Retirement System Sample Clauses
The Retirement System clause establishes the framework for providing retirement benefits to eligible employees within an organization. It typically outlines the types of retirement plans offered, such as pension schemes or 401(k) plans, and specifies eligibility criteria, contribution requirements, and vesting schedules. By clearly defining how retirement benefits are managed and distributed, this clause ensures employees understand their long-term financial security options and helps the employer comply with legal obligations regarding retirement planning.
Retirement System. The withdrawal of employee contributions made on or after January 1, 2014 may also be withdrawn but only on an actuarially neutral basis. The actuarial present value of the pension reduction shall be equal to the amount of accumulated member contributions withdrawn. The actuarial present value shall computed using the interest rate used in the annual actuarial valuation and the mortality table used in the annual actuarial valuation with a 50% unisex blend.
Retirement System. Unit members are provided retirement benefits under the California Public Employee Retirement System (CalPERS) as described in this Article.
Retirement System. The Corporation and the Employees shall make contributions in accordance with the provisions of the plan.
Retirement System. The Employer and the employee shall make contributions in accordance with the provisions of the Plan. (P/T)
Retirement System. All faculty members shall participate in the State Teachers Retirement System (STRS) or the Public Employees Retirement System (PERS) pursuant to applicable rules and regulations of the STRS or PERS. A faculty member shall have deducted from his or her payroll warrant that percent of eligible wages specified by STRS or PERS for employee contributions. The District shall pay that percent of eligible wages specified by STRS or PERS for the employers.
Retirement System. Beginning in January of 1982, the City of Porterville contracted with the California Public Employees’ Retirement System (PERS) to provide various retirement benefits for its employees. The City began paying the employee contribution on July 1, 1985. The City’s Contract with PERS was amended, effective July 1, 1998, to provide the 2% at 50 Retirement Plan for Local Safety Members, and Safety Employees began paying the full employee contribution rate on that date. Effective July 1, 1999, the City began paying the 4% of the Safety Employees’ contribution. The employee contribution and earnings, irrespective of who pays them, remain the property of the employee, but may not be withdrawn other than upon retirement or separation from City employment. (Resolution 49-99) The City Council delegates the City Manager authority to make determination under Section 21023.6, Government Code, on behalf of the Agency, regarding a local safety member’s disability and whether such disability is industrial and to certify such determinations and all other necessary information to the Public Employees’ Retirement System. (Resolution 9717) The PERS maintains each employee’s account and provides a statement annually of contributions and interest earned. Benefits provided by this retirement program includes survivor benefits, normal retirement benefits, disability retirement and industrial disability retirement for Local Safety Employees. (Resolution 49-99) Effective August 1, 2002, the City of Porterville will pay 8.5% of the 9% monthly share of the Employees Retirement Contribution to the California Public Employees’ Retirement System, computed as a percentage of salary, for all full-time Fire Series Employees. (Resolution 116- 2002) Effective September 1, 2002, the City of Porterville will pay the 9.0% monthly Employee Retirement Contribution to the California Public Employees’ Retirement System, computed as a percentage of salary , for all full-time Fire Series Employees. (Resolution 141-2002) Effective February 1, 2006, the employee’s share of the monthly CalPERS contribution, i.e., 9%, shall be converted to salary for all Fire Series employees, providing all eligible Fire Series employees participate in paying the employee’s pre-taxed monthly retirement contribution of 9% on the same date as the salary conversion.(Resolution 16-2006) Effective July 1, 2006, the City will amend its contract with CalPERS to provide all eligible Fire Series employees and unrepresented Fire Man...
Retirement System. 36.1 The employee’s contribution to the Warwick Retirement System shall be the following percentages (%s): Effective July 1, 2015 – 8% Effective July 1, 2016 – 8.5% Effective July 1, 2017 – 9%
36.2 In addition to its regular employer contributions, the City agrees to pay the difference in the normal costs of the system less employee contributions as specified in Section 1 above.
36.3 Employees will be entitled to designate one beneficiary, more than one beneficiary, a contingent beneficiary or beneficiaries and cancel beneficiary or beneficiaries in accordance with regulations prescribed by the Secretary of the Warwick Retirement System Board of Trustees. If there is no beneficiary living, and not inconsistent with state and federal law, any unpaid compensation which becomes payable after the death of an employee will be payable to the first person or persons listed below who are alive on the date entitled to the payment arises in the following order of precedence. Order of Precedence:
(a) To the widow or widower.
(b) If neither of the above, to the child or children in equal shares, with the share of any deceased child distributed among the descendants of that child.
(c) If none of the above, to the parents in equal shares or the entire amount to the surviving parent.
(d) If there be none of the above, to the duly appointed representative of the estate of the deceased employee, or if there be none, to the person or persons determined to be entitled thereto under the laws of the domicile of the deceased employee.
36.4 The City agrees to review with the Union any changes, which may be proposed to the City of Warwick Retirement Board of Trustees, which would affect benefits of employees covered under this Agreement.
36.5 Effective January 1, 1987 the City will provide an 85 Plan as outlined in Chapter 60, Section 102 of the City of Warwick Code of Ordinance.
36.6 A Union member shall be elected to the Retirement Board and the President of Local 1651 shall be an ex-officio member of the Retirement Board.
36.7 Effective September 1, 1994, The City agrees to include step increases (formerly called longevity) in the base for the purposes of computing pension entitlements, provided further that employee contributions will be increased from 6% of salary to 7% of salary (including longevity compensation).
Retirement System. The College will continue to make contributions to the retirement system through the effective date of an employee's retirement.
Retirement System. The City shall provide the following retirement coverage through the California Public Employees Retirement System (CalPERS).
Retirement System. Employees who work thirty-five hours or more a week are required to join the contributory pension plan of the City, NH Retirement System, as a condition of employment. The contribution rate will be determined by the NH Retirement System and all applicable laws and regulations shall apply. Group I members shall also be enrolled in the social security system.