Common use of Retirement Formulas Clause in Contracts

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 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 ▇▇▇▇▇▇▇CalPERS)’ 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 ▇▇▇▇▇PEPRA. These formulas shall be designated as a reasonable pension by the City.

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 ▇▇▇▇▇▇▇CalPERS)’ 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 ▇▇▇▇▇PEPRA. These formulas shall be designated as a reasonable pension by the City.