Retirement Offset. 1. Notwithstanding the above, unless modified by subsection A.2 herein below, the County will offset a portion of the employee's prescribed rate. The County shall, therefore, contribute a portion as described below, of each employee's prescribed amount, but no more than the employee's established rate. In the event that the employee's rate is less than the portion described below, the employee shall not be credited with the difference. Upon termination, employees shall have no vested right in the amount of the retirement funds contributed by the County on their behalf. Tier A: More than 5 years: 3% Less than 5 years: .75% Tier B: More than 5 years: 2% Less than 5 years: .25% Tier C: No Offset.
Retirement Offset. 1. Each employee shall pay, via payroll deduction, the amount prescribed by the rate established for each employee’s contribution for the appropriate General benefit Tier into the appropriate fund in accordance with the rules and regulations governing such employee contributions excepting that the County will contribute the below rates but no more than the employee’s established rate, to the fund on behalf of the General employee covered by this Agreement. In the event that the employee’s rate is less than the rate indicated below, the employee shall not be credited with the difference. Effective July 1, 2012: Retirement Contribution Offset – Tier A/1 Union Code Employees who have less than 5 yrs. of continuous service: Employees who have at least 5 yrs. of continuous service: CM 1.5% 3.0% Retirement Contribution Offset – Tier B Union Code Employees who have less than 5 yrs. of continuous service: Employees who have at least 5 yrs. of continuous service: CM 1% 2.0% Tier C: No Offset. Upon termination, employees shall have no vested right in the amount of retirement funds contributed by the County on their behalf. Effective the payday of December 27, 2013, employees shall receive a salary adjustment as specified in the chart below: Step Placement Salary Schedule Adjustment All employees at Step 5 or above of the salary range 2.0% increase to the Step 5 or above of the salary schedule All employees at Steps 1-4 1.0% increase to all other steps Effective June 9, 2017, the offset shall be eliminated. Effective June 9, 2017, all employees shall receive a wage increase as an even exchange for the remaining offset elimination. The amount of this even exchange shall be based on the Fiscal Year 2016-17 Adopted Budget for the bargaining unit and will be determined by converting the amount appropriated for offset to a percentage of the total salaries and benefits. Total salaries and benefits shall include base salary, supplemental pay, employer retirement contributions, other post-employment benefits, OASDI and Medicare. The amount of this increase for employees will be cost neutral to the County and in no way shall it result in a cost increase to the County.
Retirement Offset. 1. Notwithstanding the above and unless modified by subsection A.2 herein below, the County will offset a portion of the employee's prescribed rate. The County shall, therefore, contribute a portion as described below, of each employee's prescribed amount, but no more than the employee's established rate. In the event that the employee's rate is less than the portion described below, the employee shall not be credited with the difference. Upon termination, employees shall have no vested right in the amount of the retirement funds contributed by the County on their behalf.
Retirement Offset. 1. The County shall adopt the employee contribution rates set as recommended by the Board of Retirement. The employee shall pay, via payroll deduction, the amount prescribed by the rate established for each employee's contribution for the appropriate General or Safety benefit Tier into the appropriate fund in accordance with the rules and regulations governing such employee contributions, excepting that for the PO unit, unless modified by Section 1.E.2 herein below. Upon termination, employees shall have no vested right in the amount of retirement funds contributed by the County on their behalf.
Retirement Offset. 1. Unless modified by subsection C.2. hereinbelow, notwithstanding the above, the County will offset a portion of the employee's prescribed rate. The County shall contribute up to nine and one-half percent (9.5%) of each employee's prescribed amount, but no more than the employee's established rate. In the event that the employee's rate is less than nine and one-half percent (9.5%), the employee shall not be credited with the difference.
Retirement Offset. 1. Each employee shall pay, via payroll deduction, the amount prescribed by the rate established for each employee’s contribution for the appropriate General Benefit Tier into the appropriate fund in accordance with the rules and regulations governing such employee contributions excepting that the County will contribute the below rates but no more than the employee’s established rate, to the fund on behalf of the General employee covered by this Agreement. In the event that the employees rate is less than the rate indicated below, the employee shall not be credited with the difference. Effective June 9, 2017, the County’s retirement contribution offset shall be eliminated. Tier C: No Offset. Upon termination, for all tiers listed above, employees shall have no vested right in the amount of retirement funds contributed by the County on their behalf.
Retirement Offset. 1. Each employee shall pay, via payroll deduction, the amount prescribed by the rate established for each employee’s contribution for the appropriate General benefit Tier into the appropriate fund in accordance with the rules and regulations governing such employee contributions excepting that the County will contribute the below rates but no more than the employee’s established rate, to the fund on behalf of the General employee covered by this Agreement. In the event that the employee’s rate is less than the rate indicated below, the employee shall not be credited with the difference. Effective July 1, 2012: Retirement Contribution Offset – Tier A/1 Association Code Employees who have less than 5 yrs. of continuous service: Employees who have at least 5 yrs. of continuous service: CR 2.25% 4.5% Retirement Contribution Offset – Tier B Association Code Employees who have less than 5 yrs. of continuous service: Employees who have at least 5 yrs. of continuous service: CR 1.75% 3.5% Effective December 27, 2013: Retirement Contribution Offset – Tier A/1 Association Code Employees who have less than 5 yrs. of continuous service: Employees who have at least 5 yrs. of continuous service: CR 1.5% 3.0% Retirement Contribution Offset – Tier B Association Code Employees who have less than 5 yrs. of continuous service: Employees who have at least 5 yrs. of continuous service: Retirement Contribution Offset – Tier B Association Code Employees who have less than 5 yrs. of continuous service: Employees who have at least 5 yrs. of continuous service: CR 1.17% 2.33% Tier C: No Offset. Upon termination, employees shall have no vested right in the amount of retirement funds contributed by the County on their behalf. Effective December 27, 2013, in exchange for the offset reduction specified above, employees shall receive a 2.2% salary adjustment. Effective June 9, 2017, the offset shall be eliminated. Effective June 9, 2017, all employees shall receive a wage increase as an even exchange for the remaining offset elimination. The amount of this even exchange shall be based on the Fiscal Year 2016-17 Adopted Budget for the bargaining unit and will be determined by converting the amount appropriated for offset to a percentage of the total salaries and benefits. Total salaries and benefits shall include base salary, supplemental pay, employer retirement contributions, other post-employment benefits, OASDI and Medicare. The amount of this increase for employees will be cost neut...
Retirement Offset. Effective January 4, 2015, and in conjunction with both (a) the cessation of all employer “payments” of any portion of an employee’s required retirement contribution set forth in Section 402 as well as the reduction in the Retirement Incentive for 30-Year Employees set forth in Section 403, and (b) the requirement that represented employees prospectively share (on a 50:50 basis) in their actuarially-determined “normal” cost of retirement, the base salary range of all classifications in this unit, and each employee therein, was increased by 3.05
Retirement Offset. Effective the first day of the second pay period after commencement of the 2015-2018 Agreement and in conjunction with both
Retirement Offset. Tier A: Effective December 27, 2013: Reduce offset to 0.00% Tier B: Effective December 27, 2013: Reduce offset to 0.00% Tier C: No offset
