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. Note: Tier one employees filing for retirement should be aware of Section 20042 of the California Public Employees’ Retirement Law. For Tier One employees’ “final compensation” means the consecutive twelve month period with highest average compensation. XxxXXXX typically assumes that the final twelve months of employment are the period of highest compensation, but the retiree is permitted to point out an alternative consecutive twelve month period as the highest earning period.

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. Note: Tier one employees filing for retirement should be aware of Section 20042 of the California Public Employees’ Retirement Law. For Tier One employees’ “final compensation” means the consecutive twelve twelve-month period with highest average compensation. XxxXXXX typically assumes that the final twelve months of employment are the period of highest compensation, but the retiree is permitted to point out an alternative consecutive twelve twelve-month period as the highest earning period.