Provision Government Code Section Sample Clauses

Provision Government Code Section. 2% at 62 7522.20 (a) Three Highest Years Average Compensation 7522,32 Employee Contribution. PEPRA (Government Code Section 7522.30) states “Equal sharing of normal costs between public employers and public employees shall be the standard.” The standard shall be that employees pay at least 50% of normal costs and that employers not pay any of the required employee contribution. The “normal cost rate” shall mean the annual actuarially determined normal cost for the employer’s defined benefit plan expressed as a percentage of payroll. New Members and New Employees shall pay 50% of the normal cost adjusted annually in accordance with the CalPERS actuarial valuation for the City of Fountain Valley’s 2% at 62 plan. Any change to the New Member and New Employee contribution rate will become effective the first payroll period closest to July 1 of the appropriate year. Upon receipt of the annual actuarial valuation from CalPERS for the 2% at 62 plan, the Personnel Department will forward a copy to the Association specifying the New Member and New Employee contribution rate for the upcoming period. This process shall serve as the meet and confer process for any increase in the employee contribution rate. The Association may request to meet with the City if the New Member and New Employee contribution rate increases.
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Provision Government Code Section. 2% at 60 Formula 21353 Three Highest Years Average Compensation 20037 Pre-Retirement Optional Settlement 2 Death Benefit 21548 Service Credit for Unused Sick Leave 20965 2% Cost-of-Living 21329 Fourth Level of 1959 Survivor Benefit 21574 Public Service Credit for Periods of Layoff 21022 Public Service for Peace Corps or America Corps: VISTA Service 21023.5 Military Service Credit as Public Service 21024 Public Service Credit for Service Rendered to a Non-Profit Corporation 21026 Military Service Credit for Retired Persons 21027 Local System Service Credit included in Basic Death Benefit 21536 Cancellation of Payments for Service Credit Purchase upon Industrial Disability Retirement 21037 7% Employee Contribution. Employees agree to share the cost of their retirement on a pre-tax basis by paying the full 7% employee contribution. It is the intent of the parties to accommodate employees’ desire that said sums be deducted on a pre-tax basis as deferred income for federal and state tax purposes. The parties believe the contribution may be deducted on a pre-tax basis because the City has filed the CalPERS IRS Code section 414(h)(2) resolution. However, any income tax obligations or penalties arising from such tax treatment shall be the exclusive responsibility of the employee. The City shall not be responsible for any adverse tax treatment for the employees. The City shall not be responsible therefore and the City has made no representation regarding such tax treatment and employees shall seek such advice from their personal tax advisors regarding such matters.
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