Retirement Plan for Employees Hired On Sample Clauses

Retirement Plan for Employees Hired On or Before April 21, 2012 Employees hired on or before April 21, 2012 in this unit shall receive the retirement benefit of 2.7% at 55. For purposes of determining a retirement benefit, final compensation for unit members covered by this Section 4.4.2 shall mean the highest annual average pensionable compensation earned during 36 consecutive months of service. Each bargaining unit member covered by this Section 4.4.2 shall pay through payroll deduction 100% of the required bargaining unit member contribution, which is eight percent (8%). Employees covered by Section 4.4.2 shall pay, through payroll deduction, the 100% of the eight percent (8%) member contribution plus an additional one percent (1%) of PERSable compensation for a total contribution of nine percent (9%) toward the cost of pension benefits as permitted by Government Code Section 20516.
Sample 1
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Retirement Plan for Employees Hired On or Before April 21, 2012 - Employees hired on or before April 21, 2012 in this unit shall receive the retirement benefit of 2.7% at 55. For purposes of determining a retirement benefit, final compensation for unit members covered by this Section 4.2 shall mean the highest annual average pensionable compensation earned during 36 consecutive months of service. Each bargaining unit member covered by this Section 4.2 shall pay through payroll deduction 100% of the required bargaining unit member contribution, which is 8%. EmployeesEffective upon approval of the contract amendment by XxxXXXX, employees covered by this Section 4.2 shall pay, through payroll deduction, the 100% of the 8% member contribution plus an additional 1% of PERSable compensation towards the employer’s contribution, for a total contribution of 9% toward the normal cost of pension benefits as permitted by Government Code Section 20516. The parties acknowledge that CalPERS mandates an election of unit members, separate from ratification of this MOU, to provide for this cost sharing pursuant to Government Code Section 20516. As soon as administratively practicable after the effective date of this MOU, the City will initiate the contract amendment process to include the additional 1% cost sharing requirement, and the City shall contact CalPERS to begin the contract amendment process within 90 days of adoption of the MOU by the City Council. Upon approval and agreement from the bargaining unit and completion of the City’s amendment to the CalPERS contract, employee contributions to the employer’s portion will be made and credited to each employee’s account, pursuant to Government Code Section 20516, Employee Cost Sharing of Additional Benefits. Notwithstanding the above, effective on the same date of the salary schedule increase required by Section 15.1, the full 1% cost sharing shall be implemented outside of a CalPERS contract amendment as authorized by Government Code Section 20516(f) as a post-tax deduction, and shall extend beyond the expiration of this MOU and constitute the status quo for all purposes until changed by mutual agreement of the parties or as allowed by law. The Association and the City will take all actions necessary to implement the pension cost sharing agreement described in this Section 4.2..
Sample 1
Retirement Plan for Employees Hired On or After January 1, 2013, Who Are Not Classic Members All employees hired on or after January 1, 2013 who are new members shall receive the retirement benefit of 2% at 62. For purposes of determining a retirement benefit, final compensation for unit members covered by this Section 4.4.4 shall mean the highest annual average pensionable compensation earned during 36 consecutive months of service. As required by Government Code Section 7522.04(g), unit members covered by this Section 4.4.4 shall pay, through payroll deductions, 50 percent (50%) of normal costs of their retirement plan as determined annually by XxxXXXX, plus an additional one percent (1%) of PERSable compensation toward the cost of pension benefits as permitted by Government Code Section 20516. The City shall notify members under this Section 4.3.4 of the monthly contribution for the next fiscal year in the first quarter of the calendar year, or as soon as reasonably practicable, following CalPERS publication of the required contribution rate. Employee contributions under Sections 4.3.2, 4.3.3, and 4.3.4 shall be made in accordance with Section 414(h)(2) of the IRC .
Sample 1
Retirement Plan for Employees Hired On or After January 1, 2013, Who Are Not Classic Members Employees hired on or after January 1, 2013 who are new members, as defined by XxxXXXX, shall receive the 2.7% at 57 retirement benefit. For purposes of determining a retirement benefit, final compensation for unit members covered by Section 18.3d shall mean the highest annual average pensionable compensation earned during thirty-six (36) consecutive months of service. As required by Government Code § 7522.04(g), unit members covered by Section 17.3d shall pay, through payroll deductions, fifty percent (50%) of total normal cost of their retirement plan as determined annually by XxxXXXX, plus an additional one percent (1%) of PERSable compensation toward the cost of pension benefits as permitted by Government Code Section 20516.
Sample 1

Related to Retirement Plan for Employees Hired On

  • Compensation for Employees Employees shall receive compensation at the biweekly or hourly rate for the range and step or flat rate assigned to the class in which they are employed.

  • Holiday Pay for Employees Laid Off An employee who is laid off at the close of business the day before a holiday who has worked not less than five (5) previous consecutive work days shall be paid for the holiday.

  • Probation for Newly Hired Employees (a) The Employer may reject a probationary employee for just cause. A rejection during probation shall not be considered a dismissal for the purpose of Article 11.2

  • Eligibility for Employer Contribution This section describes eligibility for an Employer Contribution toward the cost of coverage.

  • SALARY DETERMINATION FOR EMPLOYEES IN ADULT EDUCATION PCA Article B.3 does not apply in School District No. 34 (Abbotsford).

  • Maintaining Eligibility for Employer Contribution The employer's contribution continues as long as the employee remains on the payroll in an insurance eligible position. Employees who complete their regular school year assignment shall receive coverage through August 31.

  • Post-Retirement Employment Unit members who retire from the University during the term of this Agreement may propose a post-retirement appointment of up to three years duration. During this post-retirement appointment, the total of retirement benefits and post-retirement salary paid by the University shall not exceed the salary paid at the time of retirement. The annual compensation received from the University for the post-retirement appointment shall not exceed fifty (50) percent of the annual salary at the time of retirement. The duties for a post-retirement appointment shall be defined and agreed to in writing by the bargaining unit member and the Employer/University Administration prior to the bargaining unit member's retirement. Such appointments are at the discretion of the Employer/University Administration and are subject to existing law and all rules and regulations of the State Retirement Board. The decision of the Employer/University Administration not to approve a proposal for a post-retirement appointment shall not be grievable under the Grievance and Arbitration Procedure, Article 7.

  • REGISTERED RETIREMENT SAVINGS PLAN 1. In this Article:

  • Transportation for Employees Transportation will be provided to employees who are required to work other than their normal working hours, and who must travel to or from their home during the hours between 11:30 p.m. and 6:00 a.m. and when convenient public transportation or other transportation facilities are not available. An employee shall be reimbursed for the cost of commercial transportation within their headquarters area, upon presentation of receipts.

  • Promoted Employees 1. An employee who has served one-half (1/2) or more of the time required to be considered for their next step increase, shall upon promotion to a position in a higher wage range in the Bargaining Unit, be placed at Step A of the higher range or such other step as will provide an increase of two

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