PERS Plan Sample Clauses
The PERS Plan clause defines the requirements and procedures related to participation in a Public Employees Retirement System (PERS) plan. Typically, this clause outlines the employer's obligations to enroll eligible employees in the retirement system, make necessary contributions, and comply with relevant laws and regulations governing public employee pensions. For example, it may specify which employees are covered, how contributions are calculated, and the process for reporting to the retirement system. The core function of this clause is to ensure that both the employer and employees understand their rights and responsibilities regarding retirement benefits, thereby promoting compliance and protecting employee retirement interests.
PERS Plan. 1 members are not eligible for personal leave monetary compensation for personal leave earned during the last years of service. If an employee retiring under PERS Plan 1 received personal leave monetary compensation for personal leave earned during the last years of service used to calculate retirement, the Employer shall deduct the amount from the employee’s final pay.
PERS Plan. The City shall continue to provide the California Public Employees’ retirement System (PERS) two (2) percent at fifty-five (55) Local Miscellaneous Members Retirement Program, fourth level 1959 Survivors Benefits, plus sick leave credit, plus one (1) year highest compensation benefit; provided, however, that employees hired on or after September 25, 2011 shall have their retirement benefit:
a. On or after September 25, 2011 shall have their retirement benefit based on the three highest consecutive years of earnings instead of the single highest year; and
b. On or after September 25, 2011 shall have their retirement benefit capped at 100% of the reportable compensation used by PERS to calculate the benefit.
PERS Plan. The City’s contract with PERS includes the following benefits for unit members: • three percent (3%) pay at 55 Local Safety Members Retirement Program, • ▇▇▇▇▇ ▇ ▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇; • sick leave service credit; • one-year final compensation benefit pursuant to California Government Code Section 20024.2.
PERS Plan. The City shall provide for employee retirement benefits through participation in the Public Employee’s Retirement System (PERS) as follows:
PERS Plan. The City will continue its participation in the State of California Public Employees’ Retirement System (PERS) for members as follows:
a) Tier One – Applicable to employees who are not defined as “New Members” in Government Code Section 7522.04 and were hired into the City of Novato before September 25, 2011, are eligible for a 2% @ 55 benefit formula with a one-year highest compensation benefit.
b) Tier Two – Applicable to employees who are not defined as “New Members” in Government Code Section 7522.04 and were hired into the City of Novato on/after September 25, 2011, are eligible for a 2% @ 55 benefit formula with a three-year highest compensation benefit.
c) Tier Three – Applicable to employees who are defined as “New Members” in Government Code Section 7522.04 and were hired into the City of Novato on/after January 1, 2013 are eligible for the 2% @ 62 benefit formula.
d) The City will continue to provide the following benefits through its contract with the California Public Employees’ Retirement System (PERS) for a retirement plan: • Level 4 1959 Survivors Benefits • Sick leave service credit
PERS Plan. The City shall provide retirement benefits under the Public Employees' Retirement System (PERS) plan commonly known as the 2% @ 55 Retirement Plan. The City will also provide "the highest 12 consecutive month" benefit. The City shall provide the 1959 Survivor Benefit Level IV. Employees hired prior to January 1, 2013, or individuals that are hired on or after that date that are not defined as “new members” pursuant to Government Code Section 7522.04(f), shall be subject to this formula.
PERS Plan. The City shall provide the PERS “Two Percent at 55 Local Miscellaneous Members Retirement Program.”