Mandatory Employee Contribution definition

Mandatory Employee Contribution. Each member will contribute 2% of their salary from Schedule A. Employer Contribution: Effective July 1, 2008 the district will contribute $2000 for member hired prior to July 1, 1994 and $2500 for members hired on or after July 1, 1994.
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Mandatory Employee Contribution means an Employee Contribution that equals the specified percentage of a Participant’s Compensation which the Participant must contribute to the Plan in order to receive an allocation of Employer contributions and Forfeitures for the Allocation Period.
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Mandatory Employee Contribution. Employee’s will contribute 1% of the employee’s salary.
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Examples of Mandatory Employee Contribution in a sentence

  • The Mandatory Employee Contribution is a condition of employment.

  • An Eligible Employee may make, on or before first being eligible to participate under any plan of the Employer, an irrevocable election to contribute to the Plan the Mandatory Employee Contribution.

  • Such contributions shall be made as of each payroll period and allocated to the Mandatory Employee Contribution Account of the Participant on whose behalf they were made and shall be 100% vested at all times.

  • The University Contribution is sometimes referred to as a matching contribution on a Participant’s Mandatory Employee Contribution.

  • Excess Aggregate Contributions that are allocated to a Participant will be forfeited, if forfeitable, or will be distributed on a pro-rata basis from the Participant’s Voluntary Employee Contribution Account, Mandatory Employee Contribution Account, Matching Contribution Account and Qualified Matching Contribution Account (and if applicable, from the Participant’s Qualified Non-Elective Contribution Account, Pre-Tax Elective Deferral Account, ▇▇▇▇ Elective Deferral Account, or any combination thereof).

  • If the Employee is not eligible under the Plan to make a Mandatory Employee Contribution, but eligible to make elective deferrals, the Employee may elect to defer compensation under this section.

  • These funds are provided by the employer and are a Mandatory Employee Contribution to VEBA.

  • Mandatory Employee Contributions will be allocated to a Participant’s Mandatory Employee Contribution Account in which the Participant will have a 100% Vested Interest.

  • An Employee receiving an Early Retiree Payment under the ▇▇▇▇▇▇▇ College Tenured Faculty Early Retirement Program is not eligible to make a Mandatory Employee Contribution or voluntary elective deferral contribution to the Plan following his or her early retirement.

  • If the Employee is eligible under the Plan to make a Mandatory Employee Contribution, the Employee must elect under this section to make a contribution for an amount equal to 5% of compensation.


More Definitions of Mandatory Employee Contribution

Mandatory Employee Contribution means Participant contributions, which are to be made as a condition of employment with the Employer. Pursuant to Code Section 414(h), and upon authorization by the Internal Revenue Service, such contributions shall be picked up by the Employer and shall be deemed to be Employer contributions, which are not taxable income to the Employee.
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Mandatory Employee Contribution means contributions picked up by the Employer as described in Code section 414(h), Revenue Rulings 81-35, 81-36, 87-10 and 2006-43.
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Mandatory Employee Contribution. CalPERS New Members are required to pay for a portion of the cost of the 2 percent at 62 retirement formula. This mandatory employee contribution is not a fixed amount. Rather, it will be set by CalPERS based on the following formula. The mandatory employee contribution will be equal to the greater of fifty (50%) percent of the total normal costs attributable to the 2 percent at 62 benefit plan, rounded to the nearest quarter of 1 percent, or the current contribution rate of similarly situated employees. The City will inform New Members of the actual mandatory employee contribution when CalPERS informs the City of the rate. This mandatory employee contribution will be deducted from the employee’s paycheck. Pensionable Compensation Limit: As established and adjusted by CalPERS on an annual basis.
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Related to Mandatory Employee Contribution

  • Employee Contributions are contributions made by a Participant on an after-tax basis, whether voluntary or mandatory, and designated, at the time of contribution, as an employee (or nondeductible) contribution. Elective deferrals and deferral contributions are not employee contributions. Participant nondeductible contributions, made pursuant to Section 4.01 of the Plan, are employee contributions.

  • Employer contribution means the amount paid by an employer, as determined by the employer rate, including the normal and deficiency rates, contributions, and funds wherever used in this chapter.

  • Nonelective Contribution means an amount contributed by a participating