MPPP definition
Examples of MPPP in a sentence
In any year in which the actual ARC does not exceed the baseline ARC by an amount equal to the amount of the retained 1.627% MPPP contribution, the District shall pay the appropriate portion of the 1.627% into the employees’ MPPP accounts, but only to the extent that the difference between the actual ARC and the baseline ARC is less than the dollar value of the retained MPPP 1.627%.
Employees may select only one option (Buy-Back or MPPP) for each accrual period.
Once the buy-back or MPPP Incentive election is made for any accrual period it may not be changed.
Employees will receive the buy-back checks or MPPP credit no later than December 1 following the end of the accrual period.
Unused sick leave hours for which an election to buy-back or transfer into the MPPP is not made shall be carried over to the next year, subject to maximum accumulation limits, and will no longer be available for any future Annual Buy-Back/MPPP incentive election.
The District would then pay a total of five hundred thousand dollars ($500,000) into the employees’ collective MPPP accounts.
Current NFIP rules remain unchanged; therefore, an MPPP policy may be assigned to another mortgagor or mortgagee.
Sick leave accrued prior to October 19, 2009, and not (1) banked pursuant to paragraph 1 above; (2) bought back or deposited in the MPPP pursuant to paragraph 2 above; (3) converted to PERS creditable sick leave pursuant to paragraph C above; or (4) used pursuant to paragraph E below, shall be available for use as a Retirement Buy-Back Incentive.
The NFIP rules for the waiting period and effective dates apply to the MPPP.
The District shall give employees the option each year to make an irrevocable election on the schedule indicated below to buy back or to deposit into their Money Purchase Pension Plan (MPPP) accounts, the dollar value of the sick leave earned within the annual accrual period indicated in paragraph B(2)(a) below, less sick leave taken during that period on an after tax basis.