Common use of Employee Retirement Contribution Reduction for Miscellaneous Members Clause in Contracts

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 this agreement may declare this section of the MOU and all obligations set forth herein, to be null and void. In the event this agreement becomes null and void, the employee retirement contribution rate shall be restored to levels in effect on August 30, 2001 and the parties shall be obligated to immediately meet and confer in good faith to discuss alternative provisions.

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 60 BU 10 (01-03) 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 this agreement may declare this section of the MOU MOU, and all obligations set forth herein, to be null and void. In the event this agreement becomes null and void, the employee retirement contribution rate shall be restored to levels in effect on August 30, 2001 and the parties shall be obligated to immediately meet and confer in good faith to discuss alternative provisions.

Employee Retirement Contribution Reduction for Miscellaneous Members. Effective August 31, 2001no later than the pay period following legislative ratification of this collective bargaining agreement, 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 five percent (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 six percent (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, 2003, the employees’ retirement contribution rate shall be restored to levels in effect on August 30, 2001. 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 zerozero percent (0%). • 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% one percent (1%) 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 . 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 this agreement may declare this section of the MOU MOU, and all obligations set forth herein, to be null and void. In the event this agreement becomes null and void, the employee retirement contribution rate shall be restored to levels in effect on August 30, 2001 and the parties shall be obligated to immediately meet and confer in good faith to discuss alternative provisions.