Retirement COLA Cost Sample Clauses

Retirement COLA Cost. Employees hired on or after August 7, 2011 will pay 50% of the Retirement COLA cost as determined by SamCERA. COLA costs are included in the Plan 7 statutory rate. Effective July 3, 2016, all employees will pay fifty percent (50%) of the Retirement COLA cost as determined by SamCERA.
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Retirement COLA Cost. Retirement COLA: Employees hired on or after August 7, 2011 will pay 50% of the Retirement COLA cost as determined by SamCERA. COLA costs are included in the Plan 7 statutory rate. Effective July 5, 2015, all employees will pay fifty percent (50%) of the Retirement COLA cost as determined by SamCERA. Effective July 5, 2015, all employees will receive a one percent (1%) salary increase to offset the additional employee payment toward retirement COLA. Any agreements reached with AFSCME or SEIU regarding retirement plans shall be extended to this MOU. The intent of this paragraph is to memorialize a “me-too” agreement regarding retirement plan changes entered into with AFSCME. In the event that AFSCME Local 829 or SEIU Local 521 negotiates a termination of the employee retirement cost sharing provision, cost sharing will also be terminated for employees represented by BCTC on the same effective date as that negotiated by AFSCME or SEIU. Retirement Plan 2 participants will be eligible for a maximum annual cost of living adjustment to the retirement benefit of three percent (3%) per year. There is no "banking" or "roll-over" of any cost of living adjustment in excess of the annual adjustment. Retirement Plan 4 participants hired on or after July 13, 1997, will be eligible for a maximum annual cost of living adjustment to the retirement benefit of two percent (2%) per year. There is no "banking" or "roll-over" of any cost of living adjustment in excess of the annual adjustment. The participants’ retirement annuity shall be calculated based on their average salary for 36 highest consecutive months. Longevity Pay:  One and one-half percent (1.5%) salary increase after the employee achieves the equivalent of ten (10) years of full time County service (20,800 hours)  An additional one and one-half percent (1.5%) salary increase (for a total of three percent (3%)) after the employee achieves the equivalent of twenty (20) years of full time County service (41,600 hours)  An additional one percent (1%) salary increase (for a total of four percent (4%) after the employee achieves the equivalent of twenty-five (25) years of full time County service 52,000 hours)
Sample 1

Related to Retirement COLA Cost

  • Special Maternity Allowance for Totally Disabled Employees (a) An employee who:

  • Maternity Leave Allowance (a) An employee who qualifies for maternity leave pursuant to Clause 26.01, shall be paid a maternity leave allowance in accordance with the Supplemental Unemployment Benefit (SUB) Plan, as set out in Letter of Understanding #1. In order to receive this allowance, the employee must provide to the Employer proof that the employee has applied for and is eligible to receive employment insurance benefits pursuant to the Employment Insurance Act. An employee disentitled or disqualified from receiving employment insurance benefits is not eligible for maternity leave allowance.

  • 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

  • Retirement Contributions On behalf of employees, the State will continue to “pick up” the six percent (6%) employee contribution, payable pursuant to law. The parties acknowledge that various challenges have been filed that contest the lawfulness, including the constitutionality, of various aspects of PERS reform legislation enacted by the 2003 Legislative Assembly, including Chapters 67 (HB 2003) and 68 (HB 2004) of Oregon Laws 2003 (“PERS Litigation”). Nothing in this Agreement shall constitute a waiver of any party’s rights, claims or defenses with respect to the PERS Litigation.

  • Special Parental Allowance for Totally Disabled Employees (a) An employee who:

  • LIVING AWAY FROM HOME ALLOWANCE 27.1 For the purpose of this Clause, a “distant project” is one where the location of the “on-site project work” is such that because of its distance or because of the travelling facilities available to and from the location, it is reasonably necessary for an employee to live and sleep at some place other than his/her usual place of residence.

  • Contribution Formula - Basic Life Coverage For employee basic life coverage and accidental death and dismemberment coverage, the Employer contributes one-hundred (100) percent of the cost.

  • Retirement Health Insurance Subd. 1. Benefit Eligibility for Employees who Retire Before Age 65

  • Uniform Allowance Where uniforms are required, the Hospital shall either supply and launder uniforms or provide a uniform allowance of per year in a lump sum payment in the first pay period of November of each year.

  • Pension Contributions While on Short Term Disability Contributions for OMERS Plan Members When an employee/plan member is on short-term sick leave and receiving less than 100% of regular salary, the Board will continue to deduct and remit OMERS contributions based on 100% of the employee/plan member’s regular pay.

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