Supplemental Retirement Fund. The Employer agrees to transmit the amounts withheld from such employees’ wages on a pre-tax basis as soon as the funds can be transmitted and no later than the next payroll period following an employee’s written request for such wage diversion. Employees may elect to divert any amount up to the maximum threshold set by the IRS rules governing 401(k) plans. An employee shall be entitled to only one (1) election each quarter of a calendar year and, once made, the election shall not be subject to revocation. The forms for the election shall be provided by the administrative office of the aforesaid Trust Fund. Any election under this paragraph shall not be effective until the first of the month following the month in which a completed election form is provided to the Employer. The resulting salary level shall be considered to be the negotiated salary level for that employee for the remainder of this Agreement following the election. However, for the purposes of determining any other amounts under this Agreement based upon wage level, the original amount described in the Salary Schedule shall apply. The Employer agrees to provide employee information as may be needed by the Administrator of the Plan including information that may be needed to complete any required IRS discrimination tests.
Supplemental Retirement Fund. Effective April 1, 2022, the Employer shall contribute an additional twenty-five cents ($0.25) per compensable hour for each regular full-time employee and each regular part-time employee covered by this Agreement. The Employer agrees to and shall be bound by all
Supplemental Retirement Fund. The Employer agrees to transmit the amounts as soon as the funds can be transmitted each payroll period.
Supplemental Retirement Fund. Effective April 1, 2023, the Employer shall contribute an additional twenty-five cents ($0.25) per compensable hour for each regular full-time employee and each regular part-time employee covered by this Agreement. The Employer agrees to and shall be bound by all terms, conditions and provisions of the Trust Agreement and any changes, additions, amendments or modifications thereto which are made by the authorized Joint Trustees of the Office and Professional Employees Local 8 and Local 11 Supplemental Retirement Fund. compensable hour for each regular full-time employee and each regular part-time employee covered by this Agreement. The Employer agrees to and shall be bound by all terms, conditions and provisions of the Trust Agreement and any changes, additions, amendments or modifications thereto which are made by the authorized Joint Trustees of the Office and Professional Employees Local 8 and Local 11 Supplemental
Supplemental Retirement Fund. (a) A surcharge in the amount of $2.00 per hour shall be applied to the time Employees serve on Special Jobs pursuant to Special Jobs contracts. The surcharge shall be collected by the Town and deposited into the Darien Police Association Supplemental Retirement Fund (“Supplemental Retirement Fund”), an interest bearing account maintained by the Darien Police Association (the “Association”), for use exclusively to provide supplemental retirement benefits in a non-discriminatory manner to those Retirees who retired on or after July 1, 2002, who are eligible for retirement benefits from the Pension Plan and who, on July 1st of each such year, have been retired for five (5) years or more. Monies so distributed from the Supplemental Retirement Fund shall not affect any increases in monthly pension benefits that may result from the annual reviews provided for in SECTION 6.02 of this Agreement.
(b) Upon deposit of such funds into the Supplemental Retirement Fund account, the Association shall have sole responsibility for securing, investing and distributing such funds to such Retirees, and the Town shall have no further responsibility for the surcharge monies after it makes such deposits. The Association shall indemnify and hold the Town harmless from any and all claims, causes of action, complaints, grievances and suits arising from or relating to the security, investment or distribution of such funds, and issues arising with respect to such funds shall not be subject to the Grievance and Arbitration Procedure set forth in this Agreement.
Supplemental Retirement Fund. At which time the City implements a program to contribute to a supplemental retirement fund for its general employees, all employees subject to this agreement shall receive the same contribution.
Supplemental Retirement Fund. Effective April 1, 2023, the Employer shall contribute an additional twenty-five cents ($0.25) per compensable hour for each regular full-time employee and each regular part-time employee covered by this Agreement. The Employer agrees to and shall be bound by all terms, conditions and provisions of the Trust Agreement and any changes, additions, amendments or modifications thereto which are made by the authorized Joint Trustees of the Office and Professional Employees Local 8 and Local 11 Supplemental Retirement Fund. Effective April 1, 2024, the Employer shall contribute two dollars ($2.00) per compensable hour for each regular full-time employee and each regular part-time employee covered by this Agreement. The Employer agrees to and shall be bound by all terms, conditions and provisions of the Trust Agreement and any changes, additions, amendments or modifications thereto which are made by the authorized Joint Trustees of the Office and Professional Employees Local 8 and Local 11 Supplemental Retirement Fund.
Supplemental Retirement Fund. The Employer agrees to transmit the amounts withheld from such employees’ wages on a pre-tax basis as soon as the funds can be transmitted and not later than the next payroll period following an employee’s written request for such wage diversion. Employees may elect to divert any amount up to the maximum threshold set by the IRS rules governing 401(k) plans. An employee shall be entitled to only one (1) election each quarter of a calendar year. The forms for the election shall be provided by the administrative office of the aforesaid Trust Fund. The resulting salary level shall be considered to be the negotiated salary level for that employee following the election. However, for the purposes of determining any other amounts under this Agreement based upon wage level, the original amount described in the Salary Schedule shall apply. The Employer agrees to provide employee information as may be needed by the Administrator of the Plan including information that may be needed to complete any required IRS discrimination tests.
Supplemental Retirement Fund. The Employer agrees to transmit the amounts withheld from such employees’ wages on a pre-tax basis as soon as the funds can be transmitted but not later than the next payroll period following an employee’s written request for such wage diversion. Employees may elect to divert any amount up to the maximum threshold set by the IRS rules governing 401(k) plans. An employee shall be entitled to only one (1) election each quarter of a calendar year. The forms for the election shall be provided by the administrative office of the aforesaid Trust Fund. The resulting salary level shall be considered to be the negotiated salary level for that employee following the election. However, for purposes of determining any other amounts under this Agreement based upon wage level, the original amount described in the Salary Schedule will apply.
