Common use of Employees Hired Before June 27, 2005 Clause in Contracts

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 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 1.2 percent employer rate and 7 percent of the EPMC—based on an EPMC of 9 percent; if the employer rate is 8.5 percent of payroll, the employee will pay 2 percent of the EPMC, and the employer will pay the