Common use of Retirement Formulas and Employee Contributions Clause in Contracts

Retirement Formulas and Employee Contributions. A. Safety Employees 1. Employees Hired Prior to January 1, 2011 a. Safety Retirement Formula: These Employees shall receive the three percent at fifty (3% at 50) retirement formula as per California Government Code Section 31664.1. b. Employee Contributions to the Retirement System which shall continue during the employee’s employment period with the Authority, or until such time that the employee qualifies under GC 31664.1(c): 1. These employees shall pay the required member contribution as determined by OCERS minus the two percent (2%) HCRC described in paragraph A.1.c below. 2. If there are any increases to the maximum employee contribution to OCERS, employees in the unit will pay their maximum employee contribution based on age of entry into OCERS, less the two percent (2%) HCRC described in paragraph A.1.c below. c. The Health Care Converted Retirement Contribution (“HCRC”) credit in the amount of two percent (2%), which shall constitute the employee’s contribution will be applied, which combined with the applicable employee paid member contribution described above in subsection (b) shall constitute the total employee paid member contribution. 2. Employees Hired From January 1, 2011 through June 30, 2012 a. Retirement Formula: These Employees shall receive the three percent at fifty (3% at 50) retirement formula per California Government Code Section 31664.1. b. Employee Contributions to the Retirement System which shall continue during the employee’s employment period with the Authority, or until such time that the employee qualifies under GC 31664.1(c): 1. These employees shall pay the required member contribution as determined by OCERS. 2. If there are any increases to the maximum employee contribution to OCERS, employees in the unit will pay their maximum employee contribution based on age of entry into OCERS.