Common use of PERS/OPSRP Clause in Contracts

PERS/OPSRP. (a) The City of Salem participates in the Oregon Public Employee Retirement System (PERS) and Oregon Public Service Retirement Plan (OPSRP). The City shall contribute the employee’s six percent (6%) of salary to the employee’s Individual Account Program (IAP). The employee’s contribution to PERS six percent (6%) will be picked up by the City as a pre-tax contribution. Should future unforeseen reasons cause ORS 238.205 “pick-up” to no longer be permitted, the parties agree that they will enter bargaining regarding this change with the specific goal of not negatively impacting employee’s net take home pay. (b) The City participates in the conversion of unused sick leave hours to increase final average salary at retirement for eligible employees. This shall be done in accordance with PERS rules and procedures (Tier I and II only). (c) It is understood that plan eligibility (Tier I/II, and OPSRP) and related benefits under the plan are determined by PERS. (d) As of the date that an employee becomes a member of the OPSRP Individual Account Program established by Section 29 of Chapter 733, Oregon Laws 2003, the City 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 City shall not be considered to be “salary” under Section 1 (16) of Chapter 733, Oregon Laws 2003, for the purposes of computing an Oregon Public Service Retirement Plan Pension Program member’s “final average salary” under Section 10 Chapter 733, or “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.

PERS/OPSRP. (a) The City of Salem participates in the Oregon Public Employee Retirement System (PERS) and Oregon Public Service Retirement Plan (OPSRP). The City shall contribute the employee’s six percent (6%) of salary to the employee’s Individual individual Account Program (IAP). The employee’s contribution to PERS six percent (6%) will be picked up by the City city as a pre-tax contribution. Should future unforeseen reasons cause ORS 238.205 “pick-up” to no longer be permitted, the parties agree that they will enter bargaining regarding this change with the specific goal of not negatively impacting employee’s net take home pay. (b) The City participates in the conversion of unused sick leave hours to increase final average salary at retirement for eligible employees. This shall be done in accordance with PERS rules and procedures procedures. (Tier I 1 and II only). (c) It is understood that plan eligibility (Tier I1/II, and OPSRP) and related benefits under the plan are determined by PERS. (d) As of the date that an employee becomes a member of the OPSRP Individual Account Program established by Section 29 of Chapter 733, Oregon Laws 2003, the City 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 City shall not be considered to be “"salary” " under Section 1 (16) of Chapter 733, Oregon Laws 2003, for the purposes of computing an Oregon Public Service Retirement Plan Pension Program member’s “"final average salary” " under Section 10 Chapter 733, or “"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.