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.
Appears in 3 contracts
Samples: Memorandum of Understanding, Memorandum of Understanding, Memorandum of Understanding
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.
Appears in 1 contract
Samples: Memorandum of Understanding