Employee Retirement Contributions Sample Clauses

Employee Retirement Contributions. The Employer shall designate each employee's mandatory contribution to the School Employee's Retirement System of Ohio as "picked up" by the Employer as contemplated by Internal Revenue Service Ruling 77-464 and 81-36, although they shall continue to be designated as employee contributions as permitted by the Attorney General Opinion 81-097. This will reduce the amount of employee income reported by the Employer as subject to Federal and Ohio income tax by the current percentage amount of the employee's contribution which has been designated as "picked up." The amount to be "picked up"/tax deferred on behalf of each employee shall be as required by law of the employee's compensation. The "picked up"/tax deferred rate shall apply uniformly to all employees of the bargaining unit. No employee's total salary shall be increased by such "pick up" nor is the Employer's total contribution to the School Employee's Retirement System of Ohio increased. These "pick up"/tax deferred provisions shall apply to all compensation including supplemental earnings.
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Employee Retirement Contributions. The Board shall pay, in addition to each employee’s salary, the employee’s contribution to the Illinois Teachers’ Retirement System up to a maximum of 9.0% excluding the contributions to the Teachers’ Health Insurance System (THIS) Fund.
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Employee Retirement Contributions. The statutory 8% contributions to the City sponsored retirement plan administered by XxxXXXX. Employer Retirement Contributions: The actuarially determined contributions to the City sponsored retirement plan administered by CalPERS necessary to fund retirement benefits. Flexible Spending Accounts: Depository accounts maintained on behalf of employees for the purpose of exempting such expenditures from income related taxes. Personnel Officer: The City Manager or his/her designee. Stated Salary: Negotiated salary for all purposes except calculations and reporting to CalPERS for retirement related issues. Salary Subject to PERS: An employee’s unadjusted base salary plus the portion of the EPMC paid by the City of Sierra Madre, used solely for retirement related calculations and reporting to CalPERS.
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Employee Retirement Contributions. Effective the first full pay period starting on July 1, 2016, all full-time represented employees in the Tier 1 group (2.5%@55 retirement formula) hired prior to February 19, 2012 shall pay an additional 0.5% (in addition to the current 7%) of the employee contribution to PERS for a total of 7.5% of the employee’s PERS contribution. Effective the first full pay period starting after July 1, 2017, all full-time represented employees in the Tier 1 group (2.5%@55 retirement formula) hired prior to February 19, 2012 shall pay an additional 0.5% (in addition to the current 7.5%) of the employee contribution to PERS for a total of 8% of the employee’s PERS contribution. Full-time employees in the Tier 2 (2%@60) and Tier 3 (PEPRA – 2%@62) retirement groups pay their Full employee contribution, currently 7% for Tier 2 and 6.8% for Tier 3. If required, the City shall adopt a resolution reporting employer paid member contribution of the employee contribution to PERS which would be 0.5% starting on July 1, 2016 and 0% starting on the first full pay period after July 1, 2017 for Tier 1 group. All employee paid member contributions shall continue to be collected on a pre-tax basis.
Sample 1
Employee Retirement Contributions. Effective July 1, 1993, employees shall contribute four and one-half (4.5%) percent of the employee's annual salary, which shall include all compensation used to determine average final compensation, as defined in this Article. Effective July 1, 1998, the employee's contribution shall be increased to five (5%) percent. Effective July 1, 1999, the employee's contribution shall be increased to six percent (6.0%), which shall include all compensation used to determine final average compensation as defined in this Article. The six percent (6%) contribution shall be allocated as 4.5% for pension and 1.5% for retiree health insurance.
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Related to Employee Retirement Contributions

  • 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

  • Retirement Contributions On behalf of employees, the State will continue to “pick up” the six percent (6%) employee contribution, payable pursuant to law. The parties acknowledge that various challenges have been filed that contest the lawfulness, including the constitutionality, of various aspects of PERS reform legislation enacted by the 2003 Legislative Assembly, including Chapters 67 (HB 2003) and 68 (HB 2004) of Oregon Laws 2003 (“PERS Litigation”). Nothing in this Agreement shall constitute a waiver of any party’s rights, claims or defenses with respect to the PERS Litigation.

  • Pre-Retirement Leave An employee scheduled to retire and to receive a superannuation allowance under the applicable Superannuation Act(s), or who has reached the mandatory retiring age, shall be entitled to:

  • Post-Retirement Employment Unit members who retire from the University during the term of this Agreement may propose a post-retirement appointment of up to three years duration. During this post-retirement appointment, the total of retirement benefits and post-retirement salary paid by the University shall not exceed the salary paid at the time of retirement. The annual compensation received from the University for the post-retirement appointment shall not exceed fifty (50) percent of the annual salary at the time of retirement. The duties for a post-retirement appointment shall be defined and agreed to in writing by the bargaining unit member and the Employer/University Administration prior to the bargaining unit member's retirement. Such appointments are at the discretion of the Employer/University Administration and are subject to existing law and all rules and regulations of the State Retirement Board. The decision of the Employer/University Administration not to approve a proposal for a post-retirement appointment shall not be grievable under the Grievance and Arbitration Procedure, Article 7.

  • Voluntary employee contributions (i) Subject to the governing rules of the relevant superannuation fund, an employee may, in writing, authorise their employer to pay on behalf of the employee a specified amount from the post- taxation wages of the employee into the same superannuation fund as the employer makes the superannuation contributions provided for in Clause 24(b).

  • Pension Contributions While on Short Term Disability Contributions for OMERS Plan Members When an employee/plan member is on short-term sick leave and receiving less than 100% of regular salary, the Board will continue to deduct and remit OMERS contributions based on 100% of the employee/plan member’s regular pay.

  • Defined Benefit Pension Plan 1. The Employer and the Union hereby agree to the continuation of the existing Northern California Glaziers, Architectural Metal and Glass Workers Pension Trust Agreement ("Defined Benefit Pension Trust").

  • 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.

  • Beneficiary Rollovers from Employer-Sponsored Retirement Plans If you are a spouse Beneficiary, nonspouse Beneficiary, or the trustee of an eligible type of trust named as Beneficiary of a deceased employer plan participant, you may directly roll over inherited assets from a qualified retirement plan, 403(a) annuity, 403(b) tax-sheltered annuity, or 457(b) governmental deferred compensation plan to an inherited IRA. The IRA must be maintained as an inherited IRA, subject to the beneficiary distribution requirements.

  • Employer Contribution (a) An Employer contribution for health and dental benefits will only be made for each active employee who has at least eighty (80) paid regular hours in a month and who is eligible for medical insurance coverage, unless otherwise required by law.

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