Common use of Defined Contribution Retirement Plan Clause in Contracts

Defined Contribution Retirement Plan. A. Beginning on the plan commencement date, as defined in Section 6 (A) above, the County will make available a County 1.62 Retirement, Section 457(b) Defined Contribution Plan (the “DC Plan”) to those employees who are covered by the 1.62% at 65 benefit formula (whether by election, deemed to have elected or are hired on after January 1, 2013 and are deemed to be “new members” within the meaning of PEPRA). These employees will be permitted to make voluntary contributions to the DC Plan. The County will make matching contributions as described in Section 4.B., below.

Defined Contribution Retirement Plan. A. Beginning on the plan commencement date, as defined in Section 6 (A) above, the County will make available a County 1.62 Retirement, Section 457(b) Retirement Defined Contribution Plan (the “1.62 DC Plan”) comprised of a voluntary 457(b) plan and a 401(a) matching plan to those employees who are covered by the “ 1.62% at 65 65” benefit formula (whether by election, deemed to have elected or are hired on after January 1, 2013 and are deemed to be “new members” within the meaning of PEPRA). These employees will be permitted to make voluntary contributions to the 1.62 Section 457(b) DC Plan. The County will make matching contributions as described in Section 4.B., below.