Legacy Employees’ Pension Contribution Sample Clauses

Legacy Employees’ Pension Contribution. ‌ On July 1, 1994, the City increased the base salary of employees in the amount of nine percent (9%). Effective January 1, 2015, Legacy employees will contribute an additional one percent (1%) toward the City’s CalPERS employer contribution rate via automatic payroll deduction on a pre-tax basis. The City and Association agree that, effective 1st pay period after Council approval of this MOU, employees will pay an additional one percent (1%) to the City’s CalPERS employer contribution rate via automatic payroll deduction. Employees then assumed, and shall continue while the terms of this MOU are effective to assume, responsibility for payment of the normal employee retirement contribution to CalPERS. The City shall designate such payment as an Employer Pickup as defined under the provisions of Section 414(h)(2) of the Internal Revenue Code. The employee contribution shall be made through automatic payroll deductions.
Sample 1
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Legacy Employees’ Pension Contribution. On July 1, 1994, the City increased the base salary of employees in the amount of nine percent (9%). Effective January 1, 2015, Legacy employees will contribute an additional one percent (1%) toward the City’s CalPERS employer contribution rate via automatic payroll deduction on a pre-tax basis. Employees then assumed, and shall continue while the terms of this MOU are effective to assume, responsibility for payment of the normal employee retirement contribution to CalPERS. The City shall designate such payment as an Employer Pickup as defined under the provisions of Section 414(h)(2) of the Internal Revenue Code. The employee contribution shall be made through automatic payroll deductions.
Sample 1

Related to Legacy Employees’ Pension Contribution

  • Pension Contributions 19.2.3.1 Unless required by law to commence receiving a pension prior to the Member’s actual retirement date (i.e., currently December 31 of the year in which the Member attains age sixty-nine (69)) the Member who postponed retirement beyond his or her TRD will continue to make pension contributions.

  • 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").

  • 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

  • Post-Retirement Benefits The present value of the expected cost of post-retirement medical and insurance benefits payable by the Borrower and its Subsidiaries to its employees and former employees, as estimated by the Borrower in accordance with procedures and assumptions deemed reasonable by the Required Lenders is zero.

  • 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.

  • 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).

  • 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.

  • 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.

  • Oregon Public Service Retirement Plan Pension Program Members For purposes of this Section 2, “employee” means an employee who is employed by the State on or after August 29, 2003 and who is not eligible to receive benefits under ORS Chapter 238 for service with the State pursuant to Section 2 of Chapter 733, Oregon Laws 2003.

  • REGISTERED RETIREMENT SAVINGS PLAN 1. In this Article:

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