Common use of Funding Policy Clause in Contracts

Funding Policy. 1.1. All fulltime regular employees (other than those participating in DROP) will contribute .5% of salary into the program on a pre-tax basis.

Funding Policy. 1.1. All fulltime regular employees (other than those participating in DROP) will contribute .5% .5 percent of salary into the program on a pre-tax basis. For purposes of implementing this policy, the definition of compensation as defined in the defined benefit or defined contribution plan in which any given employee is enrolled will be used to determine "salary" or "payroll" as those terms are defined in this policy.