Common use of Employee Contribution - Miscellaneous Members Clause in Contracts

Employee Contribution - Miscellaneous Members. Effective upon adoption of this contract, the employee is responsible for paying the entire employee contribution related to the CalPERS retirement formula for which they are eligible. The City of Lompoc will pay no portion of the employee contribution for any of the contracted CalPERS retirement formulas. As defined under the Public Employees Pension Reform Act (PEPRA), all new Miscellaneous “Non-Classic” PERS member employees covered under this MOU and hired on or after January 1, 2013 shall receive the “2% at age 62 PERS plan” benefit with their final compensation calculated based upon the average full-time monthly pay rate for the highest thirty-six (36) consecutive months. In conjunction with this retirement formula, these employees will pay fifty-percent (50%) of the normal cost as determined by XxxXXXX. As defined under the Public Employees Pension Reform Act (PEPRA) and determined by XxxXXXX, all new Miscellaneous “Classic” PERS members, hired on or after January 1, 2013 shall receive the PERS plan benefit formula that they would have been eligible for had they been hired on December 31, 2012, These employees shall pay the entire CalPERS employee contribution, currently at eight (8%) percent. Miscellaneous members hired prior to the implementation of the second tier retirement plan with the “2% at age 60 Full Formula” (Government Code Section 21353 shall be provided the “2.7% at age 55 Full Formula” (Government Code Section 21354.5) CalPERS plan benefit, with One -Year Final Compensation and Sick Leave Conversion to Service credit amendments, which currently requires an 8% employee contribution. The employee shall contribute the entire employee contribution as defined by XxxXXXX. Miscellaneous members hired on or after November 19, 2011 and prior to January 1, 2013 shall be provided the “2% at age 60 Full Formula” (Government Code Section 21353) CalPERS plan benefit. They shall have their retirement base calculation based upon their final three year average of compensation and pay the entire member contribution in an amount defined by statute (currently seven percent (7%)) and will have the option to have a salary adjustment in the form of a deferred income payment for their member contribution. Additionally, consistent with Government Code Section 20636 (c) 4, the City will provide those in the non-safety group hired prior to the implementation of the second tier retirement plan with the “2% at age 60 Full Formula” (Government Code Section 21353, the CalPERS EPMC retirement enhancement, i.e., final compensation calculation increased by the percentage the City contributes toward the employee paid member contribution.

Employee Contribution - Miscellaneous Members. Effective upon adoption of this contract, the employee is responsible for paying the entire employee contribution related to the CalPERS retirement formula for which they are eligible. The City of Lompoc will pay no portion of the employee contribution for any of the contracted CalPERS retirement formulas. As defined under the Public Employees Pension Reform Act (PEPRA), all new Miscellaneous “Non-Classic” PERS member employees covered under this MOU and hired on or after January 1, 2013 shall receive the “2% at age 62 PERS plan” benefit with their final compensation calculated based upon the average full-time monthly pay rate for the highest thirty-six (36) consecutive months. In conjunction with this retirement formula, these employees will pay fifty-percent (50%) of the normal cost as determined by XxxXXXX. As defined under the Public Employees Pension Reform Act (PEPRA) and determined by XxxXXXX, all new Miscellaneous “Classic” PERS members, hired on or after January 1, 2013 shall receive the PERS plan benefit formula that they would have been eligible for had they been hired on December 31, 2012, These employees shall pay the entire CalPERS employee contribution, currently at eight (8%) percent. Miscellaneous members hired prior to the implementation of the second tier retirement plan with the “2% at age 60 Full Formula” (Government Code Section 21353 shall be provided the “2.7% at age 55 Full Formula” (Government Code Section 21354.5) CalPERS plan benefit, with One -Year Final Compensation and Sick Leave Conversion to Service credit amendments, which currently requires an 8% employee contribution. The employee shall contribute the entire employee contribution as defined by XxxXXXX. Miscellaneous members hired on or after November 19, 2011 and prior to January 1, 2013 shall be provided the “2% at age 60 Full Formula” (Government Code Section 21353) CalPERS plan benefit. They shall have their retirement base calculation based upon their final three year average of compensation and pay the entire member contribution in an amount defined by statute (currently seven percent (7%)) and will have the option to have a salary adjustment in the form of a deferred income payment for their member contribution. Additionally, consistent with Government Code Section 20636 (c) 4, the City will provide those in the non-safety group hired prior to the implementation of the second tier retirement plan with the “2% at age 60 Full Formula” (Government Code Section 21353, the CalPERS PERS EPMC retirement enhancement, i.e., final compensation calculation increased by the percentage the City contributes toward the employee paid member contribution.

Employee Contribution - Miscellaneous Members. Effective upon adoption of this contract, the employee is responsible for paying the entire employee contribution related to the CalPERS retirement formula for which they are eligible. The City of Lompoc will pay no portion of the employee contribution for any of the contracted CalPERS retirement formulas. As defined under the Public Employees Pension Reform Act (PEPRA), all new Miscellaneous “Non-Classic” PERS member employees covered under this MOU and hired on or after January 1, 2013 shall receive the “2% at age 62 PERS plan” benefit with their final compensation calculated based upon the average full-time monthly pay rate for the highest thirty-six (36) consecutive months. In conjunction with this retirement formula, these employees will pay fifty-percent (50%) of the normal cost as determined by XxxXXXX. XxxXXXX.‌ As defined under the Public Employees Pension Reform Act (PEPRA) and determined by XxxXXXX, all new Miscellaneous “Classic” PERS members, hired on or after January 1, 2013 shall receive the PERS plan benefit formula that they would have been eligible for had they been hired on December 31, 2012, These employees shall pay the entire CalPERS employee contribution, currently at contribution of eight percent (8%) percent). Miscellaneous members hired prior to the implementation of the second tier retirement plan with the “2% at age 60 Full Formula” (Government Code Section 21353 shall be provided the “2.7% at age 55 Full Formula” (Government Code Section 21354.5) CalPERS plan benefit, with One -Year One-Year Final Compensation and Sick Leave Conversion to Service credit amendments, which currently requires an 8% employee contribution. The employee shall contribute the entire employee contribution as defined by XxxXXXX. Miscellaneous members hired on or after November 19, 2011 and prior to January 1, 2013 shall be provided the “2% at age 60 Full Formula” (Government Code Section 21353) CalPERS plan benefit. They shall have their retirement base calculation based upon their final three year average of compensation and pay the entire member contribution in an amount defined by statute (currently seven percent (7%)) and will have the option to have a salary adjustment in the form of a deferred income payment for their member contribution. Additionally, consistent with Government Code Section 20636 (c) 4, the City will provide those in the non-safety group hired prior to the implementation of the second tier retirement plan with the “2% at age 60 Full Formula” (Government Code Section 21353, the CalPERS PERS EPMC retirement enhancement, i.e., final compensation calculation increased by the percentage the City contributes toward the employee paid member contribution.

Employee Contribution - Miscellaneous Members. Effective upon adoption of this contract, the employee is responsible for paying the entire employee contribution related to the CalPERS retirement formula for which they are eligible. The City of Lompoc will pay no portion of the employee contribution for any of the contracted CalPERS retirement formulas. As defined under the Public Employees Pension Reform Act (PEPRA), all new Miscellaneous “Non-Classic” PERS member employees covered under this MOU and hired on or after January 1, 2013 shall receive the “2% at age 62 PERS plan” benefit with their final compensation calculated based upon the average full-time monthly pay rate for the highest thirty-six (36) consecutive months. In conjunction with this retirement formula, these employees will pay fifty-percent (50%) of the normal cost as determined by XxxXXXXXxxXXXX.‌ Comment [bw1]: 2% at 60 has a 7% employee contribution component. As defined under the Public Employees Pension Reform Act (PEPRA) and determined by XxxXXXX, all new Miscellaneous “Classic” PERS members, hired on or after January 1, 2013 shall receive the PERS plan benefit formula that they would have been eligible for had they been hired on December 31, 2012, These employees shall pay the entire CalPERS employee contribution, currently at eight contribution ofeight (8%) percenteight percent (8%). Miscellaneous members hired prior to the implementation of the second tier retirement plan with the “2% at age 60 Full Formula” (Government Code Section 21353 shall21353 shall be provided the “2.7% at age 55 Full Formula” (Government Code Section 21354.5) CalPERS plan benefit, with One -Year One-Year Final Compensation and Sick Leave Conversion to Service credit amendments, which currently requires an 8% employee contribution. The City shall contribute seven percent (7%) of the employee contribution on behalf of the employee, while the employee shall contribute the entire employee one percent (1%)employee contribution as defined by XxxXXXX. Miscellaneous members hired on or after November July 1November 19, 2011 and prior to January 1, 2013 or at such time as the City can affect a change in its CalPERS contract implementing a second tier shall be provided the “2% at age 60 Full Formula” (Government Code Section 21353) CalPERS plan benefit. They shall have their retirement base calculation based upon their final three year average of compensation and pay the entire member contribution in an amount defined by statute (currently seven percent (7%)) and will have the option to have a salary adjustment in the form of a deferred income payment for their member contribution. Additionally, consistent with Government Code Section 20636 (c) 4, the City will provide those in the non-safety group hired prior to the implementation of the second tier retirement plan with the “2% at age 60 Full Formula” (Government MEMORANDUM OF UNDERSTANDING LOMPOC POLICE OFFICERS’ ASSOCIATION Effective July 1, 2013 through June 30, 2014 Code Section 21353, the CalPERS PERS EPMC retirement enhancement, i.e., final compensation calculation increased by the percentage the City contributes toward the employee paid member contribution.