Employees Hired On or After. January 1, 2013 a. As required by Government Code Section 7522.25, the safety Option Plan Two (2% @ 50 β 2.7% @ 57) pension formula shall apply. b. As required by Government Code Section 7522.32, for the purposes of determining a retirement benefit for CalPERS eligible employees, final compensation shall mean the highest average annual pensionable compensation earned during 36 consecutive months of service. c. As required by Government code Section 7522.30, employees shall have an initial contribution rate of 50% of the total normal cost rate.
Appears in 7 contracts
Samples: Memorandum of Understanding, Memorandum of Understanding, Memorandum of Understanding
