Classic Employees. One-Year Final Compensation: Classic Employees, as defined in Section 59.2 shall be eligible to receive retirement allowance based on One-Year Final Compensation as provided in Section 20042 (July 9, 1978).
Classic Employees. One Year of Final Compensation: Classic Employees as defined in Section 37.2 (“Classic Employees” Definition) above and as provided in Government Code Section 20042 (July 9, 1978).
Classic Employees. A classic employee is 1) any full-time employee hired prior to January 1, 2013 or 2) a full-time employee hired after January 1, 2013, who was already a member of a public employee retirement system at the time of hire by the City with a break in service of no more than six months between the employee’s prior public employee retirement system participating agency and the City. Classic employees shall be members of PERS, as provided by the terms of the contract in effect between the City and PERS which includes: • Government Code Section 21362.2 - 3.0% @ 50 Benefit formula • Government Code Section 20042 – One Year Final Compensation • Government Code Section 21574 – 4th level 1959 Survivor Benefits • Government Code Section 21624 – Post Retirement Survivor Allowance • Government Code Section 2102 – Military Service Credit as Public Service • Effective the first pay period of January 2015, employees shall contribute an additional 1.0% towards retirement for a total contribution of 10.0% • Effective the first pay period of January 2016, employees shall contribute an additional 1.0% towards retirement for a total contribution of 11.0% • Effective the first pay period of January 2017, employees shall contribute an additional 1.0% towards retirement for a total contribution of 12.0% • Effective the first pay period of January 2018, employees shall contribute an additional 1.0% towards retirement for a total contribution of 13.0%.
Classic Employees. Tier 2 – 2% at 60
a. Employees in this unit hired on or after October 1, 2012 and considered a classic member as defined by PERS: the City shall provide the 2% at 60 Local Miscellaneous Members Retirement Formula. The City’s contract with the Public Employees' Retirement System (PERS) for the 2% at 60 formula provides the following additional benefits:
i. Three-year highest compensation average benefit as outlined in Government Code.
ii. The City implemented the Third Tier of the 59 Survivor Benefit with CalPERS upon amendment of the PERS contract.
iii. Credit for unused Sick Leave as provided for in Government Code.
b. Contributions: Employees in the 2% at 60 plan shall pay 7% of pensionable compensation towards the member rate of PERS via a pre-tax payroll contribution. Such contributions shall be treated as pre- tax as long as allowable by the IRS.
Classic Employees. Those sworn employees who are Classic employees as defined by State Law and as determined by CalPERS shall receive the three percent (3%) at Age 50 Safety Retirement Plan, including the Fourth (4th) Xxxxx 0000 Xxxxxxxxx Benefits, but not including the one-half (½) survivors continuance and will not be covered by the Federal Old Age, Survivors, Disability and Health Insurance Program (Social Security). Classic sworn personnel shall continue to be eligible for the one (1) year “final compensation” with PERS pursuant to Section 20692 of the California Public Employees’ Retirement System 1996 Optional Public Agency Contract Provisions and Amendment Procedures. By doing so, the District will stop paying those contributions during the final compensation period (one year) and increase the pay rate of the members by the amount of employer-paid member contributions (EPMC). For Classic employees, the District shall continue to pick up the employee’s contribution to the Public Employees’ Retirement System (PERS) per Section 20692 Employer Paid Member Contributions Converted to Payrate during the Final Compensation Period. Classic employees shall cost share according to the following schedule: For Years 2, 3, and 4 of the Contract, the cost share percentage for all employees will be effective on the first full pay period after July 1st of each respective fiscal year.
Classic Employees. The City shall provide the PERS 3% at 50 Plan to all Unit members hired prior to July 1, 2011. Unit members shall continue to pay the 9% employee contribution towards the Plan. Unit members hired on or after July 1, 2011 and before January 1, 2013 shall be provided with PERS 3% at 55 based on the three highest years and shall continue to pay the 9% employee contribution as cost sharing. PERS contributions contained in this paragraph shall be provided consistent with Government Code section 20516(f). Effective in the first full pay period following ratification and approval of this MOU or as soon as administratively feasible thereafter, each classic employee shall contribute an additional 1% toward the employer contribution to his/her pension benefit. Effective January 1, 2019, each classic employee shall contribute an additional 1% toward the employer contribution to his/her pension benefit. Effective December 31, 2019, each classic employee shall contribute an additional 1% toward the employer contribution to his/her pension benefit.
Classic Employees. For employees hired prior to January 1, 2013: The Authority agrees to provide fire safety members with PERS "3% at 55" full formula retirement plan and the following benefits: • One year final compensation; • 1959 Survivors Benefit 4th level (GCS 21574); and • All unused sick leave credit (GCS 20965); • Post Retirement Death Benefit with PRSA (Post Retirement Survivor Allowance) (GCS 21624, 21626 and 21628)
Classic Employees. CMFA MOU 2024-2027 12
Classic Employees. The City shall provide the PERS Police Public Safety Retirement Program 3% @ 50 benefit for employees hired before July 1, 2011. The City provides the 3% @ 55 formula for employees hired on or after July 1, 2011. Employees shall pay the employee share of nine (9%) percent. PERS contributions contained in this paragraph shall be provided consistent with Government Code section 20516(f). Effective in the first full pay period following approval of this MOU or as soon as administratively feasible thereafter, each classic employee in the classifications of Police Sergeant and Police Commander shall contribute an additional two percent (2%) toward the employer contribution to his/her pension benefit. Effective January 2018, each classic employee in the classifications of Police Sergeant and Police Commander shall contribute an additional one percent (1%) toward the employer contribution to his/her pension benefit. Effective in the first full pay period of July 2018, classic employees in the classification of Deputy Chief shall contribute an additional three percent (3%) toward the employer contribution to his/her pension benefit.
Classic Employees. The City has implemented the provisions of the PERS 2.5% @ 55 retirement benefit for miscellaneous employees hired before December 31, 2012 (Classic employees). The City provides the following benefit provisions to Classic employees: ▪ One Year Final Compensation (GC Section 20042) ▪ Service Credit for Accrued Sick Leave (GC Section 20965) ▪ Military Buyback (GC Section 21024) ▪ Pre-Retirement Optional Settlement 2 Death Benefit (Section 21548) Employees shall contribute the entire PERS required employee retirement contribution. Classic employees will contribute 1.5% of the employer’s contribution to PERS retirement via payroll deduction on a pre-tax basis. The City shall “pick-up” the employer contribution amount that is being paid by the employees through a payroll reduction under IRS Code Section 414(h) (2).
