Common use of First Tier Eligibility For Employees In Second Tier Clause in Contracts

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 percent (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 twenty (20) year period beginning July 1, 1999. The parties agree to jointly request the CalPERS board to extend the twenty (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. B. 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. C. 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. D. 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 six percent (6%) annually compounded.

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 Resolution that will employ, for the June 30, 1998 valuation and thereafter, 95 percent (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 twenty (20) 20 year period beginning July 1, 1999. The parties agree to jointly request the CalPERS board to extend the twenty (20) 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. B. 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. C. 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/he or she would remain in the First Tier plan. D. 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 six percent (6%) 6 percent, annually compounded.

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 articleArticle. The parties further agree that the provisions of this article 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 (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 twenty (20) year period beginning July 1, 1999. The parties agree to jointly request the CalPERS board to extend the twenty (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. B. 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. C. 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. D. 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 six percent (6%) annually compounded. E. The State agrees to reduce each Unit 4 employee’s Public Employees Retirement System retirement contribution $12.00 per month from January 1, 2000 through August 31, 2000. For the purpose of making such payments, the State Controller shall increase the amount of salaries and wages currently excluded from the Public Employees Retirement System’s normal rate of contribution to a level which will provide up to a maximum reduction of $12.00 per month in each employee’s monthly retirement contribution to the Public Employees Retirement System.

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 Resolution that will employ, for the June 30, 1998 valuation and thereafter, 95 percent (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 twenty (20) year period beginning July 1, 1999. The parties agree to jointly request the CalPERS board to extend the twenty (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. B. The legislative language would allow an employee in the Second Tier to exercise the Tier 1 right of election at any time after during a period following the effective date of this legislationagreement. 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. C. 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 First Tier plan within 180 one hundred eighty (180) days of the date of their appointment. If a new employee does not make an election for Second First Tier coverage during this periodcoverage, he/he or she would remain be enrolled in the First Second Tier plan. D. 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 six percent (6%) ), annually compounded.

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 Resolution what will employ, for the June 30, 1998 valuation and thereafter, 95 percent (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 twenty (20) 20 year period beginning July 1, 1999. The parties agree to jointly request the CalPERS board to extend the twenty (20) 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. B. . 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. C. . New employees who meet the criteria for CalPERS membership would be enrolled in the First 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. D. . 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 six percent (6%) 6 percent, annually compounded.

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 Resolution that will employ, for the June 30, 1998 valuation and thereafter, 95 percent (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 twenty (20) 20 year period beginning July 1, 1999. The parties agree to jointly request the CalPERS board to extend the twenty (20) 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. B. The legislative language would allow an employee in the Second Tier to exercise excise 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. C. 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/he or she would remain in the First Tier plan. D. 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 six percent (6%) annually compounded.

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 Resolution that will employ, for the June 30, 1998 valuation and thereafter, 95 percent (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 twenty (20) 20 year period beginning July 1, 1999. The parties agree to jointly request the CalPERS board to extend the twenty (20) 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.. BU 16 B. 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. C. 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/he or she would remain in the First Tier plan. D. 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 six percent (6%) 6 percent, annually compounded.

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 Resolution that will employ, for the June 30, 1998 valuation and thereafter, 95 percent (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 twenty (20) 20 year period beginning July 1, 1999. The parties agree to jointly request the CalPERS board to extend the twenty (20) 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. B. 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. C. New Effective January 15, 2011, new employees who meet the criteria for CalPERS membership would be enrolled in the “New 2010 First Tier plan Retirement Formula” and have the right to be covered under the Second Tier plan within 180 one hundred eighty (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/he or she would remain in the First Tier plan. D. 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 six percent (6%) 6 percent, annually compounded.

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 Resolution that will employ, for the June 30, 1998 valuation and thereafter, 95 percent (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 twenty (20) 20 year period beginning July 1, 1999. The parties agree to jointly request the CalPERS board to extend the twenty (20) 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. B. . 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. C. . New employees who meet the criteria for CalPERS membership would be enrolled in the First 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. D. . 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 six percent (6%) 6 percent, annually compounded.

First Tier Eligibility For Employees In Second Tier. A. The Union and the State (parties) agree that the legislation implementing this agreement 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 (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 twenty (20) 20 year period beginning July 1, 1999. The parties agree to jointly request the CalPERS board to extend the twenty (20) 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. B. 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. C. 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/he or she would remain in the First Tier plan. D. 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 six 6 percent (6%) annually compounded.

First Tier Eligibility For Employees In Second Tier. A. The Union and the State (parties) agree that the legislation implementing this agreement 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 articleArticle. 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 (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 twenty (20) year period beginning July 1, 1999. The parties agree to jointly request the CalPERS board to extend the twenty (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. B. 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. C. 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. D. 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 six percent (6%) ), annually compounded.

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 Resolution that will employ, for the June 30, 1998 valuation and thereafter, 95 ninety-five percent (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 twenty (20) year period beginning July 1, 1999. The parties agree to jointly request the CalPERS board to extend the twenty (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. B. 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 ninety-six (96) months (8 years) to 144 one hundred forty-four (144) months (12 years) or up to 180 one hundred eighty (180) months (15 years), and allowing employees to purchase partial amounts of service. C. 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 one hundred eighty (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/he or she would remain in the First Tier plan. D. 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 six percent (6%) ), annually compounded.

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 Resolution that will employ, for the June 30, 1998 valuation and thereafter, 95 percent (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 twenty (20) 20 year period beginning July 1, 1999. The parties agree to jointly request the CalPERS board to extend the twenty (20) 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. B. 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. C. 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 one hundred eighty (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/he or she would remain in the First Tier plan. D. 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 six percent (6%) 6 percent, annually compounded.

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 Resolution that will employ, for the June 30, 1998 valuation and thereafter, 95 percent (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 twenty (20) 20 year period beginning July 1, 1999. The parties agree to jointly request the CalPERS board to extend the twenty (20) 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. B. 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. C. 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/he or she would remain in the First Tier plan. D. 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 six percent (6%) 6 percent, annually compounded.

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 Resolution that will employ, for the June 30, 1998 valuation and thereafter, 95 percent (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 twenty (20) 20 year period beginning July 1, 1999. The parties agree to jointly request the CalPERS board to extend the twenty (20) 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. B. 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. . C. 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. C. D. 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/he or she would remain in the First Tier plan. D. E. 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 six percent (6%) 6 percent, annually compounded.