PERS Pension Sample Clauses

PERS Pension. A. The District will continue to participate in the California Public Employees’ Retirement System (PERS) with benefits as currently provided at the 2.5% @ 55 Formula Benefit Level for employees hired prior to March 19, 2012. Employees hired March 19, 2012 or thereafter, will participate in PERS with benefits provided in the contract with PERS at the 2% @ 60 Formula Benefit Level. Employees hired January 1, 2013 or thereafter who qualify as new members of PERS will be placed in the PEPRA PERS formula of 2.0% @ 62 (2.5% @ 67). All pension benefits are subject to the provisions of the contract with PERS, as amended from time to time, the terms of which are incorporated by reference as if fully set forth herein. B. Employees participating in the PERS 2.5% @ 55 formula and the PERS 2.0% @ 60 formula (Classic) will pay the following contributions towards their pension benefits. These deductions will be pre-tax to the extent allowable by law: C. Employees participating in the PEPRA PERS formula of 2.0% @ 62 (2.5% @ 67) will pay the following contributions toward their pension benefits. These deductions will be pre-tax to the extent allowable by law: Effective the first full pay period in July of 2018 50% of total normal cost as determined by CalPERS plus an additional 0.5%. Effective the first full pay period in July of 2019 50% of total normal cost as determined by CalPERS plus an additional 1.0%. Effective the first full pay period in July of 2020 50% of total normal cost as determined by CalPERS plus an additional 1.5%. Effective the first full pay period in July of 2021 50% of total normal cost as determined by CalPERS plus an additional 2.0%. D. The District will continue to include an option in the retirement contract which allows retirement credit for military service under the terms and conditions as specified by PERS. E. The PERS Retirement Plan will include Post Retirement Survivor Continuance and Retirement Credit for Unused Sick Leave for the 2.5% @ 55 plan. F. The employee survivor benefits will be Level 4 as specified in the 1959 Survivor Benefits Report of the PERS for the 2.5% @ 55 plan. G. The PERS Retirement Plan Final Compensation will be calculated by using the average monthly rate over the highest consecutive twelve (12) month period for the 2.5% @ 55 plan. The PERS Retirement Plan Final Compensation for the 2% @ 60 plan will be calculated by using the average monthly rate over the highest consecutive thirty–six
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PERS Pension. A. The District will continue to participate in the Public Employees’ Retirement System (PERS) with benefits as currently provided at the 2.5% @ 55 Formula Benefit Level for employees hired prior to March 19, 2012. Employees hired March 19, 2012 or thereafter, will participate in the Public Employees’ Retirement System (PERS) with benefits provided in the contract with PERS at the 2% @ 60 formula Benefit Level. Employees hired January 1, 2013 or thereafter who qualify as new members will be placed in the PEPRA PERS formula of 2.0% @ 62 (2.5% @ 67). B. Employees participating in the PERS 2.5% @ 55 formula will pay 50% of the total normal cost as determined by the annual CalPERS valuation. In any event, the minimum contribution will be 8% and the maximum contribution will not exceed 11% during the term of this MOU. Effective January 1, 2015, the total normal cost per the June 30, 2012 CalPERS Actuarial Valuation is 18.147% for fiscal year 2014–15, therefore the required employee contribution of 50% of total normal cost will be 9.07%. Thereafter, the annual required contribution will be determined by subsequent CalPERS Actuarial Valuations and the adjustment will be made on the first paycheck of the fiscal year. These deductions will be pre–tax. C. Employees participating in the PERS 2.0% @ 60 formula will pay 50% of the total normal cost as determined by the annual CalPERS valuation. In any event, the minimum contribution will be 7% and the maximum contribution will not exceed 10% during the term of this MOU. Effective January 1, 2015, the total normal cost per the June 30, 2012 CalPERS Actuarial Valuation is 18.147% for fiscal year 2014–15, therefore the required employee contribution of 50% of total normal cost will be 9.07%. Thereafter, the annual required contribution will be determined by subsequent CalPERS Actuarial Valuations and the adjustment will be made on the first paycheck of the fiscal year. These deductions will be pre–tax. D. Employees participating in the PEPRA PERS formula of 2.0% @ 62 (2.5% @ 67) will pay 50% of the total normal cost as determined by the annual CalPERS valuation. Currently, 50% of the total normal cost is 6.75%. The next valuation that may change this rate is expected to be effective July 1, 2015. These deductions will be pre–tax. E. The District will continue to include an option in the retirement contract which allows retirement credit for military service under the terms and conditions as specified by PERS. F. The PERS ...
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PERS Pension. A. The District will continue to participate in the Public Employees’ Retirement System (PERS) with benefits as currently provided at the 2.5% @ 55 Formula Benefit Level for employees hired prior to January 1, 2012. Employees hired January 1, 2012 or thereafter, will participate in the Public Employees’ Retirement System (PERS) with benefits provided in the contract with PERS at the 2% @ 60 formula Benefit Level. B. Employees will reimburse the District 3.0% of the employer’s Annual Required Contribution (ARC) of the 2.5% @ 55 Formula Benefit Level through direct payroll deductions. Employees will pay the full 8.0% of the PERS employee (member) contribution. Employees hired under the 2.0% @ 60 Formula Benefit Level will reimburse the District 3.0% of the employer’s annual required contribution. Employees will pay the full 7.0% of the PERS employee (member) contribution. These deductions will be pre-tax. C. The District will continue to include an option in the retirement contract which allows retirement credit for military service under the terms and conditions as specified by PERS. D. The PERS Retirement Plan will include Post Retirement Survivor Continuance and Retirement Credit for Unused Sick Leave for the 2.5% @ 55 plan. E. The employee survivor benefits will be Level 4 as specified in the 1959 Survivor Benefits Report of the California Public Employees Retirement System for the 2.5% @ 55 plan. F. The PERS Retirement Plan Final Compensation will be calculated by using the average monthly rate over the highest consecutive 12 month period for the 2.5% @ 55 plan. The PERS Retirement Plan Final Compensation for the 2% @ 60 plan will be calculated by using the average monthly rate over the highest consecutive thirty six (36) month period. G. The District will continue implementing the provisions of Internal Revenue Code 4140(h) (2) which allows the employee’s salary to be reduced by the amount of the employee’s retirement contribution only for the purposes of computing Federal and State income tax. The employee PERS contribution will be taken against the actual base salary prior to reduction for taxation purposes.
Sample 1
PERS Pension. A. The District will continue to participate in the Public Employees’ Retirement System (PERS) with benefits as currently provided at the 2.5% @ 55 Formula Benefit Level for employees hired prior to March 19, 2012. Employees hired March 19, 2012 or thereafter, will participate in the Public Employees’ Retirement System (PERS) with benefits provided in the contract with PERS at the 2% @ 60 formula Benefit Level. Employees hired January 1, 2013 or thereafter who qualify as new members will be placed in the PEPRA PERS formula of 2.0% @ 62 (2.5% @ 67). All pension benefits are subject to the provisions of the contract with PERS, as amended from time to time, the terms of which are incorporated by reference as if fully set forth herein. B. Employees participating in the PERS 2.5% @ 55 formula and the PERS 2.0% @ 60 formula (Classic) will pay 11% towards their pension benefits which includes the employee required contribution as well as an additional amount 3.0% for PERS 2.5% @ 55 formula and 4.0% for PERS 2.0% @ 60 formula) towards the employer’s contribution. These deductions will be pre-tax to the extent allowable by law. Effective the first full pay period in July of 2022, employees participating in the PERS 2.5% @ 55 formula will contribute only the 8.0% employee contribution rate and will no longer contribute any additional amount toward the employer contribution. Effective the first full pay period in July of 2022, employees participating in the PERS 2.0% @ 60 formula will contribute only the 7.0% employee contribution rate and will no longer contribute any additional amount toward the employer contribution. These deductions will be pre-tax to the extent allowed by law. C. Employees participating in the formula of 2.0% @ 62 (2.5% @ 67) (PEPRA) will pay 50% of the total normal cost as determined by CalPERS plus an additional 2.0% toward their pension benefits. Effective the first full pay period in July of 2022, employees participating in the 2.0% @ 62 (2.5% @ 67) will only be required to pay 50% of the total normal cost as determined by CalPERS toward their pension benefits. These deductions will be pre-tax to the extent allowable by law. D. The District will continue to include an option in the retirement contract which allows retirement credit for military service under the terms and conditions as specified by PERS. E. The PERS Retirement Plan will include Post Retirement Survivor Continuance and Retirement Credit for Unused Sick Leave for the 2.5% @ 55...
Sample 1

Related to PERS Pension

  • Retirement Benefit Should the Director still be in the Directorship ------------------ of the Association upon attainment of his 70th birthday, the Association will commence to pay him $590 per month for a continuous period of 120 months. In the event that the Director should die after becoming entitled to receive said monthly installments but before any or all of said installments have been paid, the Association will pay or will continue to pay said installments to such beneficiary or beneficiaries as the Director has directed by filing with the Association a notice in writing. In the event of the death of the last named beneficiary before all the unpaid payments have been made, the balance of any amount which remains unpaid at said death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the estate of the last named beneficiary to die. In the absence of any such beneficiary designation, any amount remaining unpaid at the Director's death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the Director's estate.

  • Normal Retirement Benefit Upon Termination of Employment on or after the Normal Retirement Age for reasons other than death, the Company shall pay to the Executive the benefit described in this Section 2.1 in lieu of any other benefit under this Agreement.

  • Taxes; Pensions Timely file, and require each of its Subsidiaries to timely file, all required tax returns and reports and timely pay, and require each of its Subsidiaries to timely pay, all foreign, federal, state and local taxes, assessments, deposits and contributions owed by Borrower and each of its Subsidiaries, except for deferred payment of any taxes contested pursuant to the terms of Section 5.9 hereof, and shall deliver to Bank, on demand, appropriate certificates attesting to such payments, and pay all amounts necessary to fund all present pension, profit sharing and deferred compensation plans in accordance with their terms.

  • Early Retirement Benefit Upon Termination of Service prior to the Normal Retirement Age for reasons other than death, Change of Control or Disability, the Company shall pay to the Director the benefit described in this Section 4.2 in lieu of any other benefit under this Agreement.

  • Death Benefit Should Employee die during the term of employment, the Company shall pay to Employee's estate any compensation due through the end of the month in which death occurred.

  • No Pension Plans Neither the Company nor any current or past ERISA Affiliate has ever maintained, established, sponsored, participated in, or contributed to, any Pension Plans subject to Title IV of ERISA or Section 412 of the Code.

  • Accrued Benefit 1.05 1.16 Nonforfeitable ............................................. 1.05 1.17 Plan Year/Limitation Year .................................. 1.05 1.18 Effective Date ............................................. 1.05 1.19 Plan Entry Date ............................................ 1.05 1.20

  • Retirement Benefits Due to either investment or employment during the marriage, either the Husband or Wife: (check one)

  • Disability Benefit If the Executive terminates employment due to Disability prior to Normal Retirement Age, the Company shall pay to the Executive the benefit described in this Section 2.3 in lieu of any other benefit under this Agreement.

  • Employer Contribution (a) An Employer contribution for health and dental benefits will only be made for each active employee who has at least eighty (80) paid regular hours in a month and who is eligible for medical insurance coverage, unless otherwise required by law. (b) It is understood that the administrative intent of this Article is that the Employer contribution is made for individuals who are participants in the medical insurance coverages. Participation will mean that eligible less-than-full-time employees who drop out of coverage will be considered to participate. Additionally, employees who elect to opt out of coverage for a cash incentive will be considered to participate.

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