Additional Required Employee Contribution. In addition to the required employee contribution, employees covered by this section 7.11.2 will contribute an additional amount as follows: The Union and the City agree that if the City’s total employer contribution rate for Tier 1 employees is more than 14.025% the amount above 14.025% will be shared equally between the City (50%) and the Tier 2 employees (50%) (“Employer Contribution Rate Formula”). This Employer Contribution Rate Formula shall continue upon the expiration of this Memorandum of Understanding. For Tier 2 employees, the total employee contribution maximum cap shall not exceed 8% (“Maximum Cap”). This 8% Maximum Cap includes: (a) The existing 7% employee contribution; and (b) Any additional cost sharing of the employer contribution that may result from application of the Employer Contribution Rate Formula. The Maximum Cap of 8% shall continue upon the expiration of this Memorandum of Understanding, except employees shall be required to pay any increases to the CalPERS- established employee contribution amount, as set forth in Section C.
Appears in 2 contracts
Samples: Service Employees, Service Employees
Additional Required Employee Contribution. In addition to the required employee contribution, employees covered by this section 7.11.2 7.11.1 will contribute an additional amount as follows: The Union and the City agree that if the City’s total employer contribution rate for Tier 1 employees is more than 14.025% %, the amount above 14.025% will be shared equally between the City (50%) and the Tier 2 1 employees (50%) (“Employer Contribution Rate Formula”). This Employer Contribution Rate Formula shall continue upon the expiration of this Memorandum of Understanding. For Tier 2 1 employees, the total employee contribution maximum cap shall not exceed 814% (“Maximum Cap”). This 814% Maximum Cap includes: (a) The existing 78% employee contribution; and (b) Any additional cost sharing of the employer contribution that may result from application of the Employer Contribution Rate Formula. The Maximum Cap of 814% shall continue upon the expiration of this Memorandum of Understanding, except employees shall be required to pay any increases to the CalPERS- CalPERS-established employee contribution amount, as set forth in Section C.
Appears in 2 contracts
Samples: Service Employees, Service Employees
Additional Required Employee Contribution. In addition to the required employee contribution, employees covered by this section 7.11.2 7.9.1 will contribute an additional amount as follows: The Union and the City agree that if the City’s total employer contribution rate for Tier 1 employees is more than 14.025% %, the amount above 14.025% will be shared equally between the City (50%) and the Tier 2 1 employees (50%) (“Employer Contribution Rate Formula”). This Employer Contribution Rate Formula shall continue upon the expiration of this Memorandum of Understanding. For Tier 2 1 employees, the total employee contribution maximum cap shall not exceed 814% (“Maximum Cap”). This 814% Maximum Cap includes: (a) The existing 78% employee contribution; and (b) Any additional cost sharing of the employer contribution that may result from application of the Employer Contribution Rate Formula. The Maximum Cap of 814% shall continue upon the expiration of this Memorandum of Understanding, except employees shall be required to pay any increases to the CalPERS- CalPERS-established employee contribution amount, as set forth in Section C.
Appears in 1 contract
Samples: Service Employees
Additional Required Employee Contribution. In addition to the required employee contribution, employees covered by this section 7.11.2 7.9.2 will contribute an additional amount as follows: The Union and the City agree that if the City’s total employer contribution rate for Tier 1 employees is more than 14.025% the amount above 14.025% will be shared equally between the City (50%) and the Tier 2 employees (50%) (“Employer Contribution Rate Formula”). This Employer Contribution Rate Formula shall continue upon the expiration of this Memorandum of Understanding. For Tier 2 employees, the total employee contribution maximum cap shall not exceed 8% (“Maximum Cap”). This 8% Maximum Cap includes: (a) The existing 7% employee contribution; and (b) Any additional cost sharing of the employer contribution that may result from application of the Employer Contribution Rate Formula. The Maximum Cap of 8% shall continue upon the expiration of this Memorandum of Understanding, except employees shall be required to pay any increases to the CalPERS- CalPERS-established employee contribution amount, as set forth in Section C.
Appears in 1 contract
Samples: Service Employees