Common use of Mandatory Employee Contributions Clause in Contracts

Mandatory Employee Contributions. General Management Unit employees shall be eligible to participate, at their own expense, in a Money Purchase Plan in accordance with Section 401(a) of the Internal Revenue Code. All eligible Unit employees shall make a mandatory bi-weekly contribution to this plan of $138.46 through payroll deduction, for a total mandatory employee contribution of $3,600 per year. All Unit employees shall make an irrevocable election at the time of hire or appointment into the Unit to designate a percentage of accrued General Leave, if any, to be contributed to the employee’s 401(a) account upon separation from service.