One-Time Lump Sum Contribution Sample Clauses

One-Time Lump Sum Contribution to Employee 457/RHS Plan by City For full-time unit employees, effective July 2, 2014, the City shall make a one-time, lump sum contribution be paid out in three (3) equal installments to the unit employee’s 457 Deferred Compensation Plan (with any excess deferred into the unit employee’s RHS Plan) with first payment occurring on or about September 5, 2014, and every year thereafter, in an amount specified in the table below corresponding to the employee’s full- time consecutive years of service to the City with a five (5) year vesting schedule (e.g., twenty percent [20%] per year) for unit employees with less than five (5) years of full-time consecutive service to the City (See Appendix Five): Years of Full-time Consecutive Service (as of July 2, 2014) Lump Sum Payment Annual Installment Amount TIER 3—48 full-time unit employees Greater than 10 years but less than 15 Years ( > 120 months and < 180 months) $2,200 $733.33 5. Vesting Requirements To qualify for one hundred percent (100%) of the Lump Sum Contributions, full-time unit employees must possess five (5) years of full-time consecutive years of service with the City.
Sample 1Sample 2
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One-Time Lump Sum Contribution a. At the completion of sixty (60) months of active regular continuous service, the Employer will contribute to the employee’s 403(b) Base Retirement Program an amount equal to 2.5% of the bargaining unit’s average wage (aggregate pay including overtime compensation divided by total Full-Time Equivalents [FTE]) calculated as of June 30th prior to the contribution.
Sample 1

Related to One-Time Lump Sum Contribution

  • 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.

  • Company Contributions (a) For employees hired, rehired or who become covered under the CWA 3176 Agreement through any means before January 1, 2016, the Company shall contribute a Company Matching Contribution equal to 25 percent of the Participant’s Contribution up to a maximum of 6 percent of eligible wage.

  • Matching Contributions The Employer will make matching contributions in accordance with the formula(s) elected in Part II of this Adoption Agreement Section 3.01.

  • Full Employer Contribution - Basic Eligibility Employees covered by this Agreement who are scheduled to work at least seventy-five (75) percent of the time are eligible for the full Employer Contribution. This means:

  • Eligibility for Employer Contribution This section describes eligibility for an Employer Contribution toward the cost of coverage.

  • Catch-Up Contributions In the case of a Traditional IRA Owner who is age 50 or older by the close of the taxable year, the annual cash contribution limit is increased by $1,000 for any taxable year beginning in 2006 and years thereafter.

  • 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.

  • 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

  • Employer Contributions 8.1 Rates at which the Employer shall contribute for each hour of work performed on behalf of each employee employed under the terms of this Agreement are contained in the Appendices attached to and forming part of this Agreement.

  • Maximum Contribution The total amount you may contribute to an IRA for any taxable year cannot exceed the lesser of 100 percent of your compensation or $6,000 for 2019 and 2020, with possible cost- of-living adjustments each year thereafter. If you also maintain a Xxxx XXX (i.e., an IRA subject to the limits of Internal Revenue Code Section (IRC Sec.) 408A), the maximum contribution to your Traditional IRAs is reduced by any contributions you make to your Xxxx IRAs. Your total annual contribution to all Traditional IRAs and Xxxx IRAs cannot exceed the lesser of the dollar amounts described above or 100 percent of your compensation.

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