OPERS Sample Clauses
The OPERS clause establishes the rights and obligations of parties in relation to the Ohio Public Employees Retirement System (OPERS). Typically, this clause clarifies whether employees covered by a contract are eligible for OPERS benefits, and may outline employer responsibilities for contributions or reporting. Its core function is to ensure compliance with state retirement system requirements and to clarify benefit eligibility, thereby preventing misunderstandings regarding retirement benefits for public employees.
OPERS. Members of the Bargaining Unit appointed after July 1, 1977 shall participate in the Ohio Public Employees Retirement System (OPERS) with eligibility and contributions determined by regulations of said retirement systems. ARP – Full-time (100% FTE) Bargaining Unit members hired after August 1, 2005, or with less than five years of service credit in OPERS as of that date, can elect to participate in the Ohio Alternative Retirement Plan (ARP). Eligible members may make a one-time irrevocable election to opt out of OPERS and participate in the ARP. The election must be made within 120 days of the date of hire. Bargaining Unit members shall make periodic contributions with the University. The University contribution may be adjusted based on any changes to the unfunded liability percentage remitted to OPERS as required and set by law and/or the Ohio Retirement Commission.
OPERS. For tax deferment purposes, the full amount of the statutorily required Employee contribution to the Ohio Public Employees Retirement System (OPERS) shall be withheld from the gross pay of bargaining unit members. No bargaining unit member subject to this “pick-up” shall have the option of choosing to receive the statutorily required Employee contribution to the fund or of being excluded from the “pick-up.” The parties agree that the county will not incur any additional costs in the deferment of said federal and state income taxes. Should the Rules and Regulations of the Internal Revenue Service change, the parties agree that they will continue to follow the Rules and Regulations of the Internal Revenue Service with regard to such deferment.
OPERS. Employees shall pay the total amount of the employee contribution of the OPERS Pension currently set at ten percent (10%), effective February 17, 2013.