Oregon Public Service Retirement Plan Pension Program Members Sample Clauses

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.Contributions to Individual Account Programs. As of the date that an employee becomes a member of the Individual Account Program established by Section 29 of Chapter 733, Oregon Laws 2003 and pursuant to Section 3 of that same chapter, the State will pay an amount equal to six percent (6%) of the employee’s monthly salary, not to be deducted from the salary, as the employee’s contribution to the employee’s account in that program. The employee’s contributions paid by the State under this Section 2 shall not be considered to be “salary” for the purposes of determining the amount of employee contributions required to be contributed pursuant to Section 32 of Chapter 733, Oregon Laws 2003.
Oregon Public Service Retirement Plan Pension Program Members. For purposes of 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. Contributions to Individual Account Programs. Effective February 1, 2019, compensation plan salary rates for PERS participating members shall be increased by six and ninety five one hundredths percent (6.95%). At that time, bargaining unit employees will begin to make their own six percent (6%) contributions to their PERS account or the Individual Account Program as applicable. Employees’ contributions shall be treated as ‘pre tax’ contributions pursuant to Internal Revenue Code Section 414(h)(2).
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. Contributions to Individual Account Programs. As of the date that an employee becomes a member of the Individual Account Program established by section 29 of chapter 733, Oregon Laws 2003, and pursuant to Section 3 of that same Chapter, the State will pay an amount equal to six percent (6%) of the employee’s monthly salary, not to be deducted from the salary, as the employee’s contribution to the employee’s account in that program. The employee’s contributions paid by the State under this section 2 shall not be considered to be “salary for the purposes of determining the amount of employee contributions required to be contributed pursuant to section 32 of chapter 733, Oregon Laws 2003.Section 3. Effect of Changes in Law (Other than PERS Litigation)In the event that the State’s payment of a six percent (6%) employee contribution under Section 1 or under Section 2, as applicable, must be discontinued due to a change in law, valid ballot measure, constitutional amendment, or a final, non-appealable judgment from a court of competent jurisdiction (other than in the PERS Litigation), the State shall increase by six percent (6%) the base salary rates for each classification in the salary schedules in lieu of the six percent (6%) pick-up. This transition shall be done in a manner to assure continuous payment of either the six percent (6%) contribution or a six percent (6%) salary increase. For the reasons indicated above, or by mutual agreement, if the State ceases paying the applicable six percent (6%) pickup and instead provides a salary increase for eligible bargaining unit employees during the term of the Agreement, and bargaining unit employees are able, under then-existing law, to make their own six percent (6%) contributions to their PERS account or the Individual Account Program account, as applicable, such employees’ contributions shall be treated as “pre-tax” contributions pursuant to Internal Revenue Code, Section 414(h)(2). Section 5.Effective February 1, 2019 compensation plan salary rates for PERS participating members shall be increased by six and ninety five hundredths percent (6.95%). At that time, the Employer will begin paying the six percent (6%) employee contribution required unde...