Retirement Formulas Sample Clauses

Retirement Formulas. ‌ 1) Employees hired prior to January 1, 2011 The retirement formula is 2.5% @55 based on the employee’s highest 12 months’ salary and number of years of Plan participation. Employees make a monthly contribution equal to 8% of salary. 2) Employees hired on or after January 1, 2011 The retirement formula is 2% @ 55 based on the employee’s highest 36 months’ salary and number of years of Plan participation. Employees make a monthly contribution equal to 7% of salary. 3) Employees hired on or after January 1, 2013 The retirement formula is 2% @ 62 based on the employee’s highest 36 months salary and number of years of Plan participation. Employees shall make a monthly contribution equal to 1/2 of the normal cost.

Retirement Formulas. A. Employees hired prior to June 1, 2011 shall have the 2% @ 55 retirement formula with single highest year calculations. B. Employees hired on or after June 1, 2011 shall be covered by the 2% @ 60 retirement formula with three (3) highest years calculation. C. Employees hired on or after January 1, 2013 shall be subject to the applicable provisions of the Public Employee Pension Reform Act of 2013, and related legislation. UNIFORM ALLOWANCE

Retirement Formulas. The retirement formula for bargaining unit members designated as “classic” (as determined by ▇▇▇▇▇▇▇), is three percent (3%) @50. The Public Employees’ Pension Reform Act (PEPRA) calls for employees to pay at least fifty percent (50%) of normal pension cost [the maximum contribution that can be imposed on safety is twelve percent (12%). As of July 1, 2015, all “classic” members are required to pay the full twelve percent (12%) employee contribution (see MOU Section 34.6). Effective January 1, 2014, the retirement formula for bargaining unit members designated as “new” (as determined by ▇▇▇▇▇▇▇)’ is two and seven-tenths percent (2.7%) @57. All “new” members are required to pay full twelve and a half percent (12.5%) employee contribution allowed for under ▇▇▇▇▇. These formulas shall be designated as a reasonable pension by the City.

Retirement Formulas. The CITY will continue to provide the following CalPERS retirement benefit for employees:

Retirement Formulas. The Authority has two tiers for retirement benefits: 6.2.2.1 Tier 1: Tier 1 applies to Authority employees hired prior to January 1, 2013, and any Authority employees hired on or after January 1, 2013 who are not considered “New Members” within the meaning of the Public Employees’ Pension Reform Act of 2013 (PEPRA). Tier 1 Members are otherwise known as “Classic Members.” For Tier 1 Members, the Water Authority shall provide the 2.5% @ 55 retirement option. This plan includes a one-year final compensation measurement period selected by the member, as set forth in California Government Code section 20042. The Tier 1 Member’s contribution to CalPERS shall be eight percent (8.0%). The Water Authority shall continue to pay the seven percent (7.0%) of the Tier 1 Member’s contribution and the Tier 1 Member shall individually pay the remaining one percent (1.0%) of the statutorily required member contribution. The following is a summary of the CalPERS contract provisions for “Classic” members: a) Final Compensation Period: 1 Year. b) Employer-Paid Member Contribution (EPMC): The Water Authority pays 7% of the employee’s share of retirement contributions to CalPERS and the value of the 7% member contribution is reported to CalPERS as additional compensation. c) Military Service Credit as Public Service. d) Annual Cost-of-Living Allowance (Maximum 3%). e) Pre-Retirement Option 2W Death Benefit. 6.2.2.2 Tier 2: Tier 2 applies to Authority employees hired on or after January 1, 2013, who are considered “New Members” as defined in the PEPRA. For Tier 2 Members, the Water Authority shall provide the 2% at 62 benefit formula. This benefit includes the final compensation based upon the highest average annual pensionable compensation earnable during the 36 months of employment immediately preceding the effective date of his/her retirement or some other period designated by the retiring employee as set forth in Code Section 7522.32(a). Tier 2 Members will pay one-half of the total normal cost rate as determined by ▇▇▇▇▇▇▇. The following is a summary of the CalPERS Contract provisions for “New Members”: a. Final Compensation Period: 3 Year Average. b. Military Service Credit as Public Service. c. Annual Cost-of-Living Allowance (Maximum 3%).

Retirement Formulas. Public Employees’ Pension Reform Act (PEPRA) Safety Member 2.7% @ 57 Classic Safety Member 3% @ 50 (hired prior to 11/5/11) Classic Safety Member 3% @ 55 (hired between 11/5/11-12/31/12)

Retirement Formulas. PEPRA Safety Member 2.7% @ 57 Classic Safety Member 3% @ 50 (hired prior to 11/5/11) Classic Safety Member 3% @ 55(hired between 11/5/11-12/31/12)

Retirement Formulas. A. Employees hired before July 1, 2012, shall receive the 3% at 50 safety CalPERS formula with the three (3) year final average compensation period. The City shall pay 100% of the employee's contribution to CalPERS and report the employer payment of the member contributions to ▇▇▇▇▇▇▇ as additional compensation for retirement purposes only. These members shall pay the nine percent (9%) of the employers’ contribution via a CalPERS contract amendment on a pre-tax basis. B. Employees hired after June 30, 2012, who are not classified as a new member shall receive the 3% at 55 safety CalPERS formula with the three (3) year final average compensation period. The City shall pay 100% of the employee's contribution to CalPERS and report the employer payment of the member contributions to ▇▇▇▇▇▇▇ as additional compensation for retirement purposes only. These members shall pay the nine percent (9%) of the employers’ contribution via a CalPERS contract amendment on a pre-tax basis. C. Employees hired after December 31, 2012, who are classified as new member shall receive the 2.7% at 57 safety CalPERS formula with the three (3) year final average compensation period. These employees shall pay one half the total normal cost as determined annually by CalPERS on a pre-tax basis. D. All retirement plans have the following optional CalPERS retirement benefits:  Sick Leave Service Credit  Non-Industrial Disability Standard  Industrial Disability Standard  Pre-Retirement Death Benefits:  Optional Settlement 2  1959 Survivor Benefit Level Indexed  Special  Post-Retirement Death Benefits $500 lump sum  Survivor Allowance (PRSA)  3% Retirement COLA

Retirement Formulas. Classic CalPERS Employees hired prior to July 1, 2011 (Tier 1) 1. Employees will participate in the 2.5% @ 55, single highest year, formula provided by CalPERS.