– CalPERS Formulas Sample Clauses

– CalPERS Formulas. (a) The City agrees to continue to pay the employer's portion of the “Three Percent at Fifty” (3% @ 50) Public Safety CalPERS Retirement for Public Safety (sworn personnel) employees, including the “single highest year” benefit, for all Unit employees hired on or before December 20, 2012. (b) City Council adopted and implemented resolutions providing for two tired retirement for Unit employees hired on or after December 20, 2012, providing for the retirement plan known as 2% @ 50 retirement formula. All new employees hired after December 20, 2012, and determined by CalPERS to be “Classic” members shall receive the 2% @ 50 retirement formula. All Unit employees hired by the City on or before December 20, 2012, shall remain at the current existing 3% @ 50 retirement formula. (c) Per PEPRA, new employees hired by the City on or after January 1, 2013 and not determined by CalPERS to be “Classic” members shall receive the retirement plan known as “The Safety Option Plan Two Formula” (2% @ 57). (d) All new employees hired by the City on or after January 1, 2013, shall also be required to have their final compensation defined as the highest average annual final compensation during a consecutive 36 month period, subject to the statutory cap imposed by PEPRA. Current employees hired before December 20, 2012, will maintain the “single highest year” benefit. (e) CalPERS shall determine which retirement plan the new employees are eligible to receive based on CalPERS regulations. For instance, a BPOA employee that is in the 3% @ 50 retirement formula plan will continue in that plan if promoted to the BPMA. Likewise, CalPERS shall determine which retirement plan the new employees are eligible whether for the previously implemented “Two Percent at Fifty” (2% @ 50) retirement formula with final compensation defined as the highest average annual final compensation during a consecutive thirty-six (36) month period or shall only be eligible for the newly created retirement plan known as “The Safety Option Plan Two Formula” (2.7% @ 57) with final compensation defined as the highest average annual final compensation during a consecutive thirty-six (36) month period.
Sample 1
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– CalPERS Formulas. (a) The City agrees to continue to pay the employer's portion of the CalPERS "Three Percent at Fifty" (3% @ 50) public safety retirement formula and the "Two Point Five Percent at Fifty-Five" (2.5% @ 55) public miscellaneous retirement formula for employees hired on or before December 20, 2012. All employees shall pay their full member contributions under their respective retirement plans. (b) The City previously adopted Resolution 2012-99 approving the Side Letter Agreement between the City and the BPOA which authorized implementation of a two tiered retirement plan providing the CalPERS "Two Percent at Fifty" (2% @ 50) retirement formula for public safety employees and the 'Two Percent at Sixty" (2% @ 60) retirement formula for public miscellaneous employees. The new two tiered retirement plans applied to all new employees hired after December 20, 2012. All Unit employees hired on or before December 20, 2012 remained at the previously existing 'Three Percent at Fifty" (3% @ 50) retirement formula for public safety employees and the 'Two Point Five Percent at Fifty- Five" (2.5% @ 55) formula for public miscellaneous employees. (c) Unit employees hired on or after January 1, 2013 shall be enrolled in either the "Two Percent at Fifty" (2% @ 50) formula for public safety employees and the "Two Percent at Sixty" (2% @ 60) formula for public miscellaneous employees or the 'Two Point Seven Percent at Fifty- Seven" (2.7% @ 57) formula for public safety employees and the "Two Percent at Sixty-Two" (2% @ 62) formula for public miscellaneous employees depending upon eligibility rules as established by CalPERS under the Public Employees'Pension Reform Act of 2013 and related laws and regulations. (d) Per the Public Employees' Pension Reform Act of 2013 and related laws and regulations, all Unit employees hired on or after January 1, 2013 shall also be required to have their final compensation defined as the highest average annual final compensation during a consecutive thirty- six (36) month period, subject to the cap. Unit employees hired before January 1, 2013 will maintain the "single highest year" benefit.
Sample 1

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