PERS - SOCIAL SECURITY Sample Clauses

PERS - SOCIAL SECURITY. (a) Eligible employees who are employed on or before December 31, 2012 shall be in the 3% at age 50 Retirement Plan described in the County’s contract with PERS amended effective December 17, 2007, that includes a minimum retirement age of 50 years and final compensation calculated on the highest single year of pensionable compensation. The County will pay the employee's required three and one half percent (3.5%) contribution to PERS for employees through October 10, 2013. Effective October 11, 2013, these employees shall pay the full 9% employee contribution and there will no longer be any EPMC or special compensation reported. Employee contribution shall be credited to the employee's PERS member account. (b) Eligible employees who are hired on or after January 1, 2013, and who are not considered “new employees” and who are not considered “new members” of PERS, as defined in Government Code section 7522.04 shall be in the Safety Retirement tier of 3% at age 50 with final compensation calculated on the highest single year of pensionable compensation. Such employees shall pay the full employee's required nine percent (9%) Such contribution shall be credited to the employee's PERS member account. (c) Employees who are hired on or after January 1, 2013, and who are considered “new employees” and who are considered “new members” of PERS, as defined in Government Code section 7522.04 shall not be entitled to the benefits enumerated in subsection a) or b) above. All such employees shall be in the Safety Retirement tier of 2.7% at age 57 with a minimum retirement age of 50 and final compensation calculated on the highest average of pensionable compensation earned during a period of 36 consecutive months. (d) Effective January 1, 2013 the employee contribution rate for the 2.7% at age 57 shall be 50% of total normal cost as determined by PERS. The current employee rate is 10.75% of PERSable compensation as a percentage of payroll. The County shall not pay any portion of the employee contribution rate (EMPC).
Sample 1
PERS - SOCIAL SECURITY. For each of the categories below, annual maximum compensation/contribution limits may apply. To the extent permitted by the Public Employees’ Retirement Law and applicable State and Federal tax laws, worker contributions shall be made on a pre-tax basis.
Sample 1

Related to PERS - SOCIAL SECURITY

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