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Pension Plan |
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CERF Pension Plan
Employee Contributions
Effective with the signing of HB 1455, all participants hired on or
after February 25, 2002, are required to contribute an additional 4%
of their gross compensation to CERF, starting January 1, 2003. These
employees are not required to make up the additional 4%
contributions for the period of February 25 through December 31,
2002.
The additional 4% contribution can be paid by the county on behalf
of an employee, or it can be paid by the employee. Each county is
responsible for determining how it will be paid.
To further explain –
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A
non-LAGERS participant hired after February 25, 2002, will
contribute 6% of gross salary.
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An
active non-LAGERS participant who was employed with the county prior
to February 25, 2002, will continue making 2% contributions.
However, if he terminates employment for more than
30 days, and is later rehired in an eligible position, he will be
required to make a 6% contribution.
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Additionally, non-LAGERS participants are required to make a
.7% contribution to the 401(a) plan.
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A
LAGERS participant hired on or after February 25, 2002, will contribute 4% of
gross salary.
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An
active LAGERS participant who was employed with the county prior to
February 25, 2002, is not required to make contributions. However, if he
terminates employment for more than 30 days, and is later rehired in an
eligible position, he will be
required to contribute 4%.
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