Common use of Multiple Option Retirement Program Clause in Contracts

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 are eligible for Hospital-Medical insurance Coverage as described and as provided under 49.7 whether or not they are also eligible for a pension under the Non-Con Plan, the Frozen Non-Con Plan, or the Multiple Option Retirement Program.

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-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 are eligible for Hospital-Medical insurance Coverage as described and as provided under 49.7 whether or not they are also eligible for a pension under the Non-Non- Con Plan, the Frozen Non-Con Plan, or the Multiple Option Retirement Program.