Multiple Option Retirement Program Clause Samples

Multiple Option Retirement Program. Oakland shall offer a Multiple Option Retirement Program for all full-time faculty members, except as noted in paragraph 139. Oakland shall contribute to the Multiple Option Retirement Program as follows: a. For each participating non-visiting faculty member hired without tenure or job security: until such person has attained two years of full-time service and has been approved by Oakland for continued employment subsequent to the initial term of hire, Oakland shall contribute to said plan, over and above all other compensation, an amount equal to fourteen percent (14%) of the salary paid to each faculty member under the provisions of paragraphs 74-88; and shall pay contributions as provided in paragraph 153. For faculty hired without tenure or job security after September 14, 2003, and who satisfy the conditions set forth above, Oakland shall contribute to said plan, over and above all other compensation, an amount equal to fifteen percent (15%) of the salary paid to each faculty member (as defined above) for the next two years of the faculty member’s employment term. b. For each participating full-time visiting faculty member hired after September 14, 2003: in the third and fourth year of employment, Oakland shall contribute to said plan, over and above all other compensation, an amount equal to fourteen percent (14%) of the salary paid to each such faculty member. c. For other participating faculty members: Oakland shall contribute to said plan, over and above all other compensation, an amount equal to sixteen percent (16%) of the salary paid to each faculty member under the provisions of paragraphs 74-88; and shall pay contributions as provided in paragraph 153. Two tax-deferred retirement plans are available: TIAA-CREF and Fidelity. Information regarding these plans is available from the Benefit Services Office. Oakland and the Association may agree to add other plans or to disassociate from any of the above-named plans. As new options from these vendors become available, Oakland shall make such options available to faculty.

Multiple Option Retirement Program. The Employer shall provide all full-time employees who have completed two (2) or more years of service the option of participating in the Multiple Option Retirement Program. Two tax-deferred retirement plans are available in the program: TIAA and Fidelity. Information regarding these plans is available from the Benefit and Compensation Services. Employees may enroll in the program within sixty (60) days of the completion of two (2) or more years of such service, or at any time thereafter. However, participation cannot be made retroactive. A. The Employer’s contribution and any additional employee contributions are fully vested and the dollar value is based on entry date, earnings, and years of participation, coupled with interest and earnings experience of the vehicle selected. The Employer does not guarantee a return of principal or earnings on investments. For employees hired prior to January 1, 2015, the Employer shall contribute thirteen percent (13%) of each participating employee's base salary on a monthly basis. For employees hired on or after January 1, 2015, the following contribution levels will apply: • If the employee contributes zero percent (0%) of base pay, the University will make a ten percent (10%) of base pay contribution; • If the employee contributes three percent (3%) of base pay, the University will make a thirteen percent (13%) of base pay contribution.

Multiple Option Retirement Program. 50.1 The Employer will make available to all non-temporary full-time employees and to all employees who regularly work at least thirty (30) hours per week and who have completed at least three (3) years of service a Multiple Option Retirement Program (MORP) with these provisions: a) Two (2) tax-deferred retirement plans are available in the Multiple Option Retirement Program: TIAA-CREF and Fidelity. Information regarding these plans is available from the Benefit and Compensation Services Office. The Employer and the Association may mutually agree to add other options or to disassociate from any of these plans. b) Employees may enroll in the program after completion of three (3) years of active service with a regular work schedule of thirty (30) or more hours per week. If employees fail to enroll when first eligible, they may enroll at any time thereafter, but participation cannot be made retroactive. c) The Employer shall contribute thirteen percent (13%) of each participating employee’s salary on a monthly basis. For any benefit eligible custodians hired on or after January 1, 2012, the Employer shall contribute six and one half percent (6.5%) of their salary on a monthly basis. d) Employees newly enrolled after that date must specifically authorize any elective employee contribution to the program at the time they enroll. e) The Employer’s contribution and any employee contribution are fully vested and the dollar value is based on interest and earnings experience of the vehicle selected. The Employer does not guarantee a return of principal or earnings on investments. 50.2 Employees who are participating in the Multiple Option Retirement Program and who “retire” or terminate without meeting the age and service requirements identified in 49.1, 49.2, or 49.3 shall receive a pension solely from contributions to the Multiple Option Retirement Program and shall not qualify for Hospital-Medical insurance for Retirees (see paragraph 49.7). 50.3 Employees participating in the Multiple Option Retirement Program, who have Frozen Non-Con Benefits, and who meet the age and service requirement identified in 49.1, 49.2 or 49.3 shall be eligible upon retirement for pension benefits from Multiple Option Retirement Program contributions, for pension benefits from the Frozen Non-Con Plan and for Hospital medical Insurance in accordance with the provisions of paragraph 49.7. 50.4 Employees who “Retire” after meeting the age and service requirements of 49.1, 49.2, and 49.3 ...

Multiple Option Retirement Program a. The University shall provide all employees who are regularly scheduled to work thirty (30) or more hours per week and who have completed three (3) or more years of service the option of participating in the Multiple Option Retirement Program. Employees may enroll in the program after completion of thirty-six (36) months of active service. If employees fail to enroll when first eligible, they may enroll at any time thereafter, but participation cannot be made retroactive. b. Two (2) tax-deferred retirement plans are currently available: TIAA-CREF and Fidelity. Information regarding these plans is available from the Benefit and Compensation Services Office. The University and the Association may mutually agree to add other plans or to disassociate from any of the above plans. c. Effective July 1, 1999, the University shall contribute fourteen percent (14%) of each participating employee’s salary on a monthly basis. The University’s contribution and any additional employee contributions are fully vested and the dollar value is based on entry date, earnings, and years of participation, coupled with interest and earnings experience of the vehicle selected. The University does not guarantee a return of principal or earnings on investments.

Multiple Option Retirement Program. 50.1 The Employer will make available to all non-temporary full-time employees and to all employees who regularly work at least thirty (30) hours per week and who have completed at least three (3) years of service a Multiple Option Retirement Program (MORP) with these provisions: a) Oakland currently sponsors 403(b)/457(b) defined contribution retirement plans (the “Plan(s)”) providing for: (i) employer contributions as provided in this Agreement; and

Multiple Option Retirement Program. The University shall provide all employees who are regularly scheduled to work thirty (30) or more hours per week and who have completed three (3) or more years of service the option of participating in the Multiple Option Retirement Program. Employees may enroll in the program after completion of thirty-six (36) months of active service. If employees fail to enroll when first eligible, they may enroll at any time thereafter, but participation cannot be made retroactive.

Multiple Option Retirement Program. The Employer shall provide all full-time employees who have completed three (3) or more years of service the option of participating in the Multiple Option Retirement Program. Two tax-deferred retirement plans are available in the program: TIAA-CREF and Fidelity. Information regarding these plans is available from the Benefit and Compensation Services. Employees may enroll in the program within sixty (60) days of the completion of three (3) years of such service, or at any time thereafter. However, participation cannot be made retroactive. A. The Employer shall contribute thirteen percent (13%) of each participating employee's base salary on a monthly basis. The Employer’s contribution and any additional employee contributions are fully vested and the dollar value is based on entry date, earnings, and years of participation, coupled with interest and earnings experience of the vehicle selected. The Employer does not guarantee a return of principal or earnings on investments.

Multiple Option Retirement Program a. The University shall provide all employees who are regularly scheduled to work thirty (30) or more hours per week and who have completed three (3) or more years of service the option of participating in the Multiple Option Retirement Program. Employees may enroll in the program after completion of thirty-six (36) months of active service. If employees fail to enroll when first eligible, they may enroll at any time thereafter, but participation cannot be made retroactive. b. Oakland currently sponsors 403(b)/457(b) defined contribution retirement plans (the “Plan(s)”) providing for: (i) employer contributions as provided in this Agreement; and (ii) participant elective deferrals up to the maximum allowed by law. The Plan(s) shall include multiple participant investment options spanning the risk spectrum. The University shall select one or more third-party recordkeeper(s) to administer the Plan(s). The initial recordkeeper(s), and any successor recordkeeper(s), will be selected through an RFP or RFQ process that includes a selection committee. The University will invite one Association member to participate on the selection committee. The selection committee will make a final recommendation to the Plan(s) fiduciary(ies). If the Plan(s) fiduciary(ies) intends to select a recordkeeper(s) other than Fidelity or TIAA, then the parties shall begin to bargain over the selection of the recordkeeper(s), within thirty (30) calendar days of the Plan(s) fiduciary’s(ies’) written notice to the Association of their intent. In addition, meetings of the Investment Committee may be attended by a representative of the Association. c. Effective July 1, 1999, the University shall contribute fourteen percent (14%) of each participating employee’s salary on a monthly basis. The University’s contribution and any additional employee contributions are fully vested and the dollar value is based on entry date, earnings, and years of participation, coupled with interest and earnings experience of the vehicle selected. The University does not guarantee a return of principal or earnings on investments.