Electronic Payroll Transfer Clause Samples
The Electronic Payroll Transfer clause establishes the requirement for employee wages to be paid via electronic funds transfer directly into employees' bank accounts. In practice, this means that instead of issuing paper checks, the employer will deposit salaries electronically on scheduled pay dates, often requiring employees to provide valid banking information. This clause streamlines payroll processing, reduces administrative costs, and minimizes the risk of lost or stolen checks, ensuring timely and secure payment to employees.
Electronic Payroll Transfer. Wages shall be paid by an electronic payroll transfer system.
Electronic Payroll Transfer. Salaries shall be paid by an electronic payroll transfer system.
5-1 CALPERS FORMULA AND CONTRIBUTION: Teamsters unit employees hired prior to July 1, 2011 or until such time as the City can affect a change in its CalPERS contract implementing a second tier, shall receive the “2.7% at age 55 Full Formula” (Government Code Section 21354.5) benefit. Effective the first pay cycle after adoption of this MOU, Teamsters unit employ- ees hired prior to July 1, 2011 or until such time as the City can affect a change in its CalPERS contract implementing a second tier, shall be required to pay one percent (1%) of the employee paid members contribution (EPMC) and will have the option to have a salary adjustment in the form of a deferred income payment for their member contribution. Likewise, effective pay period ending June 29, 2012, those Teamsters unit employees shall be required to pay a total of two percent (2%) of the EPMC. Teamsters unit employees hired after July 1, 2011 or at such time as the City can affect a change in its CalPERS contract implementing a second tier, shall receive the “2% at age 60 Full Formula” (Government Code Section 21353) benefit. Likewise, they shall have their retirement base calculation based upon their final three year average of compensation and pay the entire EPMC in an amount de- fined by statute (currently seven percent (7%)). The pension reforms required by the California Public Employees’ Pension Re- form Act of 2013 (Article 4 (commencing with Section 7522) of Chapter 21 of Di- vision 7 of Title 1 of the Government Code) (hereinafter “PEPRA”) shall be im- plemented as well as any amendments thereto or related statutes that are enact- ed with similar mandatory provisions. This does not include implementation of any pension reforms that are not made mandatory by PEPRA and to the extent required by law, the City and IBEW 1245 representatives will meet and confer in the future over any other changes resulting from PEPRA or related statutes be- fore they will be implemented. 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 de- scribed herein, IBEW 1245 represented employees hired prior to November 19, 2011, shall pay their full CalPERS member contr...