Miscellaneous Classic Members Sample Clauses

Miscellaneous Classic Members. 12.1.1. For all miscellaneous members hired prior to January 1, 2013, the City will continue to provide the 2.7% @ 55 PERS Miscellaneous Members Retirement for each employee covered by this Agreement. The same 2.7% @ 55 will be provided to new employees, subject to CalPERS determination, who were previously employed by the City of Monterey as a full-time employee, or who were employed full- time by another PERS (or reciprocal) agency within six (6) months from date of hire by the City of Monterey. This policy is in keeping with the California Public EmployeesPension Reform Act (PEPRA). As of July 1, 2013, the City's contract with PERS for the 2.7% @ 55 plan contains the following plan amendments allowed by the Public Employees’ Retirement Law (PERL): • Highest twelve (12) consecutive months for purposes of determining final compensation (PERL Section 20042); • Sick leave credit/conversion to service time (PERL Section 20965); • 1959 Survivor Benefit Level 4 (PERL Section 21574). The employer's cost for this benefit will be paid by the employees through payroll deduction. This amount is set by CalPERS each fiscal year; • Exclusion of hourly rated employees (PERL Section 20305). • Military Service Credit (PERL Section 21024); • Partial Service Retirement (PERL Section 21118); and • Employees Sharing Cost of Additional Benefits (PERL Section 21354.5). 12.1.2. The City shall pay for any increase in the employer rate and shall retain any savings from a decrease in the employer rate and/or contribution credits (rebates) from PERS. 12.1.3. Classic employees contribute on a pre-tax basis the 8.0% employee contribution amount established by XxxXXXX. Effective July 1, 2011, Classic employees contribute on a pre- tax basis a 3.0% costshare towards the Employer Contribution to CalPERS. The total contribution, which is memorialized by a 2018 contract amendment with XxxXXXX, is 11.0%. The City shall maintain the IRS 414(h)(2) provision allowing employees to defer state and federal Income taxes on their CalPERS contributions. 12.1.4. The employer's cost for the 1959 Survivor Benefit Level 4 (Section 21574) will be paid by the employees through payroll deduction.
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Related to Miscellaneous Classic Members

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