Employees Hired On or After. July 1, 2011 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 employee will pay 9 percent of the member’s required contribution.
Appears in 5 contracts
Samples: Agreement, Agreement, Management Employees
Employees Hired On or After. July 1June 21, 2011 2010 Employees are covered by the CalPERS “3"2% @ 55” 60" benefit formula. This plan provides 3 2 percent of pay at age 55 60 for each year of service credited with the City. Effective September 12, 2011, the employee will pay 9 percent of the member’s required contribution.
Appears in 4 contracts
Samples: storage.googleapis.com, storage.googleapis.com, www.cityofmontclair.org
Employees Hired On or After. July 1, 2011 Employees are covered by the CalPERS “32% @ 5560” benefit formula. This plan provides 3 2 percent of pay at age 55 60 for each year of service credited with the City. Effective September 12, 2011, the employee will pay 9 7 percent of the member’s required contribution.
Appears in 3 contracts
Samples: Agreement, storage.googleapis.com, Management Employees
