Pension Pick-up Sample Clauses

Pension Pick-up. ‌ The City will continue to provide a pension pick-up plan, whereby employee contributions will be made from pre-tax earnings, as long as it continues to be permitted by the Internal Revenue Service Code.

Pension Pick-up. ‌ Effective the first full pay period on or after adoption of this MOU by the Board of Supervisors (June 25, 2013), The County will cease providing the one percent (1%) pick up of the employee’s share towards Retirement.

Pension Pick-up. The Township will maintain a fringe benefit "pick-up" of the member contribution to the Public Employees Retirement System (Law Enforcement) (hereinafter referred to as "PERS-LE") under the following terms and conditions: A. The amount to be picked up on behalf of each member shall be five and one tenth percent (5.1%) of the member’s earned compensation. The member shall pay any increase beyond the percentage maximum for which the Township is responsible. B. Picked-up member contributions shall be designated as Public Employee Contributions to PERS-LE and shall be in lieu of statutorily required contributions to PERS-LE by each member. C. The provisions of this pension "pick-up" plan shall apply uniformly to all members, and no member shall have the option to elect a wage increase or other benefit in lieu of the payment provided for herein. The Township will, in reporting and making remittance to the PERS-LE, report that each member's contribution has been made as provided by statute. D. The sums to be paid hereunder by the Township on behalf of the member are not to be considered additional salary or wages and are not to be treated as increased compensation. For purposes of computing a member's earnings or basis of a member's contributions to the PERS-LE, the amount paid by the Township on behalf of the member as such member's statutory obligation is intended to be and would be considered as having been paid by the member in fulfillment, whether in whole or in part, as the case may be, of the member's statutory obligation. E. The parties further agree that a member's salary for purposes of (1) determining the contribution base for contributions to the PERS-LE and (2) determining any sick leave, severance, vacation, disability pay and any other benefits which are determined by reference to the member's rate of pay, shall consist of only the member's cash salary as set forth in Section 15.1, of this Agreement, without regard to the amount of the contribution to PERS-LE paid by the Township in lieu of payment by the member pursuant to this Article 16.

Pension Pick-up. Effective throughout the life of this Agreement, the City shall pay one percentage (1%) point of the employee's state mandated contribution to Ohio Public Employees Retirement System (OPERS). The remaining portion of the employee's contribution shall be paid by the employee. However, the City shall "shelter" members pension contribution for personal income tax purposes.

Pension Pick-up. The full amount of the statutorily required member contribution to the Ohio Police and Fire Pension Fund (“Fund”) shall be withheld from the gross pay of members and shall be "picked-up" by the Employer and shall be in lieu of contributions to the Fund by each member. No member subject to this "pick-up" shall have the option of choosing to receive the statutorily required member contribution to the Fund instead of having it "picked-up" by the Employer or of being excluded from the "pick-up". The parties agree that the Employer will not incur any additional costs in the deferment of said federal and state income taxes. Should the Rules and Regulations of the Internal Revenue Service or the Fund change, making this procedure unworkable, the parties agree to return to the former contribution method followed by the Employer.

Pension Pick-up. 9.1.1 The County agrees to continue Employer Paid Member Contributions (EPMC) for a portion of the Tier 1 and Tier 2 employees’ contribution to the Pension Trust whereby the County will pay nine and twenty-nine hundredths percent (9.29%) of the pensionable wages to the County’s Retirement System on behalf of each such employee. As set forth in the Retirement Plan, the EPMC amount is pensionable income. 9.1.1.1 For “new members,” as defined by the Public Employees’ Pension Reform Act (PEPRA), on or after the pay period that includes July 1, 2013, the County shall discontinue the nine and twenty-nine hundred percent (9.29%) EPMC of the employees’ contribution to the County Employees Retirement Plan. “New members” on or after the pay period that includes July 1, 2013 shall be responsible for the full employee share of pension contributions. 9.1.2 These amounts paid by the County, referred to in Section 9.1.1, are for a portion of the unit member’s contributions provided in lieu of salary and are paid by the County to partially satisfy the employee’s obligation to contribute to the County Pension Trust. 9.1.3 Unit members shall not have the option to receive the contributed amounts directly as salary instead of having them paid by the County to the Pension Trust as payment of a portion of the required employee retirement contribution on behalf of the unit members. 9.1.4 The parties agree that the County’s EPMC of employees’ Pension Trust contributions is based on San ▇▇▇▇ Obispo County Employees Retirement Plan section 5.05.1 and the tax treatment permitted by California and Federal law including particularly Internal Revenue Code section 414(h)(2) as well as state statutes and regulations and federal statutes, regulations, and revenue rulings. It is understood that these laws may be altered by the law-making bodies and agencies and such a contingency is beyond the control of the parties. In that regard, the County shall declare that it is “picking up” these employer-paid member contributions pursuant to Internal Revenue Code section 414(h)(2) so that they will not be reported as taxable income.

Pension Pick-up. Pursuant to this Section, a portion of the contribution made by the employee to the Police and Fireman’s Disability and Pension Fund (“the Fund”), such portion being equal to six percent (6%) of the employee’s earned compensation, shall be picked up (assumed and paid) on behalf of the employee by the City, and in lieu of payment by the employee. The remaining portion of the employee contribution shall continue to be paid by the employee. (A) The City, in reporting and making remittances to the Fund, shall report that each employee’s contribution has been made as provided for by statute. This payment by the City on behalf of the employee is not to be considered additional salary or wages and shall not be treated as increased compensation. For purposes of computing the employee’s earnings, or the basis of his contribution to the Fund, the amount paid by the City on behalf of the employee as a portion of the employee’s statutory obligation, shall be considered as having been paid by the employee in fulfillment of the employee’s statutory obligation. (B) The City may, in its sole discretion, reduce the percentage of pension pick-up set forth in this Section by reducing any percentage of the pension pick up and simultaneously increasing each employee’s regular hourly rate of pay by the same percentage that the pension pick-up is reduced.

Pension Pick-up. The City shall “pick up” (assume and pay) on behalf of each member the percentage of the member's required contribution to the Ohio Police and Fire Pension Fund (hereinafter, "Fund") as set forth below: Beginning July 1, 2011 – 6.5% For the year 2012 – 3.5% For the year 2013 and thereafter – 0% Such payment shall be made by the City in lieu of payment by the member. The provisions of this Article shall apply uniformly to all members, and no member shall have the option to elect a wage increase or other benefit in lieu of the payment provided for herein. The City shall in reporting and making remittance to the Fund report that the member’s contribution has been made as provided by statute.

Pension Pick-up. Pension Pick-Up – The City agrees to “pick-up” the statutorily required contribution to the applicable pension fund by the salary reduction method that the individual employee has been paying pursuant to present Federal and Ohio laws. Allowing employees to contribute in this manner will result in a deferral of federal and state income taxes on a portion of their wages and a reduction in taxable income.