Retirement Formulas and Employee Contributions Clause Samples

Retirement Formulas and Employee Contributions. Safety Employees
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Retirement Formulas and Employee Contributions. A. Safety Employees 1. Employees Hired Prior to January 1, 2011 a. Safety Retirement Formula: These Employees shall receive the three percent at fifty (3% at 50) retirement formula as per California Government Code Section 31664.1. b. Employee Contributions to the Retirement System which shall continue during the employee’s employment period with the Authority, or until such time that the employee qualifies under GC 31664.1(c): 1. These employees shall pay the required member contribution as determined by OCERS minus the two percent (2%) HCRC described in paragraph A.1.c below. 2. If there are any increases to the maximum employee contribution to OCERS, employees in the unit will pay their maximum employee contribution based on age of entry into OCERS, less the two percent (2%) HCRC described in paragraph A.1.c below. c. The Health Care Converted Retirement Contribution (“HCRC”) credit in the amount of two percent (2%), which shall constitute the employee’s contribution will be applied, which combined with the applicable employee paid member contribution described above in subsection (b) shall constitute the total employee paid member contribution. 2. Employees Hired From January 1, 2011 through June 30, 2012 a. Retirement Formula: These Employees shall receive the three percent at fifty (3% at 50) retirement formula per California Government Code Section 31664.1. b. Employee Contributions to the Retirement System which shall continue during the employee’s employment period with the Authority, or until such time that the employee qualifies under GC 31664.1(c): 1. These employees shall pay the required member contribution as determined by OCERS. 2. If there are any increases to the maximum employee contribution to OCERS, employees in the unit will pay their maximum employee contribution based on age of entry into OCERS.
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Retirement Formulas and Employee Contributions. 1. Employees Hired Prior to December 1, 2012 a. Retirement Formula: These employees receive the 2.7% at age 55 formula in accordance with Government Code Section 31676.19. Employees shall pay their maximum employee contribution based on age of entry into OCERS, including any increases to the maximum employee contribution as calculated by OCERS. 2. Employees Hired by the Authority after December 1, 2012 with Reciprocal Retirement Benefits a. Retirement Formula: These employees receive the 2% at age 55 formula in accordance with Government Code Section 31676.16. Employees shall pay their maximum employee contribution based on age of entry into OCERS, including any increases to the maximum employee contribution as calculated by OCERS. 3. Employees Hired by the Authority on or after January 1, 2013 with No Reciprocal Benefits a. The retirement formula is the 2.5% at age 67 retirement formula per Government Code Section 7522.20(a), utilizing the average three (3) highest years of compensation per Government Code Section 7522.32. Pensionable compensation and other pension related conditions are governed by the provisions of PEPRA and the OCERS Board of Retirement.
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Retirement Formulas and Employee Contributions. A. Employees Hired Prior to July 1, 2011 1. Retirement Formula: These employees receive the 2.7%@55 formula in accordance with Government code section 31676.19.
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Retirement Formulas and Employee Contributions. A. Safety Employees 1. Employees Hired Prior to January 1, 2011 a. Safety Retirement Formula: These Employees shall receive the three percent at fifty (3% at 50) retirement formula as per California Government Code Section 31664.1.
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Retirement Formulas and Employee Contributions. 1. Employees Hired Prior to December 1, 2012 a. Retirement Formula: These employees receive the 2.7% at age 55 formula in accordance with Government Code Section 31676.19. Employees shall pay their maximum employee contribution based on age of entry into OCERS, including any increases to the maximum employee contribution as calculated by OCERS. 2. Employees Hired by the Authority after December 1, 2012 with Reciprocal Retirement BenefitsAre Legacy Members under OCERS a. Retirement Formula: These employees receive the 2% at age 55 formula in accordance with Government Code Section 31676.16. Employees shall pay their maximum employee contribution based on age of entry into OCERS, including any increases to the maximum employee contribution as calculated by OCERS. 3. Employees Hired by the Authority on or after January 1, 2013 with No Reciprocal Benefits a. The retirement formula is the 2.5% at age 67 retirement formula per Government Code Section 7522.20(a), utilizing the average three (3) highest years of compensation per Government Code Section 7522.32. Pensionable compensation and other pension related conditions are governed by the provisions of PEPRA and the OCERS Board of Retirement.
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Retirement Formulas and Employee Contributions. 1. Employees Hired Prior to December 1, 2012 a. Retirement Formula: These employees receive the 2.7% at age 55 formula in accordance with Government Code Section 31676.19. Employees shall pay their maximum employee contribution based on age of entry into OCERS, including any increases to the maximum employee contribution as calculated by OCERS.
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Retirement Formulas and Employee Contributions 
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Related to Retirement Formulas and Employee Contributions

  • Employee Contributions Any member of the bargaining unit who is hired on or after September 1, 2010 is eligible to make a voluntary contribution to the City=s Deferred Compensation Plan offered by Ameritas.

  • 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.

  • Voluntary Employee Contributions (a) Subject to the governing rules of the relevant superannuation fund, an Employee may, in writing, authorise their Employer to pay on behalf of the Employee a specified amount from the post- taxation wages of the Employee into the same superannuation fund as the Employer makes the superannuation contributions provided for in clause 24.2. (b) An Employee may adjust the amount the Employee has authorised their Employer to pay from the wages of the Employee from the first of the month following the giving of three months’ written notice to their Employer. (c) The Employer must pay the amount authorised under clauses 24.4(a) or 24.4(b) no later than 28 days after the end of the month in which the deduction authorised under clauses 24.4(a) or 24.4(b) was made.

  • Incentive, Savings and Retirement Plans During the Employment Period, the Executive shall be entitled to participate in all incentive, savings and retirement plans, practices, policies and programs applicable generally to other peer executives of the Company and its affiliated companies, but in no event shall such plans, practices, policies and programs provide the Executive with incentive opportunities (measured with respect to both regular and special incentive opportunities, to the extent, if any, that such distinction is applicable), savings opportunities and retirement benefit opportunities, in each case, less favorable, in the aggregate, than the most favorable of those provided by the Company and its affiliated companies for the Executive under such plans, practices, policies and programs as in effect at any time during the 120-day period immediately preceding the Effective Date or if more favorable to the Executive, those provided generally at any time after the Effective Date to other peer executives of the Company and its affiliated companies.

  • Employee Contribution Eligible employees shall contribute one percent (1%) of their salary on a per pay period basis to the HCSP.