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 Deferred Compensation Match 41 Section 21.05 Retirement Health Savings Account 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 by XxxXXXX as a new member will receive the two percent (2%) at fifty-five (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 XxxXXXX as a new member will receive the two percent (2%) at sixty-two (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 three (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.
Sample 1
Miscellaneous Retirement Formulas. The County contracts with the California Public Employees Retirement System (CalPERS) for retirement benefits as follows: 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. 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. 2. Employees hired between August 1, 1991, and July 1, 2012, shall receive the 2.7% at 55 miscellaneous CalPERS formula with the three (3) 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. 3. Employees hired after June 30, 2012, who are not classified as a new member shall receive the 2% at 55 miscellaneous CalPERS formula with the three (3) 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 seven percent (7%) on a pre-tax basis to share in the cost of the 2% at 55 formula. 4. Non-sworn employees hired after December 31, 2012, who are classified as new member shall receive the 2% at 62 miscellaneous CalPERS formula with the three (3) year final average compensation period. These employees shall pay one half the total normal cost as determined annually by CalPERS on a pre-tax basis.
Sample 1

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. 24.2 Transition to retirement arrangements may be proposed and, where agreed, implemented as: (a) a flexible working arrangement (see clause 16 (Flexible Working Arrangements)); (b) in writing between the parties; or (c) any combination of the above. 24.3 A transition to retirement arrangement may include but is not limited to: (a) a reduction in their EFT; (b) a job share arrangement; or (c) working in a position at a lower classification or rate of pay. 24.4 The Employer will consider, and not unreasonably refuse, a request by an Employee who wishes to transition to retirement: (a) to use accrued Long Service Leave (LSL) or Annual Leave for the purpose of reducing the number of days worked per week while retaining their previous employment status; or (b) to be appointed to a role which that has a lower hourly rate of pay or hours (post transition role), in which case: (i) the Employer will preserve the accrual of LSL at the time of reduction in salary or hours; and (ii) where LSL is taken or paid out in lieu on termination, the Employee will be paid LSL hours at the applicable classification and grade, and at the preserved hours, prior to the post transition role until the preserved LSL hours are exhausted.

  • 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 L31.1 Application for Miscellaneous Leave shall be made to the Executive Superintendent of Employee Services or designate. The Teacher shall notify the principal at the time the application is made and whenever possible shall make the application at least five 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.

  • Incentive, Savings and Retirement Plans During the Employment Period, the Executive shall be entitled to participate in all incentive, savings and retirement plans, practices, policies and programs applicable generally to other peer executives of the Company and its affiliated companies, but in no event shall such plans, practices, policies and programs provide the Executive with incentive opportunities (measured with respect to both regular and special incentive opportunities, to the extent, if any, that such distinction is applicable), savings opportunities and retirement benefit opportunities, in each case, less favorable, in the aggregate, than the most favorable of those provided by the Company and its affiliated companies for the Executive under such plans, practices, policies and programs as in effect at any time during the 120-day period immediately preceding the Effective Date or if more favorable to the Executive, those provided generally at any time after the Effective Date to other peer executives of the Company and its affiliated companies.

  • Miscellaneous Leave Leave with or without pay may be granted for the following purposes subject to the criteria set out below being met. (a) Where a teacher is prevented from travelling from their home to work because of an emergency situation outside of the control of the teacher (up to seven (7) days leave with pay may be granted) provided that this provision is for emergencies only. Approval shall not be given where the teacher has advance notice or in circumstances where the teacher could be reasonably expected to have foreseen the situation arising. Where practicable the teacher is to inform the school of the reasons for the absence and is required to return to duty as soon as possible. Full details of the case shall be submitted.

  • Distributions on Account of Separation from Service If and to the extent required to comply with Section 409A, no payment or benefit required to be paid under this Agreement on account of termination of the Executive’s employment shall be made unless and until the Executive incurs a “separation from service” within the meaning of Section 409A.

  • Savings and Retirement Plans During the Employment Period, the Executive shall be entitled to participate in all other savings and retirement plans, practices, policies and programs, in each case on terms and conditions no less favorable than the terms and conditions generally applicable to the Company’s other executive employees.

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