Required Employee Contribution. SCERA members covered by this Section 20.7.1 will contribute the amount required by SCERA as employee contributions, and shall continue to pay an additional 3.03% of pay, pretax, to their employee retirement account. This 3.03% of pay contribution of the employee’s pensionable compensation shall be paid as part of the County’s contribution to pay for the unfunded accrued actuarial liability resulting from past service. This additional 3.03% contribution will continue until July 2024. Employees also will continue to pay a pretax statutory contribution of approximately 1% or slightly more, contingent upon age of entry into the retirement system.
Required Employee Contribution. Members covered by this section 7.9.2 will contribute the employee contribution amount established by CalPERS for the 2.0% @ 60 Pension Formula. (The required employee contribution amount was 7% as of the date of this MOU): In the event employee contribution rates are adjusted by CalPERS during the term of this MOU, any increased employee contribution above 7% will be paid by employees when the CalPERS increase is effective.
Required Employee Contribution. SCERA members covered by this section 11.6 will contribute the amount required by SCERA as employee contributions, and shall continue to pay an additional 3.03% of pay, pretax, to their employee retirement account. This 3.03% of pay contribution of the employee’s pensionable compensation shall be paid as part of the County’s contribution to pay for the unfunded accrued actuarial liability. This additional 3.03% contribution will continue until July 2024.
Required Employee Contribution. Members covered by this section 7.11.3 will contribute 50% of normal costs as established by CalPERS for the 2.0% @ 62 Pension Formula. The required contribution amount was 6.25% as of the date of this MOU. In the event employee contribution rates are adjusted by XxxXXXX during the term of this MOU, the employee contribution will be recalculated based upon the updated required employee contribution rate established by XxxXXXX.
Required Employee Contribution. As required by Government Code Section 7522.04(g), SCERA general members covered by this Section 12.7 shall pay 50 percent (50%) of normal costs. In addition, effective January 1, 2013, SCERA members covered by this Section 12.7 shall pay 3.03 percent (3.03%) of any compensation from which retirement deductions are required to be made to their employee retirement account. The additional contributions shall be deducted from the employee’s compensation pretax and shall become part of the accumulated retirement contributions of the employees. This contribution to defray the cost of the unfunded accrued actuarial liability will continue until July 2024.
Required Employee Contribution. SCERA members covered by this Section 12.6 will contribute the amount required by SCERA as employee contributions, and shall continue to contribute an additional 3.03 percent (3.03%) of any compensation from which retirement deductions are required to be made under the 1937 Act to their employee retirement account. This additional contribution shall be deducted from the employees’ compensation pretax and shall become part of the accumulated retirement contributions of the employees. This contribution to defray the cost of the unfunded accrued actuarial liability for any past service due to the enhanced retirement programs will continue until July 2024. Represented employees covered by this Section 12.6 also will pay a pretax statutory contribution of approximately 1% to 1.25%, contingent upon age of entry into the retirement system.
Required Employee Contribution. As required by Government Code Section 7522.04(g), SCERA safety members covered by this Section 26.2 shall pay 50 percent (50%) of normal costs. In addition, SCERA members covered by this Section 26.2 shall pay 3.0 percent (3%) of any compensation from which retirement deductions are required to be made to their employee retirement account. The additional contributions shall be deducted from the employee’s compensation pretax and shall become part of the accumulated retirement contributions of the employees. This contribution to defray the cost of the unfunded accrued actuarial liability will continue unless modified by a subsequent agreement between the County and DSLEM. The County and DSLEM agree it is their mutual intent that the aforementioned employee contributions described in this subsection shall cease no later than the end of the twenty (20) year amortization period which began July 2003.
Required Employee Contribution. SCERA members covered by this Section 26.1 will contribute the amount required by SCERA as employee contributions, and shall continue to contribute an additional three percent (3%) of any compensation from which retirement deductions are required to be made to their employee retirement account. The additional contributions shall be deducted from the employees’ compensation pretax and they shall become part of the accumulated retirement contributions of the employees. This contribution is intended to defray the cost of the unfunded accrued actuarial liability for any past service due to the enhanced retirement programs. The amortization period for funding the unfunded accrued actuarial liability for any past service due to the enhanced retirement programs described above has been established by SCERA to be twenty (20) years. The County and DSLEM agree it is their mutual intent that the aforementioned employee contributions described in this subsection continue for the twenty (20) year amortization period which began July 2003 and shall end with the last pay period in June 2023, unless modified by mutual agreement between the County and the DSLEM.
Required Employee Contribution. During the course of his or her employment, an eligible General Member who irrevocably elects Option A will pay $98 per month ($45.23 per pay period) on a pre-tax basis beginning with the first pay period that begins on or after April 1, 2012, and an eligible Safety Member who irrevocably elects Option A will pay $103 per month ($47.54 per pay period) on a pre-tax basis beginning with the first pay period that begins on or after April 1, 2012. These contributions will be irrevocable and deducted from an employee’s bi-weekly paycheck on a pre-tax basis and will end upon retirement. An eligible employee who elects Option A may not thereafter withdraw this election for any reason, including actual financial hardship. In addition, no employee will be entitled to receive a refund of these monies for any reason. These funds will be deposited periodically into the retiree health trust account managed by CalPERS OPEB Trust Fund/CERBT (CalPERS Trust) or any successor trustee selected by the City.
Required Employee Contribution. During the course of his or her employment, a General Member employee who irrevocably elects Option B will pay $49 per month ($22.61 per pay period) on a pre-tax basis beginning with the first pay period that begins on or after April 1, 2012, and a Safety Member employee who irrevocably elects Option B will pay $52 per month ($24 per pay period) on a pre-tax basis beginning with the first pay period that begins on or after April 1, 2012. These contributions will be irrevocable and deducted from an employee’s bi-weekly paycheck on a pre-tax basis and will end upon retirement. An employee who elects Option B may not thereafter withdraw this election for any reason, including actual financial hardship. In addition, no employee will be entitled to receive a refund of these monies for any reason. These funds will be deposited periodically into the retiree health trust account managed by XxxXXXX or any successor trustee selected by the City.
