Common Contracts
1 similar Member Contribution Agreement contracts
MEMBER CONTRIBUTION AGREEMENTMember Contribution Agreement • November 13th, 2023
The County is providing benefits on the 1/80 Class basis and your membership will be in that Class. The County Pension Law, Act 96 of 1971 as amended, requires you to contribute 7% of your salary, which will be credited to your individual member account. You also have the privilege of contributing up to an additional ten (10) percent of your salary on a voluntary basis. If the Retirement Board has so designated, the required member contribution will be considered "pickup contributions" in accordance with IRC Section 414 (h)(2) and will not be subject to Federal Income Taxes in the year the contributions were made. Rather, taxation will be deferred until such a time when they are distributed upon termination or retirement from County Service. The voluntary contributions, however, may only be contributed on an after-tax basis.
