Common use of PERS Pension Clause in Contracts

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

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 the Public Employees’ Retirement System (PERS) with benefits provided in the contract with PERS at the 2% @ 60 Formula 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 benefitsbenefits which includes the employee required contribution as well as an additional amount towards the employer’s contribution. 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) (PEPRA) 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%. 0.50% 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%. 1.50% 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 California Public Employees Retirement System 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) 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. The PERS Retirement Plan Final Compensation for the PEPRA PERS plan of 2.0% @ 62 (2.5% @ 67) will be calculated by using the average monthly rate over the highest consecutive thirty–sixsix (36) month period. H. 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.

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, 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:: Effective first full pay period in July of 2018 9.5% Effective first full pay period in July of 2019 10% Effective first full pay period in July of 2020 10.5% Effective first full pay period in July of 2021 11% C. Employees participating in the PEPRA PERS formula of 2.0% @ 62 (2.5% @ 67) will pay the following contributions toward towards 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%. .50% 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