Employees Hired On or After June 27, 2005. Employees are covered by the CalPERS “3% @ 55” benefit formula. This plan provides 3 percent of pay at age 55 for each year of service credited with the City. Effective September 12, 2011, the City will contribute up to 3 percent of the member’s required contribution (EPMC), and the employee will pay 6 percent of the member’s required contribution.
Appears in 7 contracts
Samples: Employment Agreement, Employment Agreement, Employment Agreement
Employees Hired On or After June 27, 2005. RAFT Employees are covered by the CalPERS “3% @ 55” benefit formula. This plan provides 3 percent of pay at age 55 for each year of service credited with the City. Effective September 12, 2011, the City will contribute up to 3 percent of the member’s required contribution (EPMC), and the employee will pay 6 percent of the member’s required contribution.
Appears in 2 contracts
Samples: Executive Management Agreement, Employment Agreement
Employees Hired On or After June 27, 2005. Employees are covered by the CalPERS “"3% @ 55” " benefit formula. This plan provides 3 percent of pay at age 55 for each year of service credited with the City. Effective September 12, 2011, the The City will contribute pay up to 3 percent of the member’s required contribution (EPMC), ) and the employee employees will pay up to 6 percent of the member’s required contributioncontribution on a pretax basis.
Appears in 1 contract
Samples: Memorandum of Understanding
