Retirement Formula Clause Samples

Retirement Formula. Unit members who are defined as “new members” under the PEPRA, are covered by the 2%@ 62 formula provided for by the Public Employees’ Retirement Law at Government Code section 7522.20(a).

Retirement Formula. The County shall maintain the defined benefit retirement formula specified in Section 31676.14 (2% at age 55 ½) for General Members of SJCERA Tier I and in Section 31664.1 (3% at age 50) for Safety Members of SJCERA Tier I. General Members of SJCERA Tier II participate in the defined benefit formula prescribed by Section 7522.20 of PEPRA (2.0% at age 62). Safety Members of SJCERA Tier II participate in the defined benefit formula prescribed by Section 7522.25(d) of PEPRA (2.7% at age 57). An annual cost of living adjustment of up to three percent (3%) shall be maintained in accordance with Section 31870.1 for monthly benefits payable by SJCERA to retired members of SJCERA (Tiers I and II) or their beneficiaries.

Retirement Formula. The County shall maintain the defined benefit retirement formula specified in Section 31676.14 (2% at age 55 ½) for General Members of SJCERA Tier I. General Members of SJCERA Tier II participate in the defined benefit formula prescribed by Section 7522.20 of PEPRA (2.0% at age 62). An annual cost of living adjustment of up to three percent (3%) shall be maintained in accordance with Section 31780.1 for monthly benefits payable by SJCERA to retired members (Tiers I and II) or their beneficiaries.

Retirement Formula. Regular employees holding County employment shall be members of the Public Employees’ Retirement System (PERS) as provided by law and the terms of the contract in effect between the County and the Public Employees’ Retirement System. The County will maintain the following Retirement Programs for Classic PERS Members: The 2% @ 55 PERS formula shall be provided for Miscellaneous Retirement category employees. The County will maintain the following Retirement Programs for PEPRA New Members (entering CalPERS membership on or after January 1, 2013): The 2% @ 62 PERS formula shall be provided for Miscellaneous Retirement category employees.

Retirement Formula. ‌ (a) Tier 1 Retirement Formula For Tier 1 members, the District has adopted a resolution making Section 31664.1 of the Government Code (3% at 50 Retirement Formula) applicable to eligible members of this Unit on October 1, 2003. For Tier 1 members, the District has also adopted a resolution pursuant to Section 31678.2 of the Government Code to make Section 31664.1 applicable to all prior safety retirement service credit for each eligible employee in this Unit.

Retirement Formula. For Tier 2 members, as defined under Government Code Section 7522 et seq. and SBCERA bylaws, the applicable Retirement Formula shall be 2.7% at age 57.

Retirement Formula. These Employees shall receive the three percent at fifty (3% at 55) retirement formula as per California Government Code Section 31664.2.

Retirement Formula. Non-safety unit members who are defined as “classic members” by the Public Employees’ Pension Reform Act of 2013 (PEPRA) are covered by the 2.5% @ 55 retirement formula (per Resolution 2007-04 – effective February 14, provided for by the Public Employees Retirement Law (PERL) at Government Code Section 21354.4. Safety unit members who are defined as “classic members” by the Public Employees’ Pension Reform Act of 2013 (PEPRA) are covered by the 3% @ 55 retirement formula (per Resolution 2002-04 – effective July 1, 2002) provided for by the Public Employees Retirement Law (PERL) at Government Code Section 21363.1. This applies to any member hired on or before December 31, 2012 as well as any member who is not defined as a “new member” under the PEPRA. Non-safety unit members hired on or after January 1, 2013 who are defined as “new members” under the PEPRA, are covered by the 2%@ 62 retirement formula provided for at Government Code section 7522.20(a). Safety unit members hired on or after January 1, 2013 who are defined as “new members” under the PEPRA, are covered by the 2.7%@ 57 retirement formula provided for at Government Code section 7522.25(d).

Retirement Formula. The City contracts with CalPERS to provide the 3% at 50 retirement formula for all employees hired before July 1, 2012 as set forth in California Government Code Section 21362.2. For employees hired after July 1, 2012 who are classic members as defined, the City contracts with CalPERS to provide the 3% at 55 retirement formula as set forth in California Government Code Section 21363.1