Common use of Retirement Formula Clause in Contracts

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. 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, 2007) 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).