PERS RETIREMENT BENEFITS. The City agrees to provide retirement benefits to eligible unit employees under the California Public Employees' Retirement System (PERS) as follows. The definition of “new” member and “classic” member are set forth in Appendix B of this MOU
(a) “New” Members, as defined by the Public Employees Pension Reform Act (PEPRA), hired on or after January 1, 2013 2% @ Age 62: Base retirement plan of two percent (2%) at age 62 for all unit employees defined as “new” members by AB 340 and hired on or after January 1, 2013. 20037 For unit employees hired on or after July 1, 2011: Three-year Final Compensation: Final compensation is the average full-time monthly pay rate for the highest thirty-six (36) consecutive months; the City also coordinates with Social Security, therefore the final compensation will be reduced by $133.33. 20042 For unit employees hired prior to July 1, 2011: One-Year Final Compensation: Final compensation is the average full-time monthly pay rate for the highest twelve (12) consecutive months; the City also coordinates with Social Security, therefore the final compensation will be reduced by $133.33. 20055 Prior Service Credit: Unit employees may be eligible to purchase prior service credit. 20124 Military Service Credit: Unit employees may elect to purchase up to four (4) years of service credit. 21329 Two percent (2%) COLA: Beginning the 2nd calendar year after the year of retirement, retirement and survivor allowances will be adjusted annually on a compound basis of two percent (2%); the adjustment may not be greater than the change in the CPI. 21353 2% at Age 60: Base retirement plan of two percent (2%) at age 60 for all unit employees hired on or after July 1, 2011.
PERS RETIREMENT BENEFITS. The City agrees to provide retirement benefits to eligible unit employees under the California Public Employees' Retirement System (PERS) as follows. The definition of “new” member and “classic” member are set forth in Appendix B of this MOU. GOVERNMENT CODE SECTION BENEFIT 7522.20 (a) “New” Members, as defined by the Public Employees Pension Reform Act (PEPRA), hired on or after January 1, 2013 2% @ Age 62: Base retirement plan of two percent (2%) at age 62 for all unit employees defined as “new” members by AB 340 and hired on or after January 1, 2013. 20037 For unit employees hired on or after July 1, 2011: Three-year Final Compensation: Final compensation is the average full-time monthly pay rate for the highest thirty-six (36) consecutive months; the City also coordinates with Social Security, therefore the final compensation will be reduced by $133.33. 20042 For unit employees hired prior to July 1, 2011: One-Year Final Compensation: Final compensation is the average full-time monthly pay rate for the highest twelve (12) consecutive months; the City also coordinates with Social Security, therefore the final compensation will be reduced by $133.33. 20055 Prior Service Credit: Unit employees may be eligible to purchase prior service credit. 20124 Military Service Credit: Unit employees may elect to purchase up to four (4) years of service credit. 21329 Two percent (2%) COLA: Beginning the 2nd calendar year after the year of retirement, retirement and survivor allowances will be adjusted annually on a compound basis of two percent (2%); the adjustment may not be greater than the change in the CPI.
PERS RETIREMENT BENEFITS. A. For employees hired before November 1, 2011, the City shall continue the current 2.7%@55 California Public Employees’ Retirement System pension benefit and maintain Survivor Benefits at Level 3 for the duration of this contract.
B. Employees hired on or after November 1, 2011, shall receive the 2%@55 retirement benefit formula in accordance with Government Code section 21354; with the Three Year Final Compensation formula under Government Code section 20037.
C. Per the Public Employees’ Pension Reform Act of 2013, membership in the Public Employees’ Retirement System (PERS) is as follows: Employees hired after January 1, 2013 who are new to Cal-PERS, or are returning members with a break in service greater than six months, will be enrolled into the 2% @ 62 retirement plan formula. Qualifying returning members with a break in service less than six months may be enrolled into the 2%@ 55 retirement plan formula.
PERS RETIREMENT BENEFITS. The City of Paso Xxxxxx shall continue to provide the Public Employees Retirement System (PERS) of the State of California to unit employees. The contract with PERS as approved by the City Council for General Services Unit Employees is as follows:
PERS RETIREMENT BENEFITS. As of the effective date of this M.O.U. the City agrees to provide retirement benefits under the California Public Employees' Retirement System as follows. The definition of “new” member and “classic” member are set forth in Appendix B of this MOU.
(a) “New” Members, as defined by the Public Employees’ Pension Reform Act (PEPRA), hired on or after January 1, 2013 A base retirement plan of 2.7% at age 57 for all unit employees defined as “new” members by AB 340 and hired on or after January 1, 2013. 20037 For unit employees hired on or after July 1, 2011: Three-year Final Compensation: Final compensation is the average full-time monthly pay rate for the highest thirty-six (36) consecutive months. 20042 For unit employees hired prior to July 1, 2011: One-Year Final Compensation: Final compensation is the average full-time monthly pay rate for the highest twelve (12) consecutive months. 20055 Prior Service Credit: Unit employees may be eligible to purchase prior service credit. 20996 Military Service Credit: Unit employees may elect to purchase up to four (4) years of service credit. GOVERNMENT CODE SECTION BENEFIT 21329 Two percent (2%) COLA: Beginning the 2nd calendar year after the year of retirement, retirement and survivor allowances will be adjusted annually on a compound basis of two percent (2%); the adjustment may not be greater than the change in the CPI. 21363.1 3% at Age 55: Base retirement plan of three percent (3%) at age 55 for all “Classic” unit employees hired on or after July 1, 2011. 21362.2 3% at Age 50: Base retirement plan of three percent (3%) at age 50 for all unit employees hired prior to July 1, 2011. 21548 Pre-retirement Option 2: Upon the death of a member who was eligible to retire, the spouse may receive an allowance equal to the amount the member would have received if the member had retired for service retirement on the date of death and elected Option 2W. 21574 Fourth Level of 1959 Survivor Benefits 21624 – 21626 Post-Retirement Survivor Allowance
PERS RETIREMENT BENEFITS. The City agrees to provide retirement benefits to eligible unit employees under the California Public Employees' Retirement System (PERS) as follows.
(a) “New” Members, as defined by the Public Employees Pension Reform Act (PEPRA), hired on or after January 1, 2013 2% @ Age 62: Base retirement plan of two percent (2%) at age 62 for all unit employees defined as “new” members by AB 340 and hired on or after January 1, 2013. 20037 For unit employees hired on or after July 1, 2011: Three-year Final Compensation: Final compensation is the average full-time monthly pay rate for the highest thirty-six (36) consecutive months; the City also coordinates with Social Security, therefore the final compensation will be reduced by $133.33. 20042 For unit employees hired prior to July 1, 2011: One-Year Final Compensation: Final compensation is the average full-time monthly pay rate for the highest twelve (12) consecutive months; the City also coordinates with Social Security, therefore the final compensation will be reduced by $133.33. 20055 Prior Service Credit: Unit employees may be eligible to purchase prior service credit. 20124 Military Service Credit: Unit employees may elect to purchase up to four (4) years of service credit. 21329 Two percent (2%) COLA: Beginning the 2nd calendar year after the year of retirement, retirement and survivor allowances will be adjusted annually on a compound basis of two percent (2%); the adjustment may not be greater than the change in the CPI. 21353 2% at Age 60: Base retirement plan of two percent (2%) at age 60 for all unit employees hired on or after July 1, 2011.
PERS RETIREMENT BENEFITS. The City agrees to provide retirement benefits to eligible unit employees under the California Public Employees' Retirement System (PERS) as follows. The definition of “new” member and “classic” member are set forth in Appendix B of this MOU
PERS RETIREMENT BENEFITS. As of the effective date of this MOU the City agrees to provide retirement benefits under the California Public Employees’ Retirement System as follows: GOVERNMENT CODE SECTION BENEFIT 7522.20 (a) 21363.1 “New” Members, as defined by the Public Employees’ Pension Reform Act (PEPRA), hired on or after January 1, 2013 A base retirement plan of 2.7% at age 57. “Classic” Member, as defined by XXXXX, regardless of date of hire A base retirement plan of 3% at age 55. 20037 For unit employees hired on or after January 1, 2012: Three-year Final Compensation: Final compensation is the average full-time monthly pay rate for the highest thirty-six (36) consecutive months. 20042 For unit employees hired prior to January 1, 2012: One-Year Final Compensation - Final compensation is the average full-time monthly pay rate for the highest twelve (12) consecutive months. 20055 Prior Service Credit: Unit employees may be eligible to purchase prior service credit.
PERS RETIREMENT BENEFITS. As of the effective date of this M.O.U. the City agrees to provide retirement benefits under the California Public Employees' Retirement System as follows.
(a) “New” Members, as defined by the Public E mployees’ Pension Reform Act (PEPRA), hired on or after January 1, 2013 A base retirement plan of 2.7% at age 57 for all unit employees defined as “new” members by AB 340 and hired on or after January 1, 2013. 20037 For unit employees hired on or after July 1, 2011: Three-year Final Compensation: Final compensation is the average full-time monthly pay rate for the highest thirty-six (36) consecutive months. 20042 For unit employees hired prior to July 1, 2011: One-Year Final Compensation: Final compensation is the average full-time monthly pay rate for the highest twelve (12) consecutive months. 20055 Prior Service Credit: Unit employees may be eligible to purchase prior service credit. 20996 Military Service Credit: Unit employees may elect to purchase up to four (4) years of service credit. GOVERNMENT CODE SECTION BENEFIT 21329 Two percent (2%) COLA: Beginning the 2nd calendar year after the year of retirement, retirement and survivor allowances will be adjusted annually on a compound basis of two percent (2%); the adjustment may not be greater than the change in the CPI. 21363.
PERS RETIREMENT BENEFITS. As of the effective date of this MOU the City agrees to provide retirement benefits under the California Public Employees’ Retirement System as follows:
