Common use of Employee Contribution - Safety Members Clause in Contracts

Employee Contribution - Safety Members. 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 Safety “Non-Classic” PERS member employees covered under this MOU and hired on or after January 1, 2013 shall receive the “2.7% at age 57 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 delineated by XxxXXXX. As defined under the Public Employees Pension Reform Act (PEPRA) and determined by XxxXXXX, all new Safety “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 nine (9%) percent. Safety employees under this MOU hired prior to the implementation of the second tier retirement plan with the “3% at age 55 Full Formula” (Government Code Section 21363.1) shall be provided the “3% at age 50 Full Formula” (Government Code Section 21363.2) CalPERS’ plan benefit. Safety employees under this MOU hired on or after November 19, 2011 and prior to January 1, 2013 shall be provided the second tier “3% at age 55 Full Formula” (Government Code Section 21363.1) CalPERS plan benefit. Employees in both tier 1 and tier 2 shall pay the full member contribution for their CalPERS retirement plan, currently at nine percent (9%), and will have the option to have a salary adjustment in the form of a deferred income payment for their member contribution. Likewise, both tiers will have their retirement base calculation based upon their final three year average of compensation.

Employee Contribution - Safety Members. 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. Cost sharing shall also be implemented during this MOU pursuant to Section 4-1 above. As defined under the Public Employees Pension Reform Act (PEPRA), all new Safety “Non-Classic” PERS member employees covered under this MOU and hired on or after January 1, 2013 shall receive the “2.7% at age 57 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 delineated by XxxXXXX. As defined under the Public Employees Pension Reform Act (PEPRA) and determined by XxxXXXX, all new Safety “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 nine (9%) percent. Safety employees under this MOU hired prior to the implementation of the second tier retirement plan with the “3% at age 55 Full Formula” (Government Code Section 21363.1) shall be provided the “3% at age 50 Full Formula” (Government Code Section 21363.2) CalPERS’ plan benefit. Safety employees under this MOU hired on or after November 19, 2011 and prior to January 1, 2013 shall be provided the second tier “3% at age 55 Full Formula” (Government Code Section 21363.1) CalPERS plan benefit. Employees in both tier 1 and tier 2 shall pay the full member contribution for their CalPERS retirement plan, currently at nine percent (9%), and will have the option to have a salary adjustment in the form of a deferred income payment for their member contribution. Likewise, both tiers will have their retirement base calculation based upon their final three year average of compensation.

Employee Contribution - Safety Members. 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 Safety “Non-Classic” PERS member employees covered under this MOU and hired on or after January 1, 2013 shall receive the “2.7% at age 57 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 delineated by XxxXXXX. As defined under the Public Employees Pension Reform Act (PEPRA) and determined by XxxXXXX, all new Safety “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 nine percent (9%) percent). Safety employees under this MOU hired prior to the implementation of the second tier retirement plan with the “3% at age 55 Full Formula” (Government Code Section 21363.1) shall be provided the “3% at age 50 Full Formula” (Government Code Section 21363.2) CalPERS’ plan benefit. Safety employees under this MOU hired on or after November 19, 2011 and prior to January 1, 2013 shall be provided the second tier “3% at age 55 Full Formula” (Government Code Section 21363.1) CalPERS plan benefit. Employees in both tier 1 and tier 2 shall pay the full member contribution for their CalPERS retirement plan, currently at plan of nine percent (9%), and will have the option to have a salary adjustment in the form of a deferred income payment for their member contribution. Likewise, both tiers will have their retirement base calculation based upon their final three year average of compensation.