Common use of New Retirement Plans Clause in Contracts

New Retirement Plans. For new employees hired on or after July 1, 2011, upon the adoption of a resolution making Government Code section 31676.1 effective, the retirement benefit options shall be: Current Plan 3: Non-contributory plan. If a member elects Plan 3 with the option to transfer to Plan 5 after providing the equivalent of five years of service (10,400 hours) to the County that option is for future Plan 5 service only. After providing the equivalent of ten years of service (20,800 hours) to the County, employees may elect to transfer to Plan 4 by entering into an agreement with the San Mater County Employees’ Retirement Association (SamCERA) to pay all of the incremental employee and employer contributions that would have been required if the employee had been in Plan 4 since the date of employment, plus interest. Plan 5: 1.725% @ 58 (pre-enhancement tier) with no 3% cost share Current Plan 4: 2% @ 55.5 (as described in 25.3 above) is closed to new employees hired on or after the effective date of the commencement of Plan 5. However, employees may transfer into Plan 4 after providing the equivalent of ten years (20800 hours) of service in Plan 5, and entering into an agreement with the San Mateo County Employee’s Retirement Association to pay all of the employee and employer contributions that would have been required if the employee had been in Plan 4 since the date of employment.

New Retirement Plans. For new employees hired on or after July 1August 7, 2011, upon the adoption of a resolution making Government Code section 31676.1 effective, the retirement benefit options shall be: Current Plan 3: Non-contributory plan. If a A member who elects Plan 3 with has the option to transfer to Plan 5 after providing the equivalent of five years of service (10,400 hours) to the County that option is for future Plan 5 service only. After providing the equivalent of ten years of service (20,800 hours) to the County, employees may elect to transfer to Plan 4 by entering into an agreement with the San Mater Mateo County Employees’ Retirement Association (SamCERA) to pay all of the incremental employee and employer contributions that would have been required if the employee had been in Plan 4 since the date of employment, plus interest. Plan 5: 1.725% @ 58 (pre-enhancement tier) with no 3% cost share Current Plan 4: 2% @ 55.5 (as described in 25.3 above) is closed to new employees hired on or after the effective date of the commencement of Plan 5. However, employees may transfer into Plan 4 after providing the equivalent of ten years (20800 20,800 hours) of service in Plan 5, and entering into an agreement with the San Mateo County Employee’s Employees’ Retirement Association to pay all of the employee and employer contributions that would have been required if the employee had been in Plan 4 since the date of employment, plus interest.

New Retirement Plans. For new employees hired on or after July 110, 2011, upon the adoption of a resolution making Government Code section 31676.1 effective, the retirement benefit options shall be: Current Plan 3: Non-contributory plan. If a member elects Plan 3 with the option to transfer to Plan 5 after providing the equivalent of five years of service (10,400 hours) to the County that option is for future Plan 5 service only. After providing the equivalent of ten years of service (20,800 hours) to the County, employees may elect to transfer to Plan 4 by entering into an agreement with the San Mater County Employees’ Retirement Association (SamCERA) to pay all of the incremental employee and employer contributions that would have been required if the employee had been in Plan 4 since the date of employment, plus interest. Plan 5: 1.725% @ 58 (pre-enhancement tier) with no 3% cost share Current Plan 4: 2% @ 55.5 (as described in 25.3 above) is closed to new employees hired on or after the effective date of the commencement of Plan 5. However, employees may transfer into Plan 4 after providing the equivalent of ten years (20800 hours) of service in Plan 5, and entering into an agreement with the San Mateo County Employee’s Retirement Association to pay all of the employee and employer contributions that would have been required if the employee had been in Plan 4 since the date of employment.