Employee PERS Contribution Rate Clause Samples

Employee PERS Contribution Rate. For the purpose of this section, “employer PERS contribution rate” means the percentage rate established annually by PERS as the employer cost for retirement benefits.
View SourceView Similar (4)
Employee PERS Contribution Rate. 1. City of Glendale first tier classic members (subject to the 2.5%@55 formula) per the California Public Employees’ Pension Reform Act of 2013 (“PEPRA”) contribute eight percent (8.0%) compensation earnable to pay for their member contribution. City of Glendale second tier classic members (subject to the 2%@55 formula – for classic member employees hired on or after January 1, 2011) contribute seven percent (7.0%) compensable earnable to pay for their member contribution. 2. The eight percent (8.0%) compensation earnable for first tier classic employees and seven percent (7.0%) for second tier classic employees are added to salaries by the City shall be included in all salary and compensation comparisons. 3. Should Federal and State laws and regulations require the withholding of personal income taxes, the City will withhold such income taxes which are applicable. 4. The City has adopted the CalPERS resolution in accordance with IRS Code section 414(h)(2) to ensure that the employee contribution is made on a pre-tax basis. 5. “New members” as defined by California Public Employees’ Pension Reform Act of 2013 (“PEPRA”) on and after January 1, 2013, shall individually pay an initial Member CALPERS contribution rate of 50% of the normal cost rate for the Defined Benefit Plan effective July 1, 2013 in which said new member is enrolled, rounded to the nearest quarter of 1%, or the current contribution rate of similarly situated employees, whichever is greater. (PEPRA – Government code section 7522.30) “New members” as defined by ▇▇▇▇▇ on and after January 1, 2013, shall be enrolled in the PEPRA provided for retirement formula (2.5% at 67) (Government Code section 7522.20(a)). Final pensionable compensation (as defined for new members in Government Code section 7522.34) shall be determined by reference to the highest average annual pensionable compensation earned during a period of 36 consecutive months (Government Code section 7522.32(a)).
View SourceView Similar (3)
Employee PERS Contribution Rate. 1. Employees subject to the 2.5% at 55 retirement formula contribute eight percent (8%) of their salary. Employees subject to the 2.0% at 55 retirement formula contribute seven percent (7%) of their salary. The contribution rate for the employee is governed by State legislation. 2. It is understood that this total of eight percent (8%) added to salaries by the City shall be included in all salary and compensation comparisons.
View SourceView Similar (2)
Employee PERS Contribution Rate. 1. Employees contribute 8.0% of their salary. The contribution rate for the employee is governed by State legislation. 2. It is understood that this total of eight percent (8.0%) added to salaries by the City shall be included in all salary and compensation comparisons. 3. Should Federal and State laws and regulations require the withholding of personal income taxes, the City will withhold such income taxes which are applicable. 4. The City shall "pick up" the employees' required PERS contribution. This "pick up" shall be in accordance with Section 414(h)(2) of the Internal Revenue Code and Section 20692 of the State of California Government Code whereby employee contributions shall be tax deferred (not subject to taxation until time of constructive receipt). 5. “New members” as defined by California Public Employees’ Pension Reform Act of 2013 (“PEPRA”) on and after January 1, 2013, shall individually pay an initial Member CALPERS contribution rate of 50% of the normal cost rate for the Defined Benefit Plan effective July 1, 2013 in which said new member is enrolled, rounded to the nearest quarter of 1%, or the current contribution rate of similarly situated employees, whichever is greater. (PEPRA – Government code section 7522.30) “New members” as defined by PEPRA on and after January 1, 2013, shall be enrolled in the PEPRA provided for retirement formula (2.5% at 67) (Government Code section 7522.20(a)). Final pensionable compensation (as defined for new members in Government Code section 7522.34) shall be determined by reference to the highest average annual pensionable compensation earned during a period of 36 consecutive months (Government Code section 7522.32(a)).
View Source
Employee PERS Contribution Rate. 1. Employees subject to the 2.5% at 55 retirement formula contribute eight percent (8%) of their salary. Employees subject to the 2.0% at 55 retirement formula contribute seven percent (7%) of their salary. The contribution rate for the employee is governed by State legislation. 2. It is understood that this total of eight percent (8%) added to salaries by the City shall be included in all salary and compensation comparisons. 3. Should Federal and State laws and regulations require the withholding of personal income taxes, the City will withhold such income taxes which are applicable. 4. The City shall "pick up" the employees' required PERS contribution. This "pick up" shall be in accordance with Section 414(h)2 of the Internal Revenue Code and Section 20692 of the State of California Government Code whereby employee contributions shall be tax deferred (not subject to taxation until time of constructive receipt). a. The City shall “pick-up” for tax purposes the entire statutorily required employee contribution to PERS. b. It is understood that the unit employees shall pay the entire statutorily required employee PERS contribution through payroll deductions. 5. AB 340 (the California Public Employees’ Pension Reform Act of 2013,) as it may from time to time exist, shall in its entirety be given full force and effect during and after the adoption of this agreement. Any provision in this agreement which contradict any provision of AB 340 shall be deemed null and void, with the contrary AB 340 provision(s) being given full force and effect. Therefore, no provision of AB 340 shall be deemed to impair any provision of this agreement or any MOU, Agreement, Rule or Regulation predating this agreement. “New members” as defined by AB 340 on and after January 1, 2013, shall individually pay an initial Member CALPERS contribution rate of fifty percent (50%) of the normal cost rate for the Defined Benefit Plan effective July 1, 2013 in which said new member is enrolled, rounded to the nearest quarter of one percent (1%), or the current contribution rate of similarly situated employees, whichever is greater. (AB 340 – Government code section 7522.30) “New members” as defined by AB 340 on and after January 1, 2013, shall be enrolled in the AB 340 7522.20(a) provided for retirement formula (2.5% at 67 – miscellaneous) (Government Code section 7522.20(a). Final pensionable compensation (as defined for new members in Government Code section 7522.34) shall be determined by r...
View Source
Employee PERS Contribution Rate. 1. City of Glendale first tier classic members (subject to the 2.5%@55 formula) per the California Public Employees’ Pension Reform Act of 2013 (“PEPRA”) contribute eight percent (8.0%) compensation earnable to pay for their member contribution. City of Glendale second tier classic members (subject to the 2%@55 formula – for classic member employees hired on or after January 1, 2011) contribute seven percent (7.0%) compensable earnable to pay for their member contribution. 2. The eight percent (8.0%) compensation earnable for first tier classic employees and seven percent (7.0%) for second tier classic employees are added to salaries by the City shall be included in all salary and compensation comparisons. 3. Should Federal and State laws and regulations require the withholding of personal income taxes, the City will withhold such income taxes which are applicable. 4. The City has adopted the CalPERS resolution in accordance with IRS Code section 414(h)(2) to ensure that the employee contribution is made on a pre-tax basis. 5. “New members” as defined by California Public Employees’ Pension Reform Act of 2013 (“PEPRA”) on and after January 1, 2013, shall individually pay an initial Member CALPERS contribution rate of 50% of the normal cost rate for the Defined Benefit Plan effective July 1, 2013 in which said new member is enrolled, rounded to the nearest quarter of 1%, or the current contribution rate of similarly situated employees, whichever is greater. (PEPRA – Government code section 7522.
View Source

Related to Employee PERS Contribution Rate

  • Matching Contributions The Employer will make matching contributions in accordance with the formula(s) elected in Part II of this Adoption Agreement Section 3.01.

  • How Do I Correct an Excess Contribution? If you make a contribution in excess of your allowable maximum, you may correct the excess contribution and avoid the 6% penalty tax under Section 4973 of the Internal Revenue Code for that year by withdrawing the excess contribution and its earnings on or before the due date, including extensions, of the tax return for the tax year for which the contribution was made (generally October 15th). Any earnings on the withdrawn excess contribution may be subject to a 10% early distribution penalty tax if you are under age 59½. In addition, in certain cases an excess contribution may be withdrawn after the time for filing your tax return. Finally, excess contributions for one year may be carried forward and applied against the contribution limitation in succeeding years.

  • Welfare, Pension and Incentive Benefit Plans During the Employment Period, Executive (and his eligible spouse and dependents) shall be entitled to participate in all the welfare benefit plans and programs maintained by the Company from time-to-time for the benefit of its senior executives including, without limitation, all medical, hospitalization, dental, disability, accidental death and dismemberment and travel accident insurance plans and programs. In addition, during the Employment Period, Executive shall be eligible to participate in all pension, retirement, savings and other employee benefit plans and programs maintained from time-to-time by the Company for the benefit of its senior executives, other than any annual cash incentive plan.

  • Defined Contribution Plans The Company does not maintain, contribute to or have any liability under (or with respect to) any employee plan which is a tax-qualified "defined contribution plan" (as defined in Section 3(34) of ERISA), whether or not terminated.

  • Defined Benefit Pension Plans The Borrower will not adopt, create, assume or become a party to any defined benefit pension plan, unless disclosed to the Lender pursuant to Section 5.10.