RETIREMENT SYSTEMS Clause Samples
The RETIREMENT SYSTEMS clause defines the obligations and procedures related to employee participation in retirement benefit programs. Typically, it outlines which retirement systems are available to employees, eligibility requirements, and the process for contributions or enrollment. For example, it may specify whether employees are automatically enrolled in a state pension plan or have the option to participate in a 401(k) plan. The core function of this clause is to ensure that both the employer and employees understand their rights and responsibilities regarding retirement benefits, thereby promoting transparency and compliance with applicable laws.
RETIREMENT SYSTEMS. Both parties will work towards equal contributions to the two retirement systems.
RETIREMENT SYSTEMS. All Bargaining Unit employees may remain in their current retirement system, subject to the rules, regulations, and the requirements enacted by the appropriate governing body. All future new hires, who are not currently in a State of Ohio public retirement system, shall become members of the City of Cincinnati Retirement System.
RETIREMENT SYSTEMS. Prior to the employment of any individuals by the School, the School must present evidence to the CDE that the School has made appropriate arrangements for the processing of the employees’ retirement contributions to the California Public Employees’ Retirement System (CalPERS) and/or the California State Teachers’ Retirement System (CalSTRS).
RETIREMENT SYSTEMS. If applicable, the School will be responsible for entering into a contract with the California State Teachers’ Retirement System (CalSTRS) and/or the California Public Employees’ Retirement System (CalPERS) and a ▇▇▇ for reporting purposes. Verification of participation must be provided to the CDE prior to hiring any employee whose position is covered by CalSTRS or CalPERS. If the school participates in any alternative retirement systems, information regarding those systems must be also be provided.
RETIREMENT SYSTEMS. Faculty members have a choice between the New York State Teachers’ Retirement System or TIAA- CREF. Social Security coverage is required. The college assumes either the full or partial cost of retirement, subject to State law.
RETIREMENT SYSTEMS. State Teachers’ Retirement System (STRS) and Public Employees’ Retirement System (PERS) (Unit 21)............................................................................................................... 350 17.13 Exclusion of Sustained Superior Accomplishment 351 17.14 Streamlining the State Safety Retirement Process 351 18.1 Permanent Intermittents (PI) 351 18.2.1 EDD PI’s Conversion and Ratio (Unit 1) 356 18.3.4 Seasonal Clerk (Unit 4) 356
RETIREMENT SYSTEMS. Each party remains separately responsible for reports and payment of retirement system contributions for its own respective employees.
RETIREMENT SYSTEMS. All regular (tenured) and contract (untenured) faculty must become members of the State Teachers Retirement System unless, prior to employment as an academic employee, they belonged to the Public Employee’s Retirement System and desire to remain in that system. Contributions to the State Teachers Retirement System are based on rates established by the State Retirement Board. Contributions are withheld from salary payments made to a qualified employee.
RETIREMENT SYSTEMS. State Teachers’ Retirement System (STRS) and Public Employees’ Retirement System (PERS) 98 17.13 Exclusion of Sustained Superior Accomplishment 98