early retirement monthly reduction to zero shall be re-evaluated for each contract year (each June 1 to the following May 31) by the University’s actuary. The employee contribution for each contract year shall be changed automatically and without additional collective bargaining to equal the cost as determined by the University’s actuary from time to time. The University will notify each employee covered by this agreement prior to implementing the changed contribution. 12.4.1.1 Employee Contributions shall be adjusted each June 1 as follows: The starting point for each year is the applicable actuarially determined employee contribution rate (the “Employee Contribution”). The Employee Contribution shall be adjusted each year by comparing the “Recommended Contribution as a Percentage of Payroll” as determined by the Plan’s actuary from time to time (the “Recommended Contribution”) to 12%. If the Recommended Contribution is less than 12%, the difference between 12% and the Recommended Contribution shall be subtracted from the Employee Contribution and the resulting percentage shall become the New Employee Contribution to the Plan for the applicable 12 month period. An additional 1% will be deducted from the new Employee Contribution. If the resulting percentage is less than zero, the New Employee Contribution to the Plan shall be zero. No amount shall be returned to any Participant as a result of any change in the New Employee Contribution or the reduction of the New Employee Contribution to or below zero. If the Recommended Contribution is greater than 12% there shall be no adjustment in the otherwise applicable Employee Contribution for the applicable 12 month period. The Actuary Valuation Report for the plan year proceeding the contract year will be used to determine the Employee Contribution and Recommended Contribution. For example, if the Recommended Contribution identified in the Plan’s actuarial valuation for the plan year ending June 30, 2008 is 9.8% and the Employee Contribution is 6.2%, the New Employee Contribution effective June 1, 2008 through May 31, 2009 would be 4% (6.2% - (12% - 9.8%). Following that example, and using the Actuarial Valuation Report ending June 30 2009, if the Recommended Contribution the following year is 14% and the Employee Contribution is still 6.2%, the New Employee Contribution effective June 1, 2009 through May 31, 2010 would be 6.2%. The amount of the contribution shall be treated as picked up by the University as provided for in the Internal Revenue Code. No employee may receive this picked up contribution directly. After being withheld, the contributions shall be paid by the University directly to the plan’s Trustee or insurance company. Contributions that may not be picked up for any reason shall still be deducted from each employee’s compensation and shall be treated as after-tax employee contributions.

Retirement Plan. The employees covered by this agreement shall be eligible to participate in the Professional Support Staff Clerical, Office and Technical Employees Retirement Plan for the term of this agreement, in accordance with its terms. Employees hired after March 4, 2007 shall become member of the defined contribution plan. Employees covered by this agreement, hired prior to March 4, 2007 however, shall be entitled to receive an early retirement (or deferred vested) benefit at age fifty-five (55), with the appropriate early retirement monthly reduction as described in the plan. In connection with this agreement: 1. The plan shall be amended to provide that the early (and deferred vested) retirement monthly reduction as described in the plan applicable to the portion of the employee’s benefit attributable to Benefit Service earned under the plan after February 1, 2004 and before the end of the term of this agreement shall be zero; 2. The employees covered by this agreement shall contribute the percentage of their pay (calculated before reduction by the contribution) determined by the plan’s actuary from time to time (with each amount as calculated payable from each June 1 to the following May 31) to the plan as an employee contribution, beginning February 1, 2004 and continuing for the term of this agreement; 3. The University shall “pick-up” that contribution in accordance with Section 414(h)(2) of the Internal Revenue Code; 4. Notwithstanding 3., above, and Appendix A, the University shall reduce each employee’s pay by a corresponding amount; and 5. The plan shall also be amended to provide for a refund of the contributions described above, without interest, in the event no other benefits are payable under the plan on death or termination of employment. In accordance with Section 414(h)(2) of the Code, this contribution will be treated as an employer contribution for federal income tax purposes and will be taken into account as “wages” for purposes of FICA. The contribution is being paid by the University in lieu of contributions by the employees, and no employee has the opportunity to receive the contributed amounts directly. To the extent permitted by law, however, the picked-up contribution shall be treated as wages for all other purposes, such as for overtime pay, calculating benefits under the plan, state taxes, calculation of Senior Officer Pay under Appendix A, cost-of-living increases (if any) and salary increases, and full pay in Appendix A shall be used for these purposes. As noted above, the cost of reducing this early retirement monthly reduction to zero shall be re-evaluated for each contract year (each June 1 to the following May 31) by the University’s actuary. The employee contribution for each contract year shall be changed automatically and without additional collective bargaining to equal the cost as determined by the University’s actuary from time to time. The University will notify each employee covered by this agreement prior to implementing the changed contribution. 12.4.1.1 Employee Contributions shall be adjusted each June 1 as follows: The Employee Contribution shall be adjusted each year by comparing the “Recommended Contribution as a Percentage of Payroll” as determined by the Plan’s actuary from time to time to 12%. If the Total Recommended Contribution as a percentage of payroll is greater then 12%; the employee contribution will be that percentage amount that is greater than 12% If the Recommended Contribution as a Percentage of Payroll is less than 12%, there shall be no employee contribution. No amount shall be returned to any staff member as a result of any change in the Employee Contribution. The Actuary Valuation Report for the plan year proceeding the contract year will be used to determine the Recommended Contribution as a Percentage of Payroll. The amount of the contribution shall be treated as picked up by the University as provided for in the Internal Revenue Code. No employee may receive this picked up contribution directly. After being withheld, the contributions shall be paid by the University directly to the plan’s Trustee or insurance company. Contributions that may not be picked up for any reason shall still be deducted from each employee’s compensation and shall be treated as after-tax employee contributions.

Retirement Plan. The employees covered by this agreement shall be eligible to participate in the Professional Support Staff Retirement Plan for the term of this agreement, in accordance with its terms. Employees hired after March 4, 2007 shall become member of the defined contribution plan. Employees covered by this agreement, hired prior to March 4, 2007 however, shall be entitled to receive an early retirement (or deferred vested) benefit at age fifty-five (55), with the appropriate early retirement monthly reduction as described in the plan. In connection with this agreement: 1. The plan shall be amended to provide that the early (and deferred vested) retirement monthly reduction as described in the plan applicable to the portion of the employee’s benefit attributable to Benefit Service earned under the plan after February 1, 2004 and before the end of the term of this agreement shall be zero; 2. The employees covered by this agreement shall contribute the percentage of their pay (calculated before reduction by the contribution) determined by the plan’s actuary from time to time (with each amount as calculated payable from each June 1 to the following May 31) to the plan as an employee contribution, beginning February 1, 2004 and continuing for the term of this agreement; 3. The University shall “pick-up” that contribution in accordance with Section 414(h)(2) of the Internal Revenue Code; 4. Notwithstanding 3., above, and Appendix A, the University shall reduce each employee’s pay by a corresponding amount; and 5. The plan shall also be amended to provide for a refund of the contributions described above, without interest, in the event no other benefits are payable under the plan on death or termination of employment. In accordance with Section 414(h)(2) of the Code, this contribution will be treated as an employer contribution for federal income tax purposes and will be taken into account as “wages” for purposes of FICA. The contribution is being paid by the University in lieu of contributions by the employees, and no employee has the opportunity to receive the contributed amounts directly. To the extent permitted by law, however, the picked-up contribution shall be treated as wages for all other purposes, such as for overtime pay, calculating benefits under the plan, state taxes, calculation of Senior Officer Pay under Appendix A, cost-of-living increases (if any) and salary increases, and full pay in Appendix A shall be used for these purposes. As noted above, the cost of reducing this early retirement monthly reduction to zero shall be re-evaluated for each contract year (each June 1 to the following May 31) by the University’s actuary. The employee contribution for each contract year shall be changed automatically and without additional collective bargaining to equal the cost as determined by the University’s actuary from time to time. The University will notify each employee covered by this agreement prior to implementing the changed contributioneach new contract.

Retirement Plan. The employees covered by this agreement shall be eligible to participate in the Professional Support Staff Retirement Plan for the term of this agreement, in accordance with its terms. Employees hired after March 4, 2007 shall become member of the defined contribution plan. Employees covered by this agreement, hired prior to March 4, 2007 however, shall be entitled to receive an early retirement (or deferred vested) benefit at age fifty-five (55), with the appropriate early retirement monthly reduction as described in the plan. In connection with this agreement: 1. The plan shall be amended to provide that the early (and deferred vested) retirement monthly reduction as described in the plan applicable to the portion of the employee’s benefit attributable to Benefit Service earned under the plan after February 1, 2004 and before the end of the term of this agreement shall be zero; 2. The employees covered by this agreement shall contribute the percentage of their pay (calculated before reduction by the contribution) determined by the plan’s actuary from time to time (with each amount as calculated payable from each June 1 to the following May 31) to the plan as an employee contribution, beginning February 1, 2004 and continuing for the term of this agreement; 3. The University shall “pick-up” that contribution in accordance with Section 414(h)(2) of the Internal Revenue Code; 4. Notwithstanding 3., above, and Appendix A, the University shall reduce each employee’s pay by a corresponding amount; and 5. The plan shall also be amended to provide for a refund of the contributions described above, without interest, in the event no other benefits are payable under the plan on death or termination of employment. In accordance with Section 414(h)(2) of the Code, this contribution will be treated as an employer contribution for federal income tax purposes and will be taken into account as “wages” for purposes of FICA. The contribution is being paid by the University in lieu of contributions by the employees, and no employee has the opportunity to receive the contributed amounts directly. To the extent permitted by law, however, the picked-up contribution shall be treated as wages for all other purposes, such as for overtime pay, calculating benefits under the plan, state taxes, calculation of Senior Officer Pay under Appendix A, cost-of-living increases (if any) and salary increases, and full pay in Appendix A shall be used for these purposes. As noted above, the cost of reducing this early retirement monthly reduction to zero shall be re-evaluated for each contract year (each June 1 to the following May 31) by the University’s actuary. The employee contribution for each contract year shall be changed automatically and without additional collective bargaining to equal the cost as determined by the University’s actuary from time to time. The University will notify each employee covered by this agreement prior to implementing the changed contributioneach contract.

Retirement Plan. The employees covered by this agreement shall be eligible to participate in the Professional Support Staff Clerical, Office and Technical Employees Retirement Plan for the term of this agreement, in accordance with its terms. Employees hired after March 4, 2007 shall become member of the defined contribution plan. Employees covered by this agreement, hired prior to March 4, 2007 however, shall be entitled to receive an early retirement (or deferred vested) benefit at age fifty-five (55), with the appropriate early retirement monthly reduction as described in the plan. In connection with this agreement: 1. The plan shall be amended to provide that the early (and deferred vested) retirement monthly reduction as described in the plan applicable to the portion of the employee’s benefit attributable to Benefit Service earned under the plan after February 1, 2004 and before the end of the term of this agreement shall be zero; 2. The employees covered by this agreement shall contribute the percentage of their pay (calculated before reduction by the contribution) determined by the plan’s actuary from time to time (with each amount as calculated payable from each June 1 to the following May 31) to the plan as an employee contribution, beginning February 1, 2004 and continuing for the term of this agreement; 3. The University shall “pick-up” that contribution in accordance with Section 414(h)(2) of the Internal Revenue Code; 4. Notwithstanding 3., above, and Appendix A, the University shall reduce each employee’s pay by a corresponding amount; and 5. The plan shall also be amended to provide for a refund of the contributions described above, without interest, in the event no other benefits are payable under the plan on death or termination of employment. In accordance with Section 414(h)(2) of the Code, this contribution will be treated as an employer contribution for federal income tax purposes and will be taken into account as “wages” for purposes of FICA. The contribution is being paid by the University in lieu of contributions by the employees, and no employee has the opportunity to receive the contributed amounts directly. To the extent permitted by law, however, the picked-up contribution shall be treated as wages for all other purposes, such as for overtime pay, calculating benefits under the plan, state taxes, calculation of Senior Officer Pay under Appendix A, cost-of-living increases (if any) and salary increases, and full pay in Appendix A shall be used for these purposes. As noted above, the cost of reducing this early retirement monthly reduction to zero shall be re-evaluated for each contract year (each June 1 to the following May 31) by the University’s actuary. The employee contribution for each contract year shall be changed automatically and without additional collective bargaining to equal the cost as determined by the University’s actuary from time to time. The University will notify each employee covered by this agreement prior to implementing the changed contribution. 12.4.1.1 Employee Contributions shall be adjusted each June 1 as follows: The Employee Contribution will be adjusted each year by comparing the “Recommended Contribution as a Percentage of Payroll” as determined by the Plan’s actuary from time to time to 12%. If the Total Recommended Contribution as a percentage of payroll is greater then 12%; the employee contribution will be that percentage amount that is greater than 12% If the Recommended Contribution as a Percentage of Payroll is less than 12%, there will be no employee contribution. No amount will be returned to any staff member as a result of any change in the Employee Contribution. The Actuary Valuation Report for the plan year proceeding the contract year will be used to determine the Recommended Contribution as a Percentage of Payroll. The amount of the contribution shall be treated as picked up by the University as provided for in the Internal Revenue Code. No employee may receive this picked up contribution directly. After being withheld, the contributions shall be paid by the University directly to the plan’s Trustee or insurance company. Contributions that may not be picked up for any reason shall still be deducted from each employee’s compensation and shall be treated as after-tax employee contributions.

Retirement Plan. The employees covered by this agreement shall be eligible to participate in the Professional Support Staff Clerical, Office and Technical Employees Retirement Plan for the term of this agreement, in accordance with its terms. Employees hired after March 4, 2007 shall become member of the defined contribution plan. Employees covered by this agreement, hired prior to March 4, 2007 however, shall be entitled to receive an early retirement (or deferred vested) benefit at age fifty-five (55), with the appropriate early retirement monthly reduction as described in the plan. In connection with this agreement: 1. The plan shall be amended to provide that the early (and deferred vested) retirement monthly reduction as described in the plan applicable to the portion of the employee’s benefit attributable to Benefit Service earned under the plan after February 1, 2004 and before the end of the term of this agreement shall be zero; 2. The employees covered by this agreement shall contribute the percentage of their pay (calculated before reduction by the contribution) determined by the plan’s actuary from time to time (with each amount as calculated payable from each June 1 to the following May 31) to the plan as an employee contribution, beginning February 1, 2004 and continuing for the term of this agreement; 3. The University shall “pick-up” that contribution in accordance with Section 414(h)(2) of the Internal Revenue Code; 4. Notwithstanding 3., above, and Appendix A, the University shall reduce each employee’s pay by a corresponding amount; and 5. The plan shall also be amended to provide for a refund of the contributions described above, without interest, in the event no other benefits are payable under the plan on death or termination of employment. In accordance with Section 414(h)(2) of the Code, this contribution will be treated as an employer contribution for federal income tax purposes and will be taken into account as “wages” for purposes of FICA. The contribution is being paid by the University in lieu of contributions by the employees, and no employee has the opportunity to receive the contributed amounts directly. To the extent permitted by law, however, the picked-up contribution shall be treated as wages for all other purposes, such as for overtime pay, calculating benefits under the plan, state taxes, calculation of Senior Officer Pay under Appendix A, cost-of-living increases (if any) and salary increases, and full pay in Appendix A shall be used for these purposes. As noted above, the cost of reducing this early retirement monthly reduction to zero shall be re-evaluated for each contract year (each June 1 to the following May 31) by the University’s actuary. The employee contribution for each contract year shall be changed automatically and without additional collective bargaining to equal the cost as determined by the University’s actuary from time to time. The University will notify each employee covered by this agreement prior to implementing the changed contribution.