PERS RETIREMENT PLAN AND CONTRIBUTION Sample Clauses

PERS RETIREMENT PLAN AND CONTRIBUTION. ‌ a. Miscellaneous employees are covered by the following Public Employees Retirement System (PERS) Plan – Classic Members: • Modified 2% at age 55 • One-year highest compensation • 2% COLA • 25% survivor continuation • 50% industrial disability • Military service credit • Sick leave conversion credit b. Effective June 30, 2012, “classic members” as defined by PERS, shall pay the seven percent (7%) member contribution to the PERS retirement plan. Classic members shall qualify for the 2% at 55 benefit formula and retirement shall be based upon the highest twelve (12) consecutive months of compensation. c. Effective November 15, 2014, “classic members” shall pay eight percent (8%) of salary to the PERS retirement plan. The parties will seek to amend the PERS contract to reflect a new cost-share agreement in which miscellaneous classic members shall, from the date of amendment, pay a seven percent (7%) employee contribution and one percent (1%) of the employer contribution through PERS cost-share. If this PERS cost-share is not approved by a vote of the bargaining unit employees, the one percent (1%) cost-share will remain in the City’s account.
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PERS RETIREMENT PLAN AND CONTRIBUTION. ‌ a. Miscellaneous employees are covered by the following Public Employees Retirement System (PERS) plan – Classic Members • Modified 2% at age 55 • One-year highest compensation • 2% COLA • 25% survivor continuation • 50% industrial disability • Military service credit • Sick leave conversion credit b. Effective June 30, 2012, “classic members” as defined by PERS shall pay the seven percent (7%) member contribution to the PERS retirement plan. Classic members shall qualify for the 2% at 55 benefit formula and retirement shall be based upon the highest twelve (12) consecutive months of compensation. c. Effective the November 15, 2014, “classic members” shall pay eight percent (8%) of salary to the PERS retirement plan. If necessary, the contract with PERS shall be amended to reflect the eight percent (8%) employee contribution rate for classic members.
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PERS RETIREMENT PLAN AND CONTRIBUTION a. For employees hired on or before December 31, 2012, the Authority’s contract with the Public Employees Retirement System (PERS) for miscellaneous employees provides for the following structure: • Modified 2% at age 55 • One‐year highest compensation • 2% COLA • 25% survivor continuation • 50% industrial disability • Military service credit b. Effective July 1, 2013, the Authority will pay one and one half percent (1.5%) of the employee’s contribution to the PERS retirement plan. c. Effective July 1, 2014, employees shall be solely responsible for paying the employee’s contribution to the PERS retirement plan. d. For employees hired on or after January 1, 2013, and who meet the definition of “new member” under Government Code § 7522.04(f), the Authority’s contract with the Public Employees Retirement System (PERS) for miscellaneous employees shall provide for the following structure: • 2% at age 62 • Employee contribution rate of 50% of the total normal cost rate • Three‐year average compensation • 2% COLA • 25% survivor continuation • 50% industrial disability • Military service credit e. Employees hired on or after January 1, 2013, shall be responsible for paying 50% of the “total normal cost rate” as determined annually by PERS. f. For former County employees who have been in continuous County service since March 7, 1963, and upon reaching thirty (30) years of continuous combined County and Authority service, the Authority will pay the full employee’s contribution to the Authority PERS retirement plan.
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PERS RETIREMENT PLAN AND CONTRIBUTION. ‌ a. “Classic member” miscellaneous employees are covered by the following Public Employees Retirement System (PERS) plan: • Modified 2% at age 55 • One-year highest compensation • 2% COLA • 25% survivor continuation • 50% industrial disability • Military service credit
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PERS RETIREMENT PLAN AND CONTRIBUTION a. For employees hired on or before December 31, 2012, the Authority’s contract with the Public Employees Retirement System (PERS) for miscellaneous employees provides for the following structure:  Modified 2% at age 55  One-year highest compensation  2% COLA  25% survivor continuation  50% industrial disabilityMilitary service credit b. For employees hired on or after January 1, 2013, and who meet the definition of “new member” under Government Code section 7522.04(f), the Authority’s contract with PERS for miscellaneous employees shall provide for the following structure: • 2% at age 62 • Employee contribution rate of 50% of the normal cost rate up to 8% • Three year average compensation • 2% COLA • 25% survivor continuation • 50% industrial disability • Military service credit c. Effective July 1, 2012, for employees hired on or before December 31, 2012, the Authority will pay one and one-half percent (1.5%) of the employee’s contribution to the PERS retirement plan. d. Effective July 1, 2013, employees hired on or before December 31, 2012 shall be responsible for paying the full amount of the employee retirement contribution. Effective January 1, 2013, employees hired on or after January 1, 2013 and who meet the definition of “new member” under Government Code section 7522.04(f) shall be responsible for paying 50% of the “total normal cost rate” as determined annually by PERS up to 8%. e. For former County employees who have been in continuous County service since March 7, 1973, and upon reaching thirty (30) years of continuous combined County and Authority service, the Authority will pay the full employee's contribution to the Authority PERS retirement plan. f. Employees who are members of the Sacramento City Employees' Retirement System and have a deficit account may remain City employees for retirement purposes only.
Sample 1

Related to PERS RETIREMENT PLAN AND CONTRIBUTION

  • Maintaining Eligibility for Employer Contribution The employer's contribution continues as long as the employee remains on the payroll in an insurance eligible position. Employees who complete their regular school year assignment shall receive coverage through August 31.

  • Eligibility for Employer Contribution This section describes eligibility for an Employer Contribution toward the cost of coverage.

  • Employer Contribution (a) An Employer contribution for health and dental benefits will only be made for each active employee who has at least eighty (80) paid regular hours in a month and who is eligible for medical insurance coverage, unless otherwise required by law. (b) It is understood that the administrative intent of this Article is that the Employer contribution is made for individuals who are participants in the medical insurance coverages. Participation will mean that eligible less-than-full-time employees who drop out of coverage will be considered to participate. Additionally, employees who elect to opt out of coverage for a cash incentive will be considered to participate.

  • REGISTERED RETIREMENT SAVINGS PLAN 1. In this Article:

  • 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.

  • Retirement Contribution 1. The State shall, as permitted by 5 M.R.S.A. §17702 §§s5 and 6, pay its cost of the 6.5% or 7.5% retirement contribution for employees in the bargaining unit who are covered under special Law Enforcement retirement plans. 2. The State shall, as permitted by 5 M.R.S.A. §17702 §§s5 and 6, pay the cost of the 6.5% or 7.5% retirement contribution for employees in the following classifications.

  • 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.

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