Pension Benefits. The District participates in the California Public Employees’ Retirement System (CalPERS) Plan. Pension benefits and plan participation are determined in accordance with applicable law and are generally based on an employee’s date of hire and any previous membership in CalPERS. The District contracts with CalPERS to make the following pension plans available to eligible employees: a. Employees Hired before May 10, 2012: (i) 2.5 % @ 55 retirement plan. One‐year Final Compensation. (ii) Employees will pay one hundred percent (100%) of the employee contribution, which is 8% of base salary. b. Employees Hired on or after May 10, 2012 through December 31, 2012 and “Classic” CalPERS Members hired on or after January 1, 2013: (i) 2.0 % @ 55 retirement plan, three‐year Final Compensation. (ii) Employees will pay one hundred percent (100%) of the employee contribution, which is 7% of base salary. c. Employees Hired on or after January 1, 2013 (“PEPRA” Members):
Appears in 11 contracts
Samples: Memorandum of Understanding, Memorandum of Understanding, Memorandum of Understanding
