Sentences with phrase «require equal contributions»

Not exact matches

Notwithstanding the foregoing provisions, but subject to such requirements as the legislature shall impose by general or special law, indebtedness contracted by any county, city, town, village or school district and each portion thereof from time to time contracted for any object or purpose for which indebtedness may be contracted may also be financed by sinking fund bonds with a maximum maturity of fifty years, which shall be redeemed through annual contributions to sinking funds established by such county, city, town, village or school district, provided, however, that each such annual contribution shall be at least equal to the amount required, if any, to enable the sinking fund to redeem, on the date of the contribution, the same amount of such indebtedness as would have been paid and then be payable if such indebtedness had been financed entirely by the issuance of serial bonds, except, if an issue of sinking fund bonds is combined for sale with an issue of serial bonds, for the same object or purpose, then the amount of each annual sinking fund contribution shall be at least equal to the amount required, if any, to enable the sinking fund to redeem, on the date of each such annual contribution, (i) the amount which would be required to be paid annually if such indebtedness had been issued entirely as serial bonds, less (ii) the amount of indebtedness, if any, to be paid during such year on the portion of such indebtedness actually issued as serial bonds.

The new findings suggest that the second scenario is required to account for the observations, and that there is an approximately equal contribution from both sources of the buoyancy driving the plates, at least in the Pacific basin.

The five - judge court ruled unanimously Oct. 8 that the state's contributions for teacher pay produce such wide disparities in salaries that poor, rural districts can not compete for and retain well - qualified teachers, and thus can not provide the equal educational opportunities required by the state constitution.

The employer shall contribute on behalf of each program member an amount equal to the difference between 10.43 percent of the employee's gross monthly compensation and the employee's required contribution based on the employee's gross monthly compensation.

At that point, it would convert to a pay - as - you - go pension system, requiring contributions equaling 50 percent of an employee's pay, according to the report.

Administrators of SIMPLE IRAs are required to make either matching contributions equal to employee contributions (a dollar - for - dollar match up to 3 % of an employee's salary) or nonelective contributions, which set a flat 2 % contribution rate for each eligible employee.

Another major initiative is the Ontario Registered Pension Plan (ORPP), a compulsory defined benefit plan requiring equal 1.9 % employee and employer contributions (up to income of $ 90,000) for workplaces without employer pensions.

(4) Where a pension plan is wound up in whole or in part, an employer who is required to pay contributions to the pension fund shall be deemed to hold in trust for the beneficiaries of the pension plan an amount of money equal to employer contributions accrued to the date of the wind up but not yet due under the plan or regulations.

The provident fund requires employees of a member organisation to make a contribution of 12 % of their income towards the fund along with an equal contribution by their employers.

Most IDAs are funded by the federal government and are run by nonprofit groups and financial institutions, and grantee programs are required to raise an equal contribution of nonfederal funds.