Employee Retirement Contribution Reduction for Miscellaneous Members Sample Clauses

Employee Retirement Contribution Reduction for Miscellaneous Members. Effective August 31, 2001, the State agrees to the following: • Employees who are miscellaneous and/or industrial members of the first tier plan who are subject to Social Security under the Public Employees' Retirement System (CalPERS) shall have their employee retirement contribution rate reduced from 5% of compensation in excess of five hundred thirteen ($513) dollars each month to 2.5% of compensation in excess of five hundred thirteen ($513) dollars each month. • Employees who are miscellaneous and/or industrial members of the first tier plan who are not subject to Social Security under the Public Employees' Retirement System (CalPERS) shall have their employee retirement contribution rate reduced from 6% of compensation in excess of three hundred seventeen ($317) dollars each month to 3.5% of compensation in excess of three hundred seventeen ($317) dollars each month. Effective July 1, 2002, the State agrees to the following: • Employees who are miscellaneous and/or industrial members of the first tier plan who are subject to Social Security under the Public Employees' Retirement System (CalPERS) shall have their employee retirement contribution rate reduced to zero. • Employees who are miscellaneous and/or industrial members of the first tier plan who are not subject to Social Security under the Public Employees' Retirement System (CalPERS) shall have their employee retirement contribution rate reduced from 3.5% of compensation in excess of three hundred seventeen ($317) dollars each month to 1.0% of compensation in excess of three hundred seventeen ($317) dollars each month. Effective July 1, 2003, the employee’s retirement contribution rate shall be restored to levels in effect on August 30, 2001. The State employer will continue to ensure that pension benefits are properly funded in accordance with generally accepted actuarial practices. In accordance with the provisions of the June 20, 2001 communication to DPA from CalPERS’ Actuarial & Employer Services Division, effective July 1, 2003, the State Employer’s CalPERS retirement contribution rate shall incorporate the impact resulting from the temporary reduction in the employee retirement contribution rate. As indicated in the above referenced letter, “10% of the net unamortized actuarial loss shall be amortized each year”. However, if the CalPERS Board of Administration alters the amortization schedule referenced above in a manner that accelerates the employer payment obligation, either party to ...
Sample 1Sample 2Sample 3See All (8)
AutoNDA by SimpleDocs
Employee Retirement Contribution Reduction for Miscellaneous Members. If the Board of Administration of the California Public Employees Retirement System (CalPERS) informs the parties in writing that it has determined that the recent temporary arrangement whereby state employees were relieved of paying into their retirement fund may be extended for 12 months and that such an extension would be fiduciarily sound and meet the Board’s established actuarial standards, which in turn provide temporary cash flow relief to the State, the parties will agree to the following:
Sample 1
Employee Retirement Contribution Reduction for Miscellaneous Members. Effective August 31, 2001, the State agrees to the following:
Sample 1Sample 2

Related to Employee Retirement Contribution Reduction for Miscellaneous Members

  • Maintaining Eligibility for Employer Contribution The employer's contribution continues as long as the employee remains on the payroll in an insurance eligible position. Employees who complete their regular school year assignment shall receive coverage through August 31.

  • Dependent Care Salary Reduction Plan The Employer agrees to maintain the current dependent care salary reduction plan that allows eligible employees, covered by this Agreement, the option to participate in a dependent care reimbursement program for work-related dependent care expenses on a pretax basis as permitted by federal tax law or regulation.

  • 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

  • Employer Compensation Upon Separation An Employee, upon her separation from employment, shall compensate the Employer for vacation which was taken but to which she was not entitled.

  • Retroactive Pay for Terminated Employees An employee who has retired or severed his/her employment between the termination date of this Agreement and the effective date of the new Agreement shall receive the full retroactivity of any increase in wages, salaries or other benefits.

  • Non-Retirement Savings Accounts An account maintained in the Cayman Islands (other than an insurance or Annuity Contract) that satisfies the following requirements under the laws of the Cayman Islands.

  • Transition to Retirement 24.1 An Employee may advise their Employer in writing of their intention to retire within the next five years and participate in a retirement transition arrangement.

  • Refresh Provision for Permanent Employees Permanent Employees returning from LTD or workplace insurance leave to resume their regular working hours must complete eleven (11) consecutive working days at their regular working hours to receive a new allocation of sick/short-term disability leave. If the Employee has a recurrence of the same illness or injury, s/he is required to apply to reopen the previous LTD or WSIB claim, as applicable. The Local union and Local school board agree to continue to cooperate in the implementation and administration of early intervention and safe return to work processes as a component of the Short-Term Leave and Long-Term Disability Plans. In the event the Employee exhausts his/her sick/short-term disability leave allocation from the previous year and continues to work part-time, their salary will be reduced accordingly and a pro-rated sick/short-term allocation for the employee’s working portion of the current year will be provided. The new pro-rated sick/short-term leave allocation may not be used to top-up from part-time to full-time hours. Any changes to hours of work during a fiscal year shall result in an adjustment to the allocation.

  • Full Employer Contribution - Basic Eligibility Employees covered by this Agreement who are scheduled to work at least seventy-five (75) percent of the time are eligible for the full Employer Contribution. This means:

  • Eligibility for Employer Contribution This section describes eligibility for an Employer Contribution toward the cost of coverage.

Time is Money Join Law Insider Premium to draft better contracts faster.