Common use of Tier Two Clause in Contracts

Tier Two. For employees hired on or after January 1, 2013 and classified as “new” members of CalPERS as defined by Public Employee Pension Reform Act (PEPRA), the City shall maintain a contract with CalPERS for the provision of a 2.7% @ 57 (highest 36 months) retirement benefit formula. Also pursuant to PEPRA, these employees are responsible for paying one-half of the normal cost of this retirement plan and subject to the reportable annual compensation limit per Government Code Section 7522.10.

Tier Two. For employees hired on or after January 1, 2013 and classified as “"new” " members of CalPERS as defined by Public Employee Employees Pension Reform Act (PEPRA), the City shall maintain a contract with CalPERS for the provision of a 2.7% @ 57 (highest 36 months) retirement benefit formula. Also pursuant to PEPRA, these employees are responsible for paying one-half of the normal cost of this retirement plan and subject to the reportable annual compensation limit per Government Code Section 7522.10plan.