Common use of Single Highest Year Clause in Contracts

Single Highest Year. All employees subject to the single highest year (one-year final compensation) benefit shall fund that benefit 100%, in the amount of 1.681% of CalPERS reportable “compensation earnable,” as it may from time to time exist. Said funding shall be by means of a payroll deduction on a pre-tax basis pursuant to IRS Code Section 414(h)(2). Current employees presently eligible for the “one-year final compensation” benefit who were hired prior to July 1, 1984, will not be required to make the payroll contribution specified in this section. 1959 Survivor Benefits- The CalPERS Retirement Plan has been amended to include the Fourth Level Survivor Benefit for unit employees. All employees shall pay 100% of the monthly cost for this benefit, in addition to the $2.00 monthly cost for the Basic Level 1959 Survivor Benefit.