Retirement Contribution Offsets. Upon termination of employment, an employee will have no vested right in employee pension contribution offsets contributed by the City. Substitution of this portion of the employees’ contribution by a City payment will not decrease the total amount applied toward the required retirement contribution, and will not affect retirement benefits. Provided, however, such payment shall not exceed any employee’s total contribution to the system.
Retirement Contribution Offsets a. The following language in paragraphs 2.b. through 5 has been left in the MOU for historical purposes only and has no force and effect during the term of this MOU.
Retirement Contribution Offsets. During the term of this agreement, the City will apply an amount that is approximately equal to 3.4% of the base salary of eligible employees covered by the October 28, 2008 Grievance Settlement Agreement; thereby, reducing the amount deducted from employees’ paychecks as the employees’ retirement contribution by that amount. These Retirement Contribution Offsets will not be changed during the term of this agreement or in FY 2012 in the absence of mutual agreement of the parities. The employee, upon termination, will have no vested right in the amount so contributed by the City. Substitution of this portion of the employees’ contribution by a City payment will not decrease the total amount applied towards the required retirement contribution, and will not affect retirement benefits. Provided, however, such payment shall not exceed any employees’ total contribution to the system.
Retirement Contribution Offsets. The City agrees to continue to “pick up” or pay for 4.3% of the employee’s portion of the required retirement contribution to SDCERS. The employee, upon termination, will have no vested right in the amount so contributed by the City. Substitution of this portion of the employee’s contribution by a City payment will not decrease the total amount applied towards the required retirement contribution, and will not affect retirement benefits. Provided, however, such payment shall not exceed any employee’s total contribution to the system. The following language has been left in the MOU for historical information purposes only, and is of no force and effect during the term of this MOU. The City agrees that it will apply an amount that is approximately equal to 7.3% of the base salary of employees covered by this agreement who are SDCERS Safety Members, into the City Retirement System, thereby reducing the amount deducted from employee’s paychecks as the employee’s retirement contribution by that amount. Effective July 1, 2002, this amount for Safety Members will be increased to 9.0%. This increase to remain in effect until the Employee Contribution Reserve is exhausted. Effective July 5, 2003, this amount, for Safety Members, will increase to 10% of base salary. This increase to remain in effect until the Employee Contribution Reserve is exhausted. For SDCERS General Members represented by Local 145, effective July 5, 2003, the City agrees that it will apply an additional 1.6%, for a total of 7.0%, of the base salary of employees covered by this agreement, into the City Retirement System, thereby reducing the amount deducted from employee’s paychecks as the employee’s retirement contribution by that amount. This increase to remain in effect until the Employee Contribution Reserve is exhausted. The employee, upon termination, will have no vested right in the amount so contributed by the City. Substitution of this portion of the employee’s contribution by a City payment will not decrease the total amount applied towards the required retirement contribution, and will not affect retirement benefits. Provided, however, such payment shall not exceed any employee’s total contribution to the system. The City agrees not to propose reductions in the retirement offset through 2002.
Retirement Contribution Offsets. Effective July 1, 2013, the City will not pay any retirement contribution offsets on behalf of any employee.
Retirement Contribution Offsets. The City agrees that it will apply an amount that is approximately equal to 5.4% of the base salary of employees covered by this agreement and 7.3% for eligible Lifeguards in the City Retirement System, thereby reducing the amount deducted from employees’ paychecks as the employees’ retirement contribution by that amount. Effective July 6, 2002, the City will increase the amount it pays to offset the employees’ retirement contribution, which offset reduces the amount deducted from employees’ paychecks, from 7.3% to 9.0% for eligible Lifeguards. Effective July 5, 2003, the City will increase the amount it pays to offset the eligible Lifeguards retirement contribution from 9% to 10%. These retirement offset increases will remain in effect until the Employee Contribution Reserve is exhausted. The employee, upon termination, will have no vested right in the amount so contributed by the City. Substitution of this portion of the employees’ contribution by a City payment will not decrease the total amount applied towards the required retirement contribution, and will not affect retirement benefits. Provided, however, such payment shall not exceed any employees’ total contribution to the system.
Retirement Contribution Offsets. Effective July 1, 2011, for employees hired before July 1, 2009, the City will pay a portion of the employees’ required retirement contributions in an amount equal to 2.3% of their base compensation, thereby reducing the amount deducted from their paychecks. Upon termination, these employees will have no vested right in the contributions by the City.
Retirement Contribution Offsets. Effective July 1, 2011, the City will apply an amount that is approximately equal to .4 percent of the base salary of employees hired before July 1, 2009, thereby reducing the amount deducted from employees’ paychecks as the employees’ retirement contribution by that amount. The employee, upon termination, will have no vested right in the amount so contributed by the City. Substitution of this portion of the employees’ contribution by a City payment will not decrease the total amount applied towards the required retirement contribution, and will not affect retirement benefits; provided, however, such payment shall not exceed any employees’ total contribution to the system.
Retirement Contribution Offsets. The City agrees that it will apply an amount that is approximately equal to 5.4 percent of the base salary of employees covered by this MOU, thereby reducing the amount deducted from employees’ paychecks as the employees’ retirement contribution by that amount. Effective July 5, 2003, the City will increase the amount it pays to offset a General Member retirement contribution of SDCERS from 5.4 percent to 7.0 percent. These retirement offset increases will remain in effect until the Employee Contribution Reserve is exhausted. The employee, upon termination, will have no vested right in the amount so contributed by the City. Substitution of this portion of the employees’ contribution by a City payment will not decrease the total amount applied towards the required retirement contribution, and will not affect retirement benefits, provided, however, such payment shall not exceed any employees’ total contribution to the Retirement System.
Retirement Contribution Offsets a. City agrees to continue to “pick up” or pay for 4.3 percent of the employee’s portion of the required retirement contribution to SDCERS. The employee, upon termination, will have no vested right in the amount so contributed by City. Substitution of this portion of the employee’s contribution by a City payment will not decrease the total amount applied towards the required retirement contribution, and will not affect retirement benefits. Provided, however, such payment shall not exceed any employee’s total contribution to the Retirement system.
