Common use of NEW MISCELLANEOUS MEMBERS Clause in Contracts

NEW MISCELLANEOUS MEMBERS. 2.0% AT AGE 62 PLAN For non-sworn employees hired on or after January 1, 2013, the City provides the PERS 2.0% at age sixty-two retirement plan. New members shall pay retirement contributions as required by law, which is currently equal to fifty percent (50%) of the normal cost rate set forth in the annual CalPERS valuation report. Additional benefits currently provided include: • Three year average final compensation (section 20037) • Annual 2% COLA (section 21329) • 1959 survivor benefit level 3 (section 21573) • Credit for unused sick leave (section 20965) • Military service credit (sections 21024, 21027) A comprehensive list of additional benefits is available by viewing the City’s contract with CalPERS or the Public Agency Actuarial Valuation Reports regularly prepared by XxxXXXX.

NEW MISCELLANEOUS MEMBERS. 2.0% AT AGE 62 PLAN For non-sworn employees hired on or after January 1, 2013, the City provides the PERS 2.0% at age sixty-two retirement plan. New members shall pay retirement contributions as required by law, which is currently equal to fifty percent (50%) of the normal cost rate set forth in the annual CalPERS valuation report. Additional benefits currently provided include: • Three year average final compensation (section 20037) • Annual 2% COLA (section 21329) • 1959 survivor benefit level 3 (section 21573) • Credit for unused sick leave (section 20965) • Military service credit (sections 21024, 21027) A comprehensive list of additional benefits is available by viewing the City’s contract with CalPERS or the Public Agency Actuarial Valuation Reports regularly prepared by XxxXXXXCalPERS.