Common use of Employee Contributions shall be Clause in Contracts

Employee Contributions shall be. adjusted each June 1 as follows: The Employee Contribution will be adjusted each year by comparing the “Recommended Contribution as a Percentage of Payroll” as determined by the Plan’s actuary from time to time to 12%. If the Total Recommended Contribution as a percentage of payroll is greater then 12%; the employee contribution will be that percentage amount that is greater than 12% If the Recommended Contribution as a Percentage of Payroll is less than 12%, there will be no employee contribution. No amount will be returned to any staff member as a result of any change in the Employee Contribution. The Actuary Valuation Report for the plan year proceeding the contract year will be used to determine the Recommended Contribution as a Percentage of Payroll. The amount of the contribution shall be treated as picked up by the University as provided for in the Internal Revenue Code. No employee may receive this picked up contribution directly. After being withheld, the contributions shall be paid by the University directly to the plan’s Trustee or insurance company. Contributions that may not be picked up for any reason shall still be deducted from each employee’s compensation and shall be treated as after-tax employee contributions.

Employee Contributions shall be. adjusted each June 1 as follows: The Employee Contribution will shall be adjusted each year by comparing the “Recommended Contribution as a Percentage of Payroll” as determined by the Plan’s actuary from time to time to 12%. If the Total Recommended Contribution as a percentage of payroll is greater then 12%; the employee contribution will be that percentage amount that is greater than 12% If the Recommended Contribution as a Percentage of Payroll is less than 12%, there will shall be no employee contribution. No amount will shall be returned to any staff member as a result of any change in the Employee Contribution. The Actuary Valuation Report for the plan year proceeding the contract year will be used to determine the Recommended Contribution as a Percentage of Payroll. The amount of the contribution shall be treated as picked up by the University as provided for in the Internal Revenue Code. No employee may receive this picked up contribution directly. After being withheld, the contributions shall be paid by the University directly to the plan’s Trustee or insurance company. Contributions that may not be picked up for any reason shall still be deducted from each employee’s compensation and shall be treated as after-tax employee contributions.