Common use of PERS Pension Clause in Contracts

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 Retirement Plan will include Post Retirement Survivor Continuance and Retirement Credit for Unused Sick Leave for the 2.5% @ 55 plan. G. 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. H. 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. 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–six (36) month period. I. 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. J. With respect to employees hired between January 1, 2013 and December 31, 2014, and placed in the 2% @ age 62 PERS Formula Benefit Level, this Agreement shall not constitute a waiver, concession, resolution, or relinquishment of the Union’s wish to seek and obtain a remedy with respect to the December 17, 2013, Arbitration Opinion and Award by Xxxxx Xxxxxxxx (In the matter of a controversy between AFSCME Local 101 and the Santa Xxxxx Valley Water District [re PEPRA grievance]), and the related Judgment entered on May 13, 2014, in AFSCME Local 101 v. Santa Xxxxx Valley Water District, Santa Xxxxx County Superior Court, Case No. 1–14–CV–259682. The parties further agree that the provisions of Article 26, Section 1 (Full Agreement), shall not bar future negotiations regarding any remedies pursuant to the aforementioned Arbitration Opinion and Award and the related Judgment.

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 the Public Employees’ Retirement System (PERS) 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). B. Employees participating in the PERS 2.5% @ 55 formula will pay 50% of the total normal cost as determined by the annual CalPERS valuationAnnual Valuation Report. 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 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 Annual Valuation Report for that fiscal year. 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 valuationAnnual Valuation Report. 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 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 Annual Valuation Report for that fiscal year. 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 valuationAnnual Valuation Report. 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 Retirement Plan will include Post Retirement Survivor Continuance and Retirement Credit for Unused Sick Leave for the 2.5% @ 55 plan. G. 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. H. The PERS Retirement Plan Final Compensation will be calculated by using the average monthly rate over the highest consecutive 12 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 (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–six (36) month period. I. 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. J. With respect to employees hired between January 1, 2013 and December 31, 2014, and placed in the 2% @ age 62 PERS Formula Benefit Level, this Agreement shall not constitute a waiver, concession, resolution, or relinquishment of the Union’s wish to seek and obtain a remedy with respect to the December 17, 2013, Arbitration Opinion and Award by Xxxxx Xxxxxxxx (In the matter of a controversy between AFSCME Local 101 and the Santa Xxxxx Valley Water District [re PEPRA grievance]), and the related Judgment entered on May 13, 2014, in AFSCME Local 101 v. Santa Xxxxx Valley Water District, Santa Xxxxx County Superior Court, Case No. 1–14–CV–259682. The parties further agree that the provisions of Article 26, Section 1 (Full Agreement), shall not bar future negotiations regarding any remedies pursuant to the aforementioned Arbitration Opinion and Award and the related Judgment.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 the Public Employees’ Retirement System (PERS) 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). B. Employees participating in the PERS 2.5% @ 55 formula will pay 50% of the total normal cost as determined by the annual CalPERS valuationAnnual Valuation Report. 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 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 Annual Valuation Report for that fiscal year. 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 valuationAnnual Valuation Report. 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 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 Annual Valuation Report for that fiscal year. 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 valuationAnnual Valuation Report. 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 Retirement Plan will include Post Retirement Survivor Continuance and Retirement Credit for Unused Sick Leave for the 2.5% @ 55 plan. G. The employee survivor benefits will be Level 4 as specified in the 1959 Survivor Benefits Report of the California Public Employees Retirement System PERS for the 2.5% @ 55 plan. H. The PERS Retirement Plan Final Compensation will be calculated by using the average monthly rate over the highest consecutive 12 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 (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–six (36) month period. I. 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. J. With respect to employees hired between January 1, 2013 and December 31, 2014, and placed in the 2% @ age 62 PERS Formula Benefit Level, this Agreement shall not constitute a waiver, concession, resolution, or relinquishment of the Union’s wish to seek and obtain a remedy with respect to the December 17, 2013, Arbitration Opinion and Award by Xxxxx Xxxxxxxx (In the matter of a controversy between AFSCME Local 101 and the Santa Xxxxx Valley Water District [re PEPRA grievance]), and the related Judgment entered on May 13, 2014, in AFSCME Local 101 v. Santa Xxxxx Valley Water District, Santa Xxxxx County Superior Court, Case No. 1–14–CV–259682. The parties further agree that the provisions of Article 26, Section 1 (Full Agreement), shall not bar future negotiations regarding any remedies pursuant to the aforementioned Arbitration Opinion and Award and the related Judgment.six