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% 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. 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 20 twenty (20) year period beginning July 1, 1999. The parties agree to jointly request the CalPERS board to extend the 20 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.

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 twenty (20) year period beginning July 1, 1999. The parties agree to jointly request the CalPERS board to extend the 20 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.

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 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 20 twenty (20) year period beginning July 1, 1999. The parties agree to jointly request the CalPERS board to extend the 20 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.

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 resolution that will employ, for the June 30, 1998 valuation and thereafter, 95% 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 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. 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 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 20 twenty (20) year period beginning July 1, 1999. The parties agree to jointly request the CalPERS board to extend the 20 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.

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.. BU 16

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, 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 20 twenty (20) year period beginning July 1, 1999. The parties agree to jointly request the CalPERS board to extend the 20 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.