Common use of PEPRA Tier Retirement Plan Clause in Contracts

PEPRA Tier Retirement Plan. Pursuant to California Public Employees' Pension Reform Act of 2013 (PEPRA), the City shall provide the following CalPERS retirement plan for employees and non-Classics hired on or after January 1, 2013 or as soon as administratively possible: (a) 2% at 62 formula (b) Final compensation based the average of the highest wages earned in any consecutive 3-year period

PEPRA Tier Retirement Plan. Pursuant to California Public Employees' Pension Reform Act of 2013 (PEPRA), the City shall provide the following CalPERS retirement plan for employees and non-Classics hired on or after January 1, 2013 or as soon as administratively possible: (a) 2% at 62 formula (b) Final compensation based the average of the highest wages earned in any consecutive 3-year periodperiod Pursuant to PEPRA, employees hired on or after January 1, 2013 shall pay at least 50% of normal cost of pension or what is determined by CalPERS to be the employee contribution rate.