Miscellaneous Retirement Formulas Sample Clauses

Miscellaneous Retirement Formulas. 40 Section 21.03 Peace Officers Research Association of California (PORAC) Retiree Medical Reimbursement Trust 40 Section 21.04 Employer Contribution to Deferred Compensation Match 41 Section 21.05 Retirement Health Savings Account 41 ARTICLE 22 PROCEDURES FOR MERIT / LONGEVITY STEP INDEX 41 Section 22.01 Salary Based upon Merit and Longevity 41
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Miscellaneous Retirement Formulas. The County contracts with the California Public Employees Retirement System (CalPERS) for retirement benefits as follows: Employees hired prior to January 1, 2013, who are not classified as a new member will receive the 2% at 55 miscellaneous CalPERS formula with the one (1) year final average compensation period. These employees pay the required nine percent (9%) member contribution, on a pre-tax basis. Employees hired after December 31, 2012, who are classified as a new member will receive the 2 % at 62 miscellaneous CalPERS formula with the three (3) year final average compensation period. These employees pay one half of the total normal cost as determined annually by CalPERS on a pre-tax basis. All miscellaneous retirement formulas have the following optional CalPERS retirement benefits: • Sick Leave Service Credit – Section 20965. This benefit provides that unused accumulated sick leave at time of retirement may be converted to additional service credit at the rate of 0.004 year of service credit for each day of unused sick leave in accordance with the PERS formula. • Non-Industrial Disability Standard • Industrial Disability Standard • Pre-Retirement Death Benefits: o 1959 Survivor Benefit Level 3 o Optional Settlement 2 – Section 21548. This benefit provides that the spouse or domestic partner of a deceased member, who was eligible to retire for service at the time of death, may elect to receive the Pre- Retirement Option 2W Death Benefit which is the highest monthly allowance a member can leave a spouse or domestic partner in lieu of the lump sum Basic Death Benefit. • Post-Retirement Death Benefits: o $500 Lump Sum • 2% Retirement COLA
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Miscellaneous Retirement Formulas. 1. Employees hired before August 2, 1991, shall receive the 2.7% at 55 miscellaneous CalPERS formula with the one (1) year final average compensation period. The City shall pay one hundred percent (100%) of the employee’s contribution to CalPERS and report the employer payment of the member contributions to CalPERS as additional compensation for retirement purposes only. These employees pay eight percent (8%) on a pre-tax basis to share in the cost of the 2.7% at 55 formula.
Sample 1
Miscellaneous Retirement Formulas. The County contracts with the California Public Employees Retirement System (CalPERS) for retirement benefits as follows: Employees hired prior to January 1, 2013, who are not classified by CalPERS as a new member will receive the 2% at 55 miscellaneous CalPERS formula with the one (1) year final average compensation period. These employees pay the required nine percent (9%) member contribution, on a pre-tax basis. Employees hired after December 31, 2012, who are classified by CalPERS as a new member will receive the 2 % at 62 miscellaneous CalPERS formula with the three (3) year final average compensation period. These employees pay one half of the total normal cost as determined annually by CalPERS plus an additional two percent (2%) on a pre-tax basis. All miscellaneous retirement formulas have the following optional CalPERS retirement benefits: • Sick Leave Service Credit – Section 20965. This benefit provides that unused accumulated sick leave at time of retirement may be converted to additional service credit at the rate of 0.004 year of service credit for each day of unused sick leave in accordance with the PERS formula. • Non-Industrial Disability Standard • Pre-Retirement Death Benefits: o 1959 Survivor Benefit Level 3 o Optional Settlement 2W – Section 21548. This benefit provides that the spouse or domestic partner of a deceased member, who was eligible to retire for service at the time of death, may elect to receive the Pre-Retirement Option 2W Death Benefit which is the highest monthly allowance a member can leave a spouse or domestic partner in lieu of the lump sum Basic Death Benefit. • Post-Retirement Death Benefits: o $500 Lump Sum • 2% Retirement COLA
Sample 1
Miscellaneous Retirement Formulas. The County contracts with the California Public Employees Retirement System (CalPERS) for retirement benefits as follows: Employees hired prior to January 1, 2013, who are not classified by XxxXXXX as a new member will receive the two percent (2%) at fifty-five (55) miscellaneous CalPERS formula with the one
Sample 1
Miscellaneous Retirement Formulas. ‌ The County contracts with the California Public Employees Retirement System (CalPERS) for retirement benefits as follows: Employees not classified as a new member will receive the 2% at 55 miscellaneous CalPERS formula with the one (1) year final average compensation period. These employees pay the required eight percent (8%) member contribution, on a pre-tax basis. Employees classified as a new member will receive the 2 % at 62 miscellaneous CalPERS formula with the three (3) year final average compensation period. These employees pay one-half (1/2) of the total normal cost as determined annually by CalPERS on a pre-tax basis. All miscellaneous retirement formulas have the following optional CalPERS retirement benefits: • Sick Leave Service Credit – Section 20965. This benefit provides that unused accumulated sick leave at time of retirement may be converted to additional service credit at the rate of 0.004 year of service credit for each day of unused sick leave in accordance with the PERS formula. • Non-Industrial Disability Standard • Industrial Disability Standard • Pre-Retirement Death Benefits: o 1959 Survivor Benefit Level 3 o Optional Settlement 2 – Section 21548. This benefit provides that the spouse or domestic partner of a deceased member, who was eligible to retire for service at the time of death, may elect to receive the Pre- Retirement Option 2W Death Benefit which is the highest monthly allowance a member can leave a spouse or domestic partner in lieu of the lump sum Basic Death Benefit. • Post-Retirement Death Benefits: o $500 Lump Sum • 2% Retirement COLA
Sample 1
Miscellaneous Retirement Formulas. ‌ The County contracts with the California Public Employees Retirement System (CalPERS) for retirement benefits as follows: Employees not classified as a new member will receive the 2% at 55 miscellaneous CalPERS formula with the one (1) year final average compensation period. These employees pay the required nine percent (9%) member contribution, on a pre-tax basis. The parties agree to amend the contract with CalPERS to increase the member contribution to nine percent (9%) as quickly as possible following the adoption of the MSA MOU. Employees classified as a new member will receive the 2 % at 62 miscellaneous CalPERS formula with the three (3) year final average compensation period. These employees pay one-half (1/2) of the total normal cost as determined annually by CalPERS on a pre-tax basis. All miscellaneous retirement formulas have the following optional CalPERS retirement benefits: • Sick Leave Service Credit – Section 20965. This benefit provides that unused accumulated sick leave at time of retirement may be converted to additional service credit at the rate of 0.004 year of service credit for each day of unused sick leave in accordance with the PERS formula. • Non-Industrial Disability Standard • Industrial Disability Standard • Pre-Retirement Death Benefits: o 1959 Survivor Benefit Level 3 o Optional Settlement 2 – Section 21548. This benefit provides that the spouse or domestic partner of a deceased member, who was eligible to retire for service at the time of death, may elect to receive the Pre- Retirement Option 2W Death Benefit which is the highest monthly allowance a member can leave a spouse or domestic partner in lieu of the lump sum Basic Death Benefit. • Post-Retirement Death Benefits: o $500 Lump Sum • 2% Retirement COLA
Sample 1
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Related to Miscellaneous Retirement Formulas

  • Transition to Retirement 24.1 An Employee may advise their Employer in writing of their intention to retire within the next five years and participate in a retirement transition arrangement.

  • MISCELLANEOUS BENEFITS This Agreement is not intended, and shall not be deemed to be in lieu of any rights, benefits, and privileges to which Employee may be entitled as an Employee of Bank under any retirement, pension, profit sharing, insurance, hospital, bonus, vacation, or other plan or plans which may now be in effect or which may hereafter be adopted by Bank, it being understood that Employee shall have the same rights and privileges to participate in such plans and benefits, as any other employee, during the period of his employment.

  • Complete Disposal Upon Termination of Service Agreement Upon Termination of the Service Agreement Provider shall dispose or delete all Student Data obtained under the Service Agreement. Prior to disposition of the data, Provider shall notify LEA in writing of its option to transfer data to a separate account, pursuant to Article II, section 3, above. In no event shall Provider dispose of data pursuant to this provision unless and until Provider has received affirmative written confirmation from LEA that data will not be transferred to a separate account.

  • Miscellaneous Leaves C.1.1. Application for miscellaneous leave shall be made to the Executive Superintendent of Employee Services or designate. The Teacher shall notify the principal of the application at the time it is made and whenever possible shall make the application at least five school days prior to the day for which the leave is requested.

  • Miscellaneous Services INSURER shall provide such other administrative support to the Fund as mutually agreed between INSURER and AIM or the Fund from time to time. INSURER shall, from time to time, relieve the Fund of other usual or incidental administration services of the type ordinarily borne by mutual funds that offer shares to individual members of the general public.

  • Public Employees Retirement System “PERS”) Members. For purposes of this Section 1, “employee” means an employee who is employed by the State on August 28, 2003 and who is eligible to receive benefits under ORS Chapter 238 for service with the State pursuant to Section 2 of Chapter 733, Oregon Laws 2003.

  • Miscellaneous Leave Leave with or without pay may be granted for the following purposes subject to the criteria set out below being met:

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