Common use of PERS RETIREMENT BENEFITS Clause in Contracts

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. (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.GOVERNMENT CODE SECTION BENEFIT

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.. (See Chart Below) 21354.4 2.5% at Age 55: Base retirement plan of two and one-half percent (2.5%) at age 55 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.