CALPERS EMPLOYEE COST SHARING Sample Clauses

CALPERS EMPLOYEE COST SHARING. Employer contribution requirements are calculated and adjusted annually by CalPERS. The total employer contribution requirement is comprised of the Employer Normal Cost Rate (a percentage) and the Employer Payment of Unfunded Liability (a fixed dollar amount). The Employer Payment of Unfunded Liability is converted to a percentage by dividing the CalPERS projected payroll. Adding the Employer Normal Cost Rate to the percentage equivalent of the Employer Payment of Unfunded Liability results in the Total Employer Contribution Rate. It is agreed that, effective July 1, 2019, in the event that the Total Employer Contribution Rate exceeded 25% of pensionable income, unit employees shall pay 50% of the increase, up to 3.5% of pensionable income. For example, if the employer contribution rate increases to 27% of pensionable income, the City would pay 26% of pensionable income and the unit employee would pay 1% of pensionable income. The Total Employer Contribution Rate for Fiscal Year 2020-21 is 29.86% of pensionable income. Therefore, the employee share of is the Total Employer Contribution Rate for Fiscal Year 2020-21 is 2.43%. The City agrees to pause the 2.43% employee cost sharing effective with the pay period beginning January 4, 2021 through pay period ending June 20, 2021. The 2.43% employee cost sharing shall resume with the pay period beginning June 21, 2021. Employees shall not be required to reimburse the City for any amounts not paid during the pay period beginning January 4, 2021 through pay period ending June 20, 2021.
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CALPERS EMPLOYEE COST SHARING. Employer contribution requirements are calculated and adjusted annually by CalPERS. The total employer contribution requirement is comprised of the Employer Normal Cost Rate (a percentage) and the Employer Payment of Unfunded Liability (a fixed dollar amount). The Employer Payment of Unfunded Liability is converted to a percentage by dividing the CalPERS projected payroll. Adding the Employer Normal Cost Rate to the percentage equivalent of the Employer Payment of Unfunded Liability results in the Total Employer Contribution Rate. The Total Employer Contribution Rate for Fiscal Year 2017-18 is 22.969% of pensionable income. Effective July 1, 2019, in the event that the Total Employer Contribution Rate exceeds 25% of pensionable income, unit employees shall pay 50% of the increase, up to 3.5% of pensionable income. For example, if the employer contribution rate increases to 27% of pensionable income, the City would pay 26% of pensionable income and the unit employee would pay 1% of pensionable income.
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Related to CALPERS EMPLOYEE COST SHARING

  • Employee Contribution Eligible employees shall contribute one percent (1%) of their salary on a per pay period basis to the HCSP.

  • Sick Leave Days Payable at 100% Wages Permanent Employees Subject to paragraphs d), e) and f) below, Employees will be allocated eleven (11) sick days payable at one hundred percent (100%) of wages on the first day of each fiscal year, or the first day of employment.

  • Voluntary employee contributions (i) Subject to the governing rules of the relevant superannuation fund, an employee may, in writing, authorise their employer to pay on behalf of the employee a specified amount from the post- taxation wages of the employee into the same superannuation fund as the employer makes the superannuation contributions provided for in Clause 24(b).

  • Employee Compensation Upon Separation An Employee, upon her separation from employment, shall be compensated for vacation leave to which she is entitled.

  • Employee Contributions (a) Each participant shall be allowed to contribute on a bi-weekly basis up to an amount equal to eighty percent (80%) of the Participant’s wage. Such bi-weekly wage deductions shall be in increments of one percent (1%) and shall be contributed to the Participant’s account. The participant may contribute on a pre-tax, after-tax, Xxxx basis or any combination.

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

  • Retroactive Pay for Terminated Employees An employee who has retired or severed his/her employment between the termination date of this Agreement and the effective date of the new Agreement shall receive the full retroactivity of any increase in wages, salaries or other benefits.

  • Employee Compensation The wages, salaries and other compensation paid to employees who will be employed for the benefit of the Project, and to others who perform special services for the benefit of the Project, to the extent not otherwise paid through a Cash Management System, shall be paid by Owner from a Project Account pursuant to this Section 9.2.

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

  • Canceling Employee Coverage A part-time employee may also cancel employee coverage within sixty (60) days of when one of the life events set forth above occurs.

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