Employees Hired Before June 27, 2005. Employees are covered by the CalPERS “3% @ 50” benefit formula. This plan provides 3 percent of pay at age 50 for each year of service credited with the City. If, at any time, the City's annual CalPERS employer rate to provide the "3% @ 50" retirement plan is 17.00 percent or less of payroll for safety members covered under the annual CalPERS valuation for this plan, such employees will be required to concurrently pay 2 percent of the CalPERS EPMC rate (e.g., if the employer rate is 1.2 percent of payroll, the employee will pay 2 percent of the EPMC, and the employer will pay the
Employees Hired Before June 27, 2005. Employees are covered by CalPERS “3% @ 50” benefit formula. This plan provides 3 percent of pay at age 50 for each year of service credited with the City.
a. Effective the first full pay period in November 2017, or the first full pay period after ratification, whichever is later, employees will pay 10 percentage points of the total required contribution to CalPERS on a pretax basis.
b. Effective the first full pay period in July 2018, the City pays fifty percent (50%) of the normal cost rate to be calculated by XxxXXXX, and the employee pays fifty percent (50%) of the normal cost rate on a pretax basis to be calculated by XxxXXXX and the cost of administration.
Employees Hired Before June 27, 2005. Employees are covered by the CalPERS "3% @ 50" benefit formula. This plan provides 3 percent of pay at age 50 for each year of service credited with the City.
a. The City will pay up to 3 percent of the member’s required contribution (EPMC) and employees will pay up to 6 percent of the member’s required contribution on a pretax basis.
b. If, at any time, the City's annual CalPERS employer rate to provide the "3% @ 50" retirement plan is 17 percent or less of payroll for safety members covered under the annual CalPERS valuation for this plan, such employees will be required to concurrently pay 2 percent of the CalPERS EPMC rate (e.g., if the employer rate is 1.2 percent of payroll, the employee will pay 2 percent of the EPMC, and the employer will pay the
Employees Hired Before June 27, 2005. Employees are covered by the CalPERS "3% @ 50" benefit formula. This plan provides 3 percent of pay at age 50 for each year of service credited with the City.
a. Effective July 1, 2011, through June 16, 2013, the City will pay up to 9 percent of the member’s required contribution (EPMC).
b. Effective June 17, 2013, the City will pay up to 3 percent of the member’s required contribution (EPMC) and employees will pay up to 6 percent of the member’s required contribution on a pretax basis.
c. Effective December 28, 2015, the City will pay 1 percent of the member’s required contribution (EPMC) and the employees will pay up to 8 percent of the member’s required contribution on a pretax basis thus terminating item 1.a. and 1.b. above.
