CalPERS Retirement Plan Sample Clauses

CalPERS Retirement Plan. The City shall provide retirement benefits through a contract with the Public Employees Retirement System (CalPERS). The City’s retirement plan is the 2.5% at 55 Plan for “classic” employees as defined by PEPRA and CalPERS. Employees hired on or after January 1, 2013 that are “New Members” as defined by XXXXX and CalPERS are under the 2% at 62 Plan.
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CalPERS Retirement Plan. Employees covered by this Agreement participate in the California Public Employees Retirement System (CalPERS). Employee options are described in a contract between the City of Xxxxxx and the California Public Employees’ Retirement System and are incorporated into this Memorandum of Understanding.
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CalPERS Retirement Plan. 3.1 Tier I: Bargaining unit members hired on or before November 1, 2011. 3.1.1 The “2% at 55” retirement formula shall be available to bargaining unit members hired on or before November 1, 2011.
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CalPERS Retirement Plan. The Authority shall contract with CalPERS for the purpose of providing all regular employees with pension plan benefits. The benefit formula for “Classic Members” of CalPERS, as defined by CalPERS, shall be "2.7% @ 55." Participation in a CalPERS pension plan requires both an employer and an employee contribution. The Authority shall pay the full amount of any employer contribution required by CalPERS. Employees who are not defined as “new members” under the California Public Employees’ Pension Reform Act (“PEPRA”) will be required to pay 100% of the 8% required member contribution to CalPERS. In any case, employees shall pay no more than 100% of the member contribution required by PERS. Employees who are defined as “new members” under PEPRA shall have the PEPRA 2% at 62 defined benefit formula. Employees defined as “new members” under PEPRA will be subject to all PEPRA provisions, including that they pay 50% of the total normal cost of the retirement benefit, as determined by CalPERS.
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CalPERS Retirement Plan. The City provides the 2.7% at 55 full retirement formula, as provided by Government Code § 21354.
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CalPERS Retirement Plan. Employee shall be entitled to participate in the California Public Employees Retirement System program based on section 21354.4, 2.5%at 55 full formula, as provided in Resolution 2019-03, or any superseding Resolution. The Board reserves the right to adjust the retirement component of the General Manager's contract for the period beginning January 1, 2022 through June 30, 2024.
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Related to CalPERS Retirement Plan

  • Supplemental Retirement Plan During the Contract Period, if the Executive was entitled to benefits under any supplemental retirement plan prior to the Change in Control, the Executive shall be entitled to continued benefits under such plan after the Change in Control and such plan may not be modified to reduce or eliminate such benefits during the Contract Period.

  • REGISTERED RETIREMENT SAVINGS PLAN 1. In this Article:

  • Incentive, Savings and Retirement Plans During the Employment Period, the Executive shall be entitled to participate in all incentive, savings and retirement plans, practices, policies and programs applicable generally to other peer executives of the Company and its affiliated companies, but in no event shall such plans, practices, policies and programs provide the Executive with incentive opportunities (measured with respect to both regular and special incentive opportunities, to the extent, if any, that such distinction is applicable), savings opportunities and retirement benefit opportunities, in each case, less favorable, in the aggregate, than the most favorable of those provided by the Company and its affiliated companies for the Executive under such plans, practices, policies and programs as in effect at any time during the 120-day period immediately preceding the Effective Date or if more favorable to the Executive, those provided generally at any time after the Effective Date to other peer executives of the Company and its affiliated companies.

  • Supplemental Executive Retirement Plan The Executive shall participate in the Company's Unfunded Pension Plan for Selected Executives (the "SERP").

  • Savings and Retirement Plans During the Employment Period, the Executive shall be entitled to participate in all other savings and retirement plans, practices, policies and programs, in each case on terms and conditions no less favorable than the terms and conditions generally applicable to the Company’s other executive employees.

  • Public Employees Retirement System “PERS”) Members.

  • Retirement Savings Plan Within fifteen (15) days after the date of Termination of Employment, the Company shall pay to Employee a cash payment in an amount, if any, necessary to compensate Employee for the Employee’s unvested interests under the Company’s retirement savings plan which are forfeited by Employee in connection with the Termination of Employment.

  • Retirement Plans (a) In connection with the individual retirement accounts, simplified employee pension plans, rollover individual retirement plans, educational IRAs and XXXX individual retirement accounts (“XXX Plans”), 403(b) Plans and money purchase and profit sharing plans (“Qualified Plans”) (collectively, the “Retirement Plans”) within the meaning of Section 408 of the Internal Revenue Code of 1986, as amended (the “Code”) sponsored by a Fund for which contributions of the Fund’s shareholders (the “Participants”) are invested solely in Shares of the Fund, Transfer Agent shall provide the following administrative services: (i) Establish a record of types and reasons for distributions (i.e., attainment of eligible withdrawal age, disability, death, return of excess contributions, etc.); (ii) Record method of distribution requested and/or made; (iii) Receive and process designation of beneficiary forms requests; (iv) Examine and process requests for direct transfers between custodians/trustees, transfer and pay over to the successor assets in the account and records pertaining thereto as requested; (v) Prepare any annual reports or returns required to be prepared and/or filed by a custodian of a Retirement Plan, including, but not limited to, an annual fair market value report, Forms 1099R and 5498; and file same with the IRS and provide same to Participant/Beneficiary, as applicable; and (vi) Perform applicable federal withholding and send Participants/Beneficiaries an annual TEFRA notice regarding required federal tax withholding. (b) Transfer Agent shall arrange for PFPC Trust Company to serve as custodian for the Retirement Plans sponsored by a Fund. (c) With respect to the Retirement Plans, Transfer Agent shall provide each Fund with the associated Retirement Plan documents for use by the Fund and Transfer Agent shall be responsible for the maintenance of such documents in compliance with all applicable provisions of the Code and the regulations promulgated thereunder.

  • Pre-Retirement Leave An Employee scheduled to retire and to receive a superannuation allowance under the applicable pension Acts or who has reached the mandatory retiring age, shall be entitled to: (a) A special paid leave for a period equivalent to fifty percent (50%) of his/her accumulated sick leave credit, to be taken immediately prior to retirement; or (b) A special cash payment of an amount equivalent to the cash value of fifty percent (50%) of his/her accumulated sick leave credit, to be paid immediately prior to retirement and based upon his/her current rate of pay.

  • Retirement Plan The 2.7% at 55 retirement plan will be available to eligible bargaining unit members covered by this Section 6.1.

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