Employee and Employer Contribution Rates. Employees under the 2.5% @ 55 plan shall pay the full eight percent (8%) of the required CalPERS Employee Contribution Rate. In accordance with PEPRA, employees hired on or after January 1, 2013 that are “New Members” as defined by XXXXX and XxxXXXX will be responsible to pay their contribution to CalPERS equal to 50% of the total normal cost for their defined Plan as determined by XxxXXXX. The retirement contribution sharing formula for the CalPERS Employer Contribution Rate under the 2.5% at 55 Plan shall be as follows:
Employee and Employer Contribution Rates. Employees shall pay the full eight percent (8%) of the required CalPERS Employee Contribution Rate. The retirement contribution sharing formula for the CalPERS Employer Contribution Rate shall be as follows:
