Pension Plan Stabilization and Savings Sample Clauses

Pension Plan Stabilization and Savings. The parties acknowledge that as a result of the funding agreement approved by the General Assembly on February 1, 2017, substantial progress was made in the problem of dealing with unfunded liabilities which began accumulating when the Plan was created by the General Assembly and funded on a “Pay as you go” basis beginning in 1939. The changes below are intended to provide savings in the actuarily determined employer contribution, and to further stabilize the Fund as an important asset to the State and it employees.
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Pension Plan Stabilization and Savings. The parties acknowledge that as a result of the funding agreement approved by the General Assembly on February 1, 2017, substantial progress was made in the problem of dealing with unfunded liabilities which began accumulating when the Plan was created by the General Assembly and funded on a “Pay as you go” basis beginning in 1939. The changes below are intended to provide savings in the actuarily determined employer contribution, and to further stabilize the Fund as an important asset to the State and it employees. Current employees Pension contributions Effective 7/1/17 Contributions in all SERS Tiers, (including the Hybrid Plan for those in Higher Education), shall increase by 1.5% of salary. Member may choose to reduce Retiree Health Care contribution for the 7/1/17 through 6/30/18 fiscal year by the same amount by signing an election form so indicating. A member so choosing pays the RHC Fund back by paying an additional ½% of salary towards RHC for 4 years, beginning 7/1/19. The form shall indicate the repayment schedule, and give the Trust Fund the ability to collect the amount due from terminal pay should the employee leave state service before the full amount is returned to the Fund. The repayment schedule is Attachment B. Effective 7/1/19, Pension contribution increases by additional ½% of salary (total increase is 2%). The effect on ARP contributions is shown at Attachment C. Pension Structure. For all current employees, benefits upon retirement shall be as set forth for their respective tiers, except for employees retiring on or after 7/1/22, the following changes to COLA shall occur. Revised Cost of Living Formula. The revised Cost of Living Adjustment (COLA) for eligible employees retiring 7/1/22 or later shall be based on a formula which uses the annual increase of the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) for the twelve-month period prior to the effective date of the COLA. Where such Index increases 2% or less, the COLA will be the actual increase in the CPI-W, if any. Where the CPI-W increases by more than 2%, there will be a minimum COLA increase of 2% and a maximum COLA increase of 7.5%. Within this range, the COLA will be calculated based on 60% of the annual increase of the CPI-W up to 6%, and 75% of the annual increase in the CPI-W over 6%. The CPI-W shall be defined as that utilized by the Social Security Administration as of June 29, 1996. Post 6/30/22 Retirees shall receive their first COLA effecti...
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Related to Pension Plan Stabilization and Savings

  • Health Care Savings Plan As provided in this Agreement, eligible ASF Members will participate in the health care savings plan (HCSP) established under Minnesota Statute 352.98, and as administered by the Plan Administrator. The Employer is responsible only for transferring funds, as specified in this agreement, to the Plan Administrator.

  • AGGREGATION PLAN Competitive Supplier agrees that it has been provided with and had a reasonable opportunity to examine, and has examined, the Aggregation Plan, and has not discerned any conflicts between this Agreement and the Aggregation Plan. The Parties agree that the Aggregation Plan, in the form as it exists on the Effective Date, shall be construed harmoniously with this Agreement to the greatest practicable extent. Notwithstanding the foregoing, in the event of any conflict between this Agreement and the Aggregation Plan, the Agreement shall govern.

  • RETIREE HEALTH SAVINGS PLAN Effective, December 24, 2006, or as soon as administratively possible, the County shall establish a retiree health savings plan (RHSP) by contributing an amount of $25.00 to the employee’s RHSP each biweekly pay period.

  • Extended Health Benefit Plan (a) All regular and probationary employees after three (3) months employment will be covered by a one hundred percent (100%) Extended Health Benefit Plan with the standard $100.00 deductible. The City will pay eighty percent (80%) of the costs and the twenty percent (20%) deduction for employees shall be made through payroll deductions. The extended health lifetime maximum will be $1,000,000.

  • 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.

  • IRANIAN ENERGY SECTOR DIVESTMENT In accordance with Section 2879-c of the Public Authorities Law, by signing this contract, each person and each person signing on behalf of any other party certifies, and in the case of a joint bid or partnership each party thereto certifies as to its own organization, under penalty of perjury, that to the best of its knowledge and belief that each person is not on the list created pursuant to paragraph (b) of subdivision 3 of Section 165-a of the State Finance Law (See xxxxx://xxx.xx.xxx/iran-divestment-act-2012).

  • Health Benefit Plan Par. 1. The Health Benefit Plan covering life insurance, sickness and accident benefits, and hospitalization insurance, or any changes thereto that are in accordance with the National Elevator Industry Health Benefit Plan and Declaration of Trust, shall be a part of this Agreement and adopted by all parties signatory thereto.

  • Defined Contribution Plan The Employer will establish the following Employer contribution programs in the existing salary deferral plans: » Beginning in 2006 and continuing throughout the term of the Agreement, a performance-based contribution

  • Savings Plan Executive will be eligible to enroll and participate, and be immediately vested in, all Company savings and retirement plans, including any 401(k) plans, as are available from time to time to other key executive employees.

  • RETIREMENT INCOME PLAN 18.01 The Nursing Homes and Related Industries Pension Plan In this Article, the terms used shall have the meanings as described:

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