CalPERS RETIREMENT TIERS Sample Clauses

CalPERS RETIREMENT TIERS. The City offers a defined retirement benefit plan through the California Public Employees’ Retirement System (“CalPERS”). There are three (3) tiers of the retirement benefit plan depending on the date of hire and/or status as a “new member”, as defined by the Government Code, which defines the employee contribution/cost sharing as follows:
Sample 1
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CalPERS RETIREMENT TIERS. Classic 1st Tier: Any Miscellaneous (non-other safety) employee hired before June 25, 2012, shall receive a retirement formula of 3% @ 60 Retirement Benefit. Employees shall be required to contribute the full 8% share of the Employee rate. Any Other Safety employee hired before January 1, 2013, shall receive a retirement formula of 2% @ 50 Retirement Benefit. Employees shall be required to contribute the full 9% share of the Employee rate.
Sample 1

Related to CalPERS RETIREMENT TIERS

  • Normal Retirement Date The term “Normal Retirement Date” means the Executive’s attainment of age sixty-five (65).

  • Disability Retirement If, as a result of your incapacity due to physical or mental illness, You shall have been absent from the full-time performance of your duties with the Company for 6 consecutive months, and within 30 days after written notice of termination is given You shall not have returned to the full-time performance of your duties, your employment may be terminated for "Disability." Termination of your employment by the Company or You due to your "Retirement" shall mean termination in accordance with the Company's retirement policy, including early retirement, generally applicable to its salaried employees or in accordance with any retirement arrangement established with your consent with respect to You.

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