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

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. B. An employee who makes this election will then be eligible to purchase past Second Tier service. C. New employees who meet the criteria for CalPERS membership will be enrolled in the First Tier plan and have the right to be covered under the Second 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 during this period, he or she will remain in the First Tier plan. D. Employees who purchase their past service will 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 includes interest at six percent (6%), 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. B. An employee who makes this election will then be eligible to purchase past Second Tier service. C. New employees who meet the criteria for CalPERS membership will be enrolled in the First Tier plan and have the right to be covered under the Second 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 during this period, he or she will remain in the First Tier plan. D. Employees who purchase their past service will 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 includes will then include interest at six percent (6%), annually compounded.