Common use of Participation in County of Orange Retirement Plans Clause in Contracts

Participation in County of Orange Retirement Plans. A. To the extent permitted and required by law (i.e., The County Employees Retirement Law, commonly referred to as the “1937 Act”, as contained in Government Code section 31450 et seq.), eligible Court employees shall participate in the defined benefit retirement plans administered by the County of Orange (i.e., the plan sponsor). 1. Court-specific provisions related to the “2.7% at age 55” plan a. Effective with the pay period that commences on June 29, 2012, general members in this bargaining unit will make an additional retirement contribution to the retirement system, in an amount equal to the reverse pick-up amount paid by the County General Unit of their compensation earnable. This contribution shall be in addition to the normal employee contribution required to help provide full reserve funding of cost-of- living increases to retirees for all active members of the retirement system as recommended by the actuary. The additional employee contribution made under this paragraph shall be in accordance with, and for the purposes stated, in Section 31678.3(d) of the Government Code. This additional employee contribution shall continue beyond the expiration of this MOU, for the purpose of amortizing, over a thirty (30) year period, the cost of the retirement benefit improvement resulting from the adoption of the “2.7% at 55” benefit formula in Section 31676.19 of the Government Code. b. It is the intent of the parties that the implementation of the “2.7% at age 55” retirement benefit formula shall be without additional cost to the Superior Court. After implementation of this benefit, the Superior Court and OCEA will annually review its cost (including costs impacted by changes in investment earnings). 2. Court-specific provisions related to the “1.62% at age 65” retirement benefit formula (Plans P and T). a. Eligible Court employees who are participants in the 1.62% at age 65 plans will not be subject to any reverse pick up contributions in accordance with Government Code section 31678.3(d) for Plan I or Plan J (i.e., the 2.7% at age 55 plans).

Participation in County of Orange Retirement Plans. ‌ A. To the extent permitted and required by law (i.e., The County Employees Retirement Law, commonly referred to as the “1937 Act”, as contained in Government Code section 31450 et seq.), eligible Court employees shall participate in the defined benefit retirement plans administered by the County of Orange (i.e., the plan sponsor). 1. Court-specific provisions related to the “2.7% at age 55” plan a. Effective with the pay period that commences on June 29, 2012, general members in this bargaining unit will make an additional retirement contribution to the retirement system, in an amount equal to the reverse pick-up amount paid by the County General Unit of their compensation earnable. This contribution shall be in addition to the normal employee contribution required to help provide full reserve funding of cost-of- living increases to retirees for all active members of the retirement system as recommended by the actuary. The additional employee contribution made under this paragraph shall be in accordance with, and for the purposes stated, in Section 31678.3(d) of the Government Code. This additional employee contribution shall continue beyond the expiration of this MOU, for the purpose of amortizing, over a thirty (30) year period, the cost of the retirement benefit improvement resulting from the adoption of the “2.7% at 55” benefit formula in Section 31676.19 of the Government Code. b. It is the intent of the parties that the implementation of the “2.7% at age 55” retirement benefit formula shall be without additional cost to the Superior Court. After implementation of this benefit, the Superior Court and OCEA will annually review its cost (including costs impacted by changes in investment earnings). 2. Court-specific provisions related to the “1.62% at age 65” retirement benefit formula (Plans P and T). a. Eligible Court employees who are participants in the 1.62% at age 65 plans will not be subject to any reverse pick up contributions in accordance with Government Code section 31678.3(d) for Plan I or Plan J (i.e., the 2.7% at age 55 plans). 3. Court-specific provisions related to the “2.5% at age 67” retirement benefit formula (Plans U). a. Eligible Court employees who are participants in the 2.5% at age 67 plans will not be subject to any reverse pick up contributions in accordance with Government Code section 31678.3(d) for Plan U (i.e., the 2.5% at age 67 plans).

Participation in County of Orange Retirement Plans. A. To the extent permitted and required by law (i.e., The County Employees Retirement Law, commonly referred to as the “1937 Act”, as contained in Government Code section 31450 et seq.), eligible Court employees shall participate in the defined benefit retirement plans administered by the County of Orange (i.e., the plan sponsor). 1. Court-specific provisions related to the “2.7% at age 55” plan a. Effective with the pay period that commences on June 29, 2012, general members in this bargaining unit will make an additional retirement contribution to the retirement system, in an amount equal to the reverse pick-up amount paid by the County General Unit of their compensation earnable. This contribution shall be in addition to the normal employee contribution required to help provide full reserve funding of cost-of- living increases to retirees for all active members of the retirement system as recommended by the actuary. The additional employee contribution made under this paragraph shall be in accordance with, and for the purposes stated, in Section 31678.3(d) of the Government Code. This additional employee contribution shall continue beyond the expiration of this MOU, for the purpose of amortizing, over a thirty (30) year period, the cost of the retirement benefit improvement resulting from the adoption of the “2.7% at 55” benefit formula in Section 31676.19 of the Government Code. b. It is the intent of the parties that the implementation of the “2.7% at age 55” retirement benefit formula shall be without additional cost to the Superior Court. After implementation of this benefit, the Superior Court and OCEA will annually review its cost (including costs impacted by changes in investment earnings). 2. Court-specific provisions related to the “1.62% at age 65” retirement benefit formula plan (Plans P and Tcommonly referred to as “Tier 3” or the “Hybrid Plan”). a. Eligible Court employees who are participants in the 1.62% at age 65 plans plan will not be subject to any reverse pick up contributions in accordance with Government Code section 31678.3(d) for Plan I or Plan J (i.e., the 2.7% at age 55 plansplan).

Participation in County of Orange Retirement Plans. ‌ A. To the extent permitted and required by law (i.e., The County Employees Retirement Law, commonly referred to as the “1937 Act”, as contained in Government Code section 31450 et seq.), eligible Court employees shall participate in the defined benefit retirement plans administered by the County of Orange (i.e., the plan sponsor). 1. Court-specific provisions related to the “2.7% at age 55” plan a. Effective with the pay period that commences on June 29, 2012, general members in this bargaining unit will make an additional retirement contribution to the retirement system, in an amount equal to the reverse pick-up amount paid by the County General Unit of their compensation earnable. This contribution shall be in addition to the normal employee contribution required to help provide full reserve funding of cost-of- living increases to retirees for all active members of the retirement system as recommended by the actuary. The additional employee contribution made under this paragraph shall be in accordance with, and for the purposes stated, in Section 31678.3(d) of the Government Code. This additional employee contribution shall continue beyond the expiration of this MOU, for the purpose of amortizing, over a thirty (30) year period, the cost of the retirement benefit improvement resulting from the adoption of the “2.7% at 55” benefit formula in Section 31676.19 of the Government Code. b. It is the intent of the parties that the implementation of the “2.7% at age 55” retirement benefit formula shall be without additional cost to the Superior Court. After implementation of this benefit, the Superior Court and OCEA will annually review its cost (including costs impacted by changes in investment earnings). 2. Court-specific provisions related to the “1.62% at age 65” retirement benefit formula (Plans P and T). a. Eligible Court employees who are participants in the 1.62% at age 65 plans will not be subject to any reverse pick up contributions in accordance with Government Code section 31678.3(d) for Plan I or Plan J (i.e., the 2.7% at age 55 plans).