Common use of PERS MISCELLANEOUS EMPLOYEES Clause in Contracts

PERS MISCELLANEOUS EMPLOYEES. A. TIER ONE: Miscellaneous employees in the bargaining unit hired on or before October 12, 2012 are enrolled in the Tier One PERS retirement plan benefit formula of:  2.7% for each year of service at age 55.  Single highest year. Final compensation to be calculated on the basis of any consecutive one year period of employment for the employee.  1959 Level III Survivor benefits. B. TIER TWO: Miscellaneous employees in the bargaining unit hired on or after October 13, 2012 shall be enrolled in the Tier Two PERS retirement plan benefit formula:  2.0% for each year of service at age 60.  Final compensation to be calculated on the basis of the employee’s compensation for any consecutive thirty-six (36) months of employment.  1959 Level III Survivor benefits.

PERS MISCELLANEOUS EMPLOYEES. A. TIER ONE: Miscellaneous employees in the bargaining unit hired on or before October 12, 2012 are enrolled in the Tier One PERS retirement plan benefit formula of:  • 2.7% for each year of service at age 55.  • Single highest year. Final compensation to be calculated on the basis of any consecutive one one-year period of employment for the employee.  • 1959 Level III Survivor benefits. B. TIER TWO: Miscellaneous employees in the bargaining unit hired on or after October 13, 2012 shall be enrolled in the Tier Two PERS retirement plan benefit formula:  • 2.0% for each year of service at age 60.  • Final compensation to be calculated on the basis of the employee’s compensation for any consecutive thirty-six (36) months of employment.  • 1959 Level III Survivor benefits.