First Tier Eligibility For Employees In Second Tier. A. The Union and the State (parties) agree that the legislation implementing this agreement shall contain language to allow employees who are currently in the Second Tier retirement plan to elect to be covered under the First Tier, as described in this article. The parties further agree that the provisions of this article will be effective only upon the CalPERS board adopting a Resolution that will employ, for the June 30, 1998 valuation and thereafter, 95% of the market value of CalPERS’ assets as the actuarial value of the assets, and to amortize the June 30, 1998 excess assets over a 20 year period beginning July 1, 1999. The parties agree to jointly request the CalPERS board to extend the 20 year amortization period in the event the cost of these benefits or unfavorable returns on investments results in an increased employer contribution by the State.
First Tier Eligibility For Employees In Second Tier. A. New employees who meet the criteria for CalPERS membership have the right to be converted under the First Tier Plan within one hundred eighty (180) days of the date of their appointment. If a new employee does not make an election for Second Tier coverage he or she will be enrolled in the First Tier plan.
First Tier Eligibility For Employees In Second Tier. The Union and the State (parties) agree that the legislation implementing this agreement shall contain language to allow employees who are currently in the Second Tier retirement plan to elect to be covered under the First Tier, as described in this article. The parties further agree that the provisions of this article will be effective only upon the CalPERS board adopting a Resolution what will employ, for the June 30, 1998 valuation and thereafter, 95% of the market value of CalPERS’ assets as the actuarial value of the assets, and to amortize the June 30, 1998 excess assets over a 20 year period beginning July 1, 1999. The parties agree to jointly request the CalPERS board to extend the 20 year amortization period in the event the cost of these benefits or unfavorable returns on investments results in an increased employer contribution by the State. The legislative language would allow an employee in the Second Tier to exercise the Tier 1 right of election at any time after the effective date of this legislation. An employee who makes this election would then be eligible to purchase past Second Tier service. The parties will work with CalPERS to establish more flexible purchase provisions for employees. These include, but are not limited to, increasing the installment period from 96 months (8 years) to 144 months (12 years), or up to 180 months (15 years), and allowing employees to purchase partial amounts of service. New employees who meet the criteria for CalPERS membership would be enrolled in the first Tier plan and have the right to be covered under the Second Tier plan within 180 days of the date of their appointment. If a new employee does not make an election for Second Tier coverage during this period, he/she would remain in the First Tier plan. Employees who purchase their past service would be required to pay the amount of contributions they would have paid had they been First Tier members during the period of service that they are purchasing. As required by CalPERS law, the amount will then include interest at 6 percent, annually compounded.
First Tier Eligibility For Employees In Second Tier. A. Employees who are currently in the Second Tier retirement plan may elect to be covered under the First Tier as described in this article.
First Tier Eligibility For Employees In Second Tier. A. Employees currently in the Second Tier retirement plan may elect, pursuant to Government Code 21073.7, to be covered under the First Tier, as described in this article.
First Tier Eligibility For Employees In Second Tier. A. New employees who meet the criteria for CalPERS membership have the right to make an election to be covered under a Second Tier Retirement Plan. If the employee does not enroll in a Second Tier Retirement Plan within one hundred eighty (180) days after the date of initial eligibility, the employee shall remain enrolled in the First Tier plan, as provided under CalPERS law.
First Tier Eligibility For Employees In Second Tier. A. The Union and the State (parties) agree that the legislation implementing this Agreement shall contain language to allow employees who are currently in the Second Tier retirement plan to elect to be covered under the First Tier, as described in this article. The parties further agree that the provisions of this article will be effective only upon the CalPERS board adopting a Resolution that will employ, for the June 30, 1998 valuation and thereafter, 95% of the market value of CalPERS’ assets as the actuarial value of the assets, and to amortize the June
First Tier Eligibility For Employees In Second Tier. A. The Union and the State (parties) agree that the legislation implementing this contract shall contain language to allow employees who are currently in the Second Tier retirement plan to elect to be covered under the First Tier, as described in this article. The parties further agree that the provisions of this article will be effective only upon the CalPERS board adopting a resolution that will employ, for the June 30, 1998 valuation and thereafter, 95 percent of the market value of CalPERS’ assets as the actuarial value of the assets, and to amortize the June 30, 1998 excess assets over a 20 year period beginning
First Tier Eligibility For Employees In Second Tier. A. The Union and the State (parties) agree to allow employees who are currently in the Second Tier retirement plan to elect to be covered under the First Tier, as described in this article.
First Tier Eligibility For Employees In Second Tier. An employee in the Second Tier may exercise the Tier 1 right of election at any time. An employee who makes this election would then be eligible to purchase past Second Tier service. The parties will work with CalPERS to establish more flexible purchase provisions for employees. These include, but are not limited to, increasing the installment period from 96 months (8 years) to 144 months (12 years) or up to 180 months (15 years), and allowing employees to purchase partial amounts of service. New employees who meet the criteria for CalPERS membership would be enrolled in the First Tier plan and have the right to be covered under the Second Tier plan within 180 days of the date of their appointment. If a new employee does not make an election for Second Tier coverage during this period, he or she would remain in the First Tier plan. Employees who purchase their past service would be required to pay the amount of contributions they would have paid had they been First Tier members during the period of service that they are purchasing. If required by CalPERS law, the amount will include interest.
