TOWN’S DEFINED CONTRIBUTION PLAN FOR EMPLOYEES HIRED ON OR AFTER Sample Clauses

TOWN’S DEFINED CONTRIBUTION PLAN FOR EMPLOYEES HIRED ON OR AFTER. JULY 1, 2013 Three (3) employees hired on or after July 1, 2013 have elected to be enrolled in the Town’s 401(a) defined contribution plan (as opposed to enrolling in MERS). The employee will contribute 8% of his salary and the Town will contribute 9% of his salary. The funds contributed to this defined contribution plan by the Town shall be subject to a five (5) year vesting schedule (i.e. Town contributed funds are 20% vested after 1 year of service; 40% vested after 2 years of service; 60% vested after 3 years of service; 80% vested after 4 years of service; and 100% vested after 5 years of service).
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Related to TOWN’S DEFINED CONTRIBUTION PLAN FOR EMPLOYEES HIRED ON OR AFTER

  • Defined Contribution Plan The Employer will establish the following Employer contribution programs in the existing salary deferral plans: » Beginning in 2006 and continuing throughout the term of the Agreement, a performance-based contribution

  • Pension Contributions While on Short Term Disability Contributions for OMERS Plan Members When an employee/plan member is on short-term sick leave and receiving less than 100% of regular salary, the Board will continue to deduct and remit OMERS contributions based on 100% of the employee/plan member’s regular pay.

  • Excluded Employees Employees excluded from the bargaining unit who work for an Employer signatory to this Agreement may participate in any of the foregoing benefits under rules and regulations established by the Trustees. The trustees shall determine the contributions required for such benefits.

  • Special Parental Allowance for Totally Disabled Employees (a) An employee who:

  • Probation for Newly Hired Employees (a) The Employer may reject a probationary employee for just cause. A rejection during probation shall not be considered a dismissal for the purpose of Article 11.2

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