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 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.

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