City and Employee's Contributions to Retirement System Sample Clauses

City and Employee's Contributions to Retirement System. The City shall pay the rate prescribed by the Public Employees' Retirement system for employer contributions to the Public Employees' Retirement System in accordance with the rules and regulations governing such employer contributions, minus the employee cost share reflected herein. Employees enrolled in Tier 1 (3% @ 50) and Tier 2 (3% @ 55) are required to contribute nine percent (9%) of pensionable compensation as the employee member contribution, plus an additional cost share of seven percent (7%) of pensionable compensation toward the City’s pension contribution in accordance with California Government Code Section 20516, for a total of sixteen percent (16%) of pensionable compensation. In accordance with Section 20516(f) of the Government Code: Effective the first full pay period beginning on or after the date of Council approval of this tentative agreement (anticipated to be February 8, 2016, to be included in the check issued on February 26, 2016), each unit member in the Tier 1 (3%@50) and Tier 2 (3%@55) retirement plans shall pay seven percent (7%) toward the employer cost of retirement. Effective as soon as administratively feasible after the date of the Council resolution to amend the contract with CalPERS, but no later than four (4) months following ratification and approval of this agreement, each Tier 1 (3%@50) and Tier 2 (3%@55) unit member shall pay tThree percent (3%) of the total seven percent (7%) listed above will be considered as cost sharing in accordance with Section 20516(a) of the California Government Code. The remaining four percent (4%) being paid toward the employer cost of retirement will continue in accordance with Section 20516(f) of the Government Code. The four percent (4%) cost-sharing in accordance with Section 20516(f) of the Government Code, which was suspended August 29, 2021, shall resume effective the pay period following January 23, 2023 and end August 25, 2024. Employees defined as “new members” in Tier 3 (2.7% @ 57) are required to contribute one-half of the normal cost for pension as determined by CalPERS in accordance with California Government Code Section 7522.30. All such employee contributions toward employer cost of retirement will be made on a pre-tax basis to the extent permitted by law. The contributions shall not be credited to the employee account at CalPERS and shall not be reimbursed to the contributor by the City at any time for any reason. The four percent (4%) cost-sharing in accordance with Sect...
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Related to City and Employee's Contributions to Retirement System

  • Public Employees Retirement System “PERS”) Members. For purposes of this Section 1, “employee” means an employee who is employed by the State on August 28, 2003 and who is eligible to receive benefits under ORS Chapter 238 for service with the State pursuant to Section 2 of Chapter 733, Oregon Laws 2003.

  • Contributions to Individual Account Programs As of the date that an employee becomes a member of the Individual Account Program established by Section 29 of Chapter 733, Oregon Laws 2003 and pursuant to Section 3 of that same chapter, the State will pay an amount equal to six percent (6%) of the employee’s monthly salary, not to be deducted from the salary, as the employee’s contribution to the employee’s account in that program. The employee’s contributions paid by the State under this Section 2 shall not be considered to be “salary” for the purposes of determining the amount of employee contributions required to be contributed pursuant to Section 32 of Chapter 733, Oregon Laws 2003.

  • Multiple Individual Retirement Accounts In the event the depositor maintains more than one Individual Retirement Account (as defined in Section 408(a)) and elects to satisfy his or her minimum distribution requirements described in Article IV above by making a distribution from another individual retirement account in accordance with Item 6 thereof, the depositor shall be deemed to have elected to calculate the amount of his or her minimum distribution under this custodial account in the same manner as under the Individual Retirement Account from which the distribution is made.

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