Common use of PERS RETIREMENT PLAN AND CONTRIBUTION Clause in Contracts

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.

PERS RETIREMENT PLAN AND CONTRIBUTION. ‌ a. Miscellaneous employees are covered by the following Public Employees Retirement System System, (PERS) Plan 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.