Common use of CalPERS New Membership Clause in Contracts

CalPERS New Membership. For employees hired on or after January 1, 2013 and classified as “new” members of CalPERS as defined by Public Employees’ Pension Reform Act (PEPRA), the City shall maintain a contract with CalPERS for the provision of a 2% @ 62 (highest 36 months) retirement benefit formula. Also pursuant to PEPRA, these employees and the City are each responsible for paying one-half of the normal cost of this retirement plan.

CalPERS New Membership. For employees hired on or after before January 1, 2013 and or for those who are classified as “new” members of CalPERS as defined by Public Employees’ Pension Reform Act (PEPRA), the City shall maintain a contract with CalPERS for the provision of a 2% @ 62 (highest 36 months) retirement benefit formula. Also pursuant to PEPRA, these employees and the City are each responsible for paying one-half of the normal cost of this retirement plan.

CalPERS New Membership. ‌ For employees hired on or after January 1, 2013 and classified as “new” members of CalPERS as defined by Public Employees’ Pension Reform Act (PEPRA), the City shall maintain a contract with CalPERS for the provision of a 2% @ 62 (highest 36 months) retirement benefit formula. Also pursuant to PEPRA, these employees and the City are each responsible for paying one-half of the normal cost of this retirement plan.

CalPERS New Membership. For employees hired on or after January 1, 2013 and or for those who are classified as “new” members of CalPERS as defined by Public Employees’ Pension Reform Act (PEPRA), the City shall maintain a contract with CalPERS for the provision of a 2% @ 62 (highest 36 months) retirement benefit formula. Also pursuant to PEPRA, these employees and the City are each responsible for paying one-half of the normal cost of this retirement plan.