PERS Retirement Plan Sample Clauses

PERS Retirement Plan. The City shall provide retirement benefits through the Public Employee's Retirement System (PERS). The benefit shall be based upon the following PERS Local Miscellaneous formulas, as follows: Full time employees and PERS eligible part time employees hired on or before March 23, 2012 shall contribute 7% of their salary toward the Employee Contribution Rate. The retirement allowance is based on the highest one-year final compensation. Full time employees and PERS eligible part time employees hired after March 23, 2012 shall contribute 7% of their salary toward the Employee Contribution Rate. The retirement allowance is based on the highest 36-months compensation. *New City employees hired after January 1, 2013 who are “new members” under the CalPERS regulations shall contribute one-half of the normal cost as determined annually by XxxXXXX. The retirement allowance is based on the highest 36-months compensation. The City also offers the following optional benefit provisions: Section 20930.3 Military Service Credit as Public Service Section 21573 Third Level of 1959 Survivor Benefits
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PERS Retirement Plan. The City shall provide retirement benefits through the Public Employee's Retirement System (PERS). The benefit shall be based upon the following PERS Local Miscellaneous formulas, as follows: Tier 1 -PERS 2% @ 55 Full time employees and PERS eligible part time employees hired on or before March 23, 2012 shall contribute 7% of their salary toward the Employee Contribution Rate. The retirement allowance is based on the highest one-year final compensation. Tier 2 -2% @ 60 Full time employees and PERS eligible part time employees hired after March 23, 2012 shall contribute 7% of their salary toward the Employee Contribution Rate. The retirement allowance is based on the highest 36-months compensation . New City employees hired after January 1, 2013 who are “new members” under the CalPERS regulations shall contribute one-half the normal cost as determined annually by CalPERS. The retirement allowance is based on the highest 36-months compensation. The City also offers the following potential benefit provisions: Section 20930.3 Military Service Credit as Public Service Section 21573 Third Level of 1959 Survivor Benefits
Sample 1
PERS Retirement Plan. (1) Employees hired prior to January 1, 2012 The City agrees to provide employees with PERS "2.5% at 55" formula retirement plan and the following benefits: • One year final compensation; • 1959 Survivors Benefit; • All unused sick leave credit; and • Post Retirement Death Benefit with Post Retirement Survivor Allowance. Effective December 31, 2012, all unit employees shall pay for 100% of the member contribution. (2) Employees hired after January 1, 2012 The City agrees to provide employees with PERS "2% at 55" formula retirement plan and the following benefits: • Highest 36 – months final compensation; • 1959 Survivors Benefit; • All unused sick leave credit; and • Post Retirement Death Benefit with Post Retirement Survivor Allowance. Effective December 31, 2012, all unit employees shall pay for 100% of the member contribution. (3) Employees hired on or after January 1, 2013, who are "new members" of the retirement system as defined by CA Government Code Section 7522.04(f) shall be provided the following retirement plan: • "2% at 62" benefit formula; • Highest 36 – months final compensation; • 1959 Survivors Benefit – 4th level; and • All unused sick leave credit; • Post Retirement Death Benefit with PRSA (Post Retirement Survivor Allowance) All unit employees shall pay for 100% of the required member contribution. The member contribution rate is based on an annual actuarial valuation and is subject to adjustment by XxxXXXX. (4) For more specific information regarding PERS retirement benefits, refer to the Annual Employer Statement provided to the City by PERS. A copy is available for review in the Finance Department. (5) The City will continue to make available to miscellaneous employees, an IRS Section 414H plan. (6) In accordance with PEPRA and Government Code section 20516 the parties shall engage in sharing the ‘normal cost’ of retirement benefits as described below: (7) Effective the first full pay period in July 2018 all bargaining unit employees who are Miscellaneous tier 1‘classic’ CalPERS members shall contribute an additional one percent (1%) for CalPERS retirement with a total employee contribution of nine percent (9 %). (8) Effective the first full period in July 2019 all bargaining unit employees who are Miscellaneous tier 1 ‘classic’ CalPERS members shall contribute an additional one percent (1%) for CalPERS retirement with a total employee contribution of ten percent (10%). (9) Effective the first full pay period in July 2018 all bargaini...
Sample 1
PERS Retirement Plan. The Employer shall continue to provide employees working twenty (20) or more hours per week with membership in the State of California Public Employee's Retirement Plan (PERS). Employees will participate in the PERS Retirement Plan with the following retirement formulas: Employees hired after February 1, 2008 will participate in the PERS Retirement Plan with the retirement formula of 2% at 60. All employees who were hired prior to February 1, 2008 shall continue with the retirement formula of 2% at 55. • Hired or eligible on or before January 31, 2008 2% at Age 55 • Hired or eligible on or after January 1, 2013 2% at Age 62 Such enrollment shall be provided under the same terms and conditions as existed on the effective date of this Agreement, provided that the Employer may adopt a new vesting schedule for the retiree health benefit. This change to the retiree health benefit will be applicable only to employees hired on or after the effective date of the new vesting schedule. The Employer shall continue to contribute three and one-half percent (3.5%) toward the Employee Paid Member Contribution of the Normal Cost of PERS for employees hired or eligible prior to January 1, 2013. Effective October 1, 2014, employees hired or eligible on or after January 1, 2013; shall per law contribute the full amount of the Employee Paid Member Contribution. The Employer may change enrollment terms and conditions at any time as necessary to remain in compliance with all laws and regulations applicable to the PERS Retirement Plan, including but not limited to the Public Employee’s Pension Reform Act of 2013.
Sample 1
PERS Retirement Plan. The Employer shall continue to provide employees working twenty (20) or more hours per week with membership in the State of California Public Employee's Retirement Plan (PERS). Employees will participate in the PERS Retirement Plan with the following retirement formulas: Hired or eligible on or before January 31, 2008 2% at Age 55 Hired or eligible on February 1, 2008 through December 31, 2012 2% at Age 60 Hired or eligible on or after January 1, 2013 2% at Age 62 Such enrollment shall be provided under the same terms and conditions as existed on the effective date of this Agreement, provided that the Employer may adopt a new vesting schedule for the retiree health benefit. This change to the retiree health benefit will be applicable only to employees hired on or after the effective date of the new vesting schedule. The Employer shall continue to contribute three and one-half percent (3.5%) toward the Employee Paid Member Contribution of the Normal Cost of PERS for employees hired or eligible prior to January 1, 2013. Effective October 1, 2014, employees hired or eligible on or after January 1, 2013; shall per law contribute the full amount of the Employee Paid Member Contribution. For all eligible employees, the Employer shall pay the full Employer contribution. The Employer may change enrollment terms and conditions at any time as necessary to remain in compliance with all laws and regulations applicable to the PERS Retirement Plan, including but not limited to the Public Employee’s Pension Reform Act of 2013.
Sample 1
PERS Retirement Plan. For all sworn safety members hired prior to January 1, 2013, that are defined as “Classic” members by XXXXX, the City will provide the 3.0% @ 50 retirement formula. Unit Members will pay the full 9.0% employee contribution in addition to cost-sharing 4.0% of the employer contribution resulting in a total employee contribution of 13.0%, which is deducted on a pre-tax basis. Employees hired on or after January 1, 2013 who do not meet the definition of a “Classic” member as referenced above, will be placed in Option Plan 2 and considered a new member of the retirement system. Option Plan 2 for these employees is the 2.7% @ 57 formula. XXXXX requires the member retirement formula to be based on a 36- month average of annual pensionable compensation earned (rather than a 12-month average) and employees in Option Plan 2 are not required to participate in cost-sharing of the employers’ contribution to CalPERS. Employees are responsible for paying fifty percent (50%) of the total “normal cost” rate. The “normal cost” rate is subject to change on a fiscal year basis as determined by XxxXXXX.
Sample 1
PERS Retirement Plan. The City agrees to provide fire safety members with PERS "3% at 55" full formula retirement plan and the following benefits: (1) One year final compensation; (2) 1959 Survivors Benefit – 4th level; and (3) All unused sick leave credit; (4) Post Retirement Death Benefit with PRSA (Post Retirement Survivor Allowance) (For more specific information regarding PERS retirement benefits, refer to the Annual Employer Statement provided to the City by PERS. A copy is available for review in the Finance Department.) In administering (3) above, the City reports to the California Public Employees' Retirement System the total unused sick leave hours for retiring employees who are eligible for a normal service retirement. Unused sick leave is not otherwise compensable for employees, except as may be applicable in Section 11.5. Effective December 1, 2000, the City amended its contract with PERS to provide for two changes to the retirement plan; the 3% @ 55 benefit and the Post Retirement Death benefit. In addition to the above retirement benefits, the City will make available medical benefits for eligible retirees and eligible dependents through the City's participation in the California Public Employees' Retirement System Health Benefits Program. Effective January 1, 1994 the City agreed to pay two percent (2.0%) of each individual employee's nine percent (9.0%) PERS retirement contribution (City pays 2.0% employee pays 7%). The City's "pickup" was increased to four percent (4.0%) effective January 1, 1995. Effective August, 2002, the City agreed to “pick-up” an additional two percent (2.0%) of the employee’s required 9.0% contribution. This resulted in the City picking up a total of six percent (6.0%) of the required 9.0% contribution. Effective 1/1/05, the City agreed to pick up an additional three percent (3.0%) of the employees required 9.0% contribution. This resulted in the City picking up the full 9.0% employee contribution. In addition, this entire 9.0% amount will be treated as Employer Paid Member Contribution and will therefore be considered “PERSable”. The City has implemented the Voluntary Salary reduction option offered by the Internal Revenue Code Section 414(h) and the Public Employees Retirement System. For retirement calculation purposes, reportable compensation earned will be that as defined in California Public Employees’ Retirement Law, 2010 Edition, Section 20636.
Sample 1
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PERS Retirement Plan. The City shall provide retirement benefits through the California Public Employees' Retirement System (CalPERS). The benefit for employees identified as “classic” CalPERS members is currently based upon the PERS Miscellaneous 2% at 55 formula (single highest year). Per the regulations of the Public Employees Pension Reform Act (PEPRA), the retirement benefit for employees identified as “new” CalPERS members is based upon the PERS Miscellaneous 2% @ 62% formula (highest three years). Existing and future employees identified as “new” CalPERS members are required to pay 50% of normal cost to the retirement system, in compliance with PEPRA. Existing and future employees identified as “classic” CalPERS members are required to pay the 7.0% of the employee’s share of the retirement system contributions. The City shall pay the employer's share for all eligible “classic” and “new” regular full-time employees, and all regular part-time employees exceeding 999 hours worked in a fiscal year.
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PERS Retirement Plan 
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Related to PERS Retirement Plan

  • Supplemental Retirement Plan During the Contract Period, if the Executive was entitled to benefits under any supplemental retirement plan prior to the Change in Control, the Executive shall be entitled to continued benefits under such plan after the Change in Control and such plan may not be modified to reduce or eliminate such benefits during the Contract Period.

  • Incentive, Savings and Retirement Plans During the Employment Period, the Executive shall be entitled to participate in all incentive, savings and retirement plans, practices, policies and programs applicable generally to other peer executives of the Company and its affiliated companies, but in no event shall such plans, practices, policies and programs provide the Executive with incentive opportunities (measured with respect to both regular and special incentive opportunities, to the extent, if any, that such distinction is applicable), savings opportunities and retirement benefit opportunities, in each case, less favorable, in the aggregate, than the most favorable of those provided by the Company and its affiliated companies for the Executive under such plans, practices, policies and programs as in effect at any time during the 120-day period immediately preceding the Effective Date or if more favorable to the Executive, those provided generally at any time after the Effective Date to other peer executives of the Company and its affiliated companies.

  • Retirement Plans (a) In connection with the individual retirement accounts, simplified employee pension plans, rollover individual retirement plans, educational IRAs and XXXX individual retirement accounts (“XXX Plans”), 403(b) Plans and money purchase and profit sharing plans (“Qualified Plans”) (collectively, the “Retirement Plans”) within the meaning of Section 408 of the Internal Revenue Code of 1986, as amended (the “Code”) sponsored by a Fund for which contributions of the Fund’s shareholders (the “Participants”) are invested solely in Shares of the Fund, Transfer Agent shall provide the following administrative services: (i) Establish a record of types and reasons for distributions (i.e., attainment of eligible withdrawal age, disability, death, return of excess contributions, etc.); (ii) Record method of distribution requested and/or made; (iii) Receive and process designation of beneficiary forms requests; (iv) Examine and process requests for direct transfers between custodians/trustees, transfer and pay over to the successor assets in the account and records pertaining thereto as requested; (v) Prepare any annual reports or returns required to be prepared and/or filed by a custodian of a Retirement Plan, including, but not limited to, an annual fair market value report, Forms 1099R and 5498; and file same with the IRS and provide same to Participant/Beneficiary, as applicable; and (vi) Perform applicable federal withholding and send Participants/Beneficiaries an annual TEFRA notice regarding required federal tax withholding. (b) Transfer Agent shall arrange for PFPC Trust Company to serve as custodian for the Retirement Plans sponsored by a Fund. (c) With respect to the Retirement Plans, Transfer Agent shall provide each Fund with the associated Retirement Plan documents for use by the Fund and Transfer Agent shall be responsible for the maintenance of such documents in compliance with all applicable provisions of the Code and the regulations promulgated thereunder.

  • Savings and Retirement Plans During the Employment Period, the Executive shall be entitled to participate in all other savings and retirement plans, practices, policies and programs, in each case on terms and conditions no less favorable than the terms and conditions generally applicable to the Company’s other executive employees.

  • Pre-Retirement Death Benefit (a) Normal form of payment. If (i) the Director dies while employed by the Bank, and (ii) the Director has not made a Timely Election to receive a lump sum benefit, this Subsection 4.1(a) shall be controlling with respect to pre-retirement death benefits. The balance of the Director=s Retirement Income Trust Fund, measured as of the later of (i) the Director=s death, or (ii) the date any final lump sum Contribution is made pursuant to Subsection 2.1(b), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable for the Payout Period. Such benefits shall commence within thirty (30) days of the date the Administrator receives notice of the Director=s death. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is less than the rate of return used to annuitize the Retirement Income Trust Fund, no additional contributions to the Retirement Income Trust Fund shall be required by the Bank in order to fund the final benefit payment(s) and make up for any shortage attributable to the less-than-expected rate of return. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is greater than the rate of return used to annuitize the Retirement Income Trust Fund, the final benefit payment to the Director=s Beneficiary shall distribute the excess amounts attributable to the greater-than-expected rate of return. The Director=s Beneficiary may request to receive the unpaid balance of the Director=s Retirement Income Trust Fund in a lump sum payment. If a lump sum payment is requested by the Beneficiary, payment of the balance of the Retirement Income Trust Fund in such lump sum form shall be made only if the Director=s Beneficiary notifies both the Administrator and trustee in writing of such election within ninety (90) days of the Director=s death. Such lump sum payment shall be made within thirty (30) days of such notice. The Director=s Accrued Benefit Account (if applicable), measured as of the later of (i) the Director's death or (ii) the date any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account pursuant to Subsection 2.1(c), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable to the Director's Beneficiary for the Payout Period. Such benefit payments shall commence within thirty (30) days of the date the Administrator receives notice of the Director=s death, or if later, within thirty (30) days after any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account in accordance with Subsection 2.1(c).

  • REGISTERED RETIREMENT SAVINGS PLAN 1. In this Article:

  • Retirement Plan The 2.7% at 55 retirement plan will be available to eligible bargaining unit members covered by this Section 6.1.

  • Retirement Savings Plan Within fifteen (15) days after the date of Termination of Employment, the Company shall pay to Employee a cash payment in an amount, if any, necessary to compensate Employee for the Employee’s unvested interests under the Company’s retirement savings plan which are forfeited by Employee in connection with the Termination of Employment.

  • Post-Retirement Benefits The present value of the expected cost of post-retirement medical and insurance benefits payable by the Borrower and its Subsidiaries to its employees and former employees, as estimated by the Borrower in accordance with procedures and assumptions deemed reasonable by the Required Lenders is zero.

  • Supplemental Executive Retirement Plan The Executive shall participate in the Company's Unfunded Pension Plan for Selected Executives (the "SERP").

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