CALPERS FORMULA AND CONTRIBUTION Sample Clauses

CALPERS FORMULA AND CONTRIBUTION. The pension reforms required by the California Public Employees’ Pension Reform Act of 2013 (Article 4 (commencing with Section 7522) of Chapter 21 of Division 7 of Title 1 of the Government Code) (hereinafter “PEPRA”) have been shall be implemented as shall be well as any amendments thereto or related statutes that are enacted with similar mandatory provisions. This does not include iImplementation of any pension reforms that are not made mandatory by PEPRA or and to the extent required by law shall still necessitate, that the City and IBEW 1245 representatives will meet and confer in the future over such any other non-mandatory changes resulting from PEPRA or related statutes before they maywill be implemented as required by the Xxxxxx- Xxxxxx-Xxxxx Act (Government Code Sections 3500-3511)(hereinafter the “MMBA”). IBEW 1245 represented Unit employees hired by the City prior to November 19, 2011, shall receive the “2.7% at age 55 Full Formula” (Government Code Section 21354.5) retirement benefit. Effective the second full pay period following City Council adoption of this MOU, and adoption of any required CalPERS resolution effecting the changes described herein, IBEW 1245 represented employees hired prior to November 19, 2011, shall pay their full CalPERS member contributions required by CalPERS for participation in the 2.7 @ 55 retirement plan, which is currently 8% of reportable earnings. The City does not and shall not shall concurrently therewith cease payment of any and all make any Employer Paid Members Contribution ( hereinafter “EPMC”) for Union represented employees, currently at six (6%) percent of reportable earnings. Employees shall have the option to have a salary adjustment in the form of a tax deferred income payment for their CalPERS member contribution in accordance with the provisions of Internal Revenue Code Section 414(h)(2). IBEW 1245 represented employees hired on or after November 19, 2011 and prior to January 1, 2013, shall receive the “2% at age 60 Full Formula” (Government Code Section 21353) retirement benefit with final compensation determined based upon the highest average pay rate and qualifying special compensation during any consecutive three year period. These employees pay their full CalPERS member contribution in an amount defined by statute (currently seven percent (7%)) and are not entitled to any City EPMC payments. As defined under the PEPRA, all IBEW 1245 represented employees hired on or after January 1, 2013 and ...
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Related to CALPERS FORMULA AND CONTRIBUTION

  • In-Kind Contributions For clarity, In-Kind contributions will only be recognized as eligible when the costs incurred by the Applicant are incidental to its ordinary course of business, directly attributable to the Project and easily auditable.

  • User Contributions The Website may contain message boards, chat rooms, personal web pages or profiles, forums, bulletin boards, and other interactive features (collectively, "Interactive Services") that allow users to post, submit, publish, display, or transmit to other users or other persons (hereinafter, "post") content or materials (collectively, "User Contributions") on or through the Website. All User Contributions must comply with these Terms of Use. Any User Contribution you post to the site will be considered non-confidential and non- proprietary. By providing any User Contribution on the Website, you grant us and our affiliates and service providers, and each of their and our respective licensees, successors, and assigns the right to use, reproduce, modify, perform, display, distribute, and otherwise disclose to third parties any such material. You represent and warrant that: • You own or control all rights in and to the User Contributions and have the right to grant the license granted above to us and our affiliates and service providers, and each of their and our respective licensees, successors, and assigns. • All of your User Contributions do and will comply with these Terms of Use. You understand and acknowledge that you are responsible for any User Contributions you submit or contribute, and you, not the Company, have full responsibility for such content, including its legality, reliability, accuracy, and appropriateness. We are not responsible or liable to any third party for the content or accuracy of any User Contributions posted by you or any other user of the Website.

  • Eligibility and Contributions a. All employees of the District are eligible to contribute to the Bank.

  • Maximum Contribution The total amount you may contribute to an IRA for any taxable year cannot exceed the lesser of 100 percent of your compensation or $6,000 for 2019 and 2020, with possible cost- of-living adjustments each year thereafter. If you also maintain a Xxxx XXX (i.e., an IRA subject to the limits of Internal Revenue Code Section (IRC Sec.) 408A), the maximum contribution to your Traditional IRAs is reduced by any contributions you make to your Xxxx IRAs. Your total annual contribution to all Traditional IRAs and Xxxx IRAs cannot exceed the lesser of the dollar amounts described above or 100 percent of your compensation.

  • Catch-Up Contributions In the case of a Traditional IRA Owner who is age 50 or older by the close of the taxable year, the annual cash contribution limit is increased by $1,000 for any taxable year beginning in 2006 and years thereafter.

  • Retirement Contributions On behalf of employees, the State will continue to “pick up” the six percent (6%) employee contribution, payable pursuant to law. The parties acknowledge that various challenges have been filed that contest the lawfulness, including the constitutionality, of various aspects of PERS reform legislation enacted by the 2003 Legislative Assembly, including Chapters 67 (HB 2003) and 68 (HB 2004) of Oregon Laws 2003 (“PERS Litigation”). Nothing in this Agreement shall constitute a waiver of any party’s rights, claims or defenses with respect to the PERS Litigation.

  • USER GENERATED CONTRIBUTIONS The Site does not offer users to submit or post content. We may provide you with the opportunity to create, submit, post, display, transmit, perform, publish, distribute, or broadcast content and materials to us or on the Site, including but not limited to text, writings, video, audio, photographs, graphics, comments, suggestions, or personal information or other material (collectively, "Contributions"). Contributions may be viewable by other users of the Site and through third-party websites. As such, any Contributions you transmit may be treated in accordance with the Site Privacy Policy. When you create or make available any Contributions, you thereby represent and warrant that:

  • Retirement Contribution The State shall, as permitted by 5 M.R.S.A. §17702 §§s5 and 6, pay the cost of the 6.5% or 7.5% retirement contribution for employees in the following classifications. Corrections Firearms Instructor Oil & Hazardous Material Responder I Oil & Hazardous Material Responder II

  • How Do I Correct an Excess Contribution? If you make a contribution in excess of your allowable maximum, you may correct the excess contribution and avoid the 6% penalty tax for that year by withdrawing the excess contribution and its earnings on or before the date, including extensions, for filing your tax return for the tax year for which the contribution was made (generally October 15th). Any earnings on the withdrawn excess contribution may also be subject to the 10% early distribution penalty tax if you are under age 59½. In addition, although you will still owe penalty taxes for one or more years, excess contributions may be withdrawn after the time for filing your tax return. Excess contributions for one year may be carried forward and applied against the contribution limitation in succeeding years. An individual who is partially or entirely ineligible to make contributions to a Xxxx XXX may transfer amounts of up to the yearly contribution limits to a non-deductible Traditional IRA (subject to reduction for amounts remaining in the Xxxx XXX plus other Traditional IRA contributions).

  • 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.

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