– DEFINED CONTRIBUTION PLUS PLAN Sample Clauses

– DEFINED CONTRIBUTION PLUS PLAN. Employees hired on or after February 1, 2020, shall be enrolled in the MERS Defined Contribution Plus Plan. The Defined Contribution Plus Plan will include a Defined Contribution (401a) component, as well as, a Deferred Compensation (457b) component. • Defined Contribution (401a) • Employer will contribute 7% of the employee’s base wage plus the first 200 hours of overtime on a calendar year basis. • Employee will be required to contribute 3% of their pre-tax base wage plus the first 200 hours of overtime on a calendar year basis. • Upon completion of the employees new hire probationary period, the employer will deposit $1,000 into the Defined Contribution (401a) component. • A graded vesting schedule will apply as follows on the employers contributions into the Defined Contribution (401a) component: ▪ 25% vested at one-year ▪ 50% vested at two years ▪ 100% vested at three years • Deferred Compensation (457b) • Employee voluntary contribution up to the IRS annual limitations of the employee’s total annual wages. • Employer will match up to 3% of the employee’s base wages plus the first 200 hours of overtime on a calendar year basis. Matching will be based on the employee’s voluntary contribution as stated above. The Employer’s matching funds will be deposited into the employee’s Defined Contribution (401a) component.
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– DEFINED CONTRIBUTION PLUS PLAN. Employees promoted into the bargaining unit after February 1, 2020, who were hired on or after February 1, 2020, shall continue in the pension plan they are currently enrolled in that was established for new hires in the POAM Collective Bargaining Agreement.
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Related to – DEFINED CONTRIBUTION PLUS PLAN

  • Defined Contribution Plan The Employer will establish the following Employer contribution programs in the existing salary deferral plans: » Beginning in 2006 and continuing throughout the term of the Agreement, a performance-based contribution

  • BENEFIT FUND The Trustees are authorized and directed to establish a study committee to review the legality, feasibility and desirability of setting up and maintaining an employee funded Section 125 Flexible Spending Account (FSA). If an FSA is determined to be legal, feasible and desirable in this context, the Trustees are further authorized and directed to establish such an arrangement and offer it to employees covered by this Agreement; provided that the FSA shall not be offered to employees of any Employer who is unwilling or unable to permit employee participation in the FSA.

  • Retirement Contribution The State shall, as permitted by 5 M.R.S.A. §17702 §§s5 and 6, pay the cost of the 6.5% or 7.5% retirement contribution for employees in the following classifications. Corrections Firearms Instructor Oil & Hazardous Material Responder I Oil & Hazardous Material Responder II

  • Group Dental Plan Upon proper application, Benefit Eligible Employees will be enrolled, along with their eligible dependents, in the Employer's group dental plan and will be provided with the coverages specified therein. The Employer will pay the required premiums for the plan on a single/family composite basis.

  • Defined Benefit Plan A plan under which a Participant’s benefit is determined by a formula contained in the plan and no Employee accounts are maintained for Participants.

  • Pension Contributions While on Short Term Disability Contributions for OMERS Plan Members When an employee/plan member is on short-term sick leave and receiving less than 100% of regular salary, the Board will continue to deduct and remit OMERS contributions based on 100% of the employee/plan member’s regular pay.

  • Company Contributions (a) For employees hired, rehired or who become covered under the CWA 3176 Agreement through any means before January 1, 2016, the Company shall contribute a Company Matching Contribution equal to 25 percent of the Participant’s Contribution up to a maximum of 6 percent of eligible wage.

  • Defined Benefit Pension Plan 1. The Employer and the Union hereby agree to the continuation of the existing Northern California Glaziers, Architectural Metal and Glass Workers Pension Trust Agreement ("Defined Benefit Pension Trust").

  • Retirement Contributions On behalf of employees, the State will continue to “pick up” the six percent (6%) employee contribution, payable pursuant to law. The parties acknowledge that various challenges have been filed that contest the lawfulness, including the constitutionality, of various aspects of PERS reform legislation enacted by the 2003 Legislative Assembly, including Chapters 67 (HB 2003) and 68 (HB 2004) of Oregon Laws 2003 (“PERS Litigation”). Nothing in this Agreement shall constitute a waiver of any party’s rights, claims or defenses with respect to the PERS Litigation.

  • Oregon Public Service Retirement Plan Pension Program Members For purposes of this Section 2, “employee” means an employee who is employed by the State on or after August 29, 2003 and who is not eligible to receive benefits under ORS Chapter 238 for service with the State pursuant to Section 2 of Chapter 733, Oregon Laws 2003.

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