Public Safety Plan Defined Clause Samples
Public Safety Plan Defined. The City currently participates through a contract in the California Public Employees Retirement System (CalPERS). For sworn Public Safety Employees, the contract offers the following options: • Tier I - Sworn employees hired prior to January 1, 2013 - 3% at 55 Retirement Plan with Single Highest Year Compensation Formula • Tier II - Sworn employees hired January 1, 2013 or later shall be subject to the requirement s of the Public Employees Pension Reform Act (PEPRA).
Public Safety Plan Defined. The City currently participates through a contract in the California Public Employees Retirement System (CalPERS). For sworn Public Safety Employees, the contract offers the following options: • Tier I – Sworn employees hired prior to January 1, 2013 – 3% at 55 Retirement Plan with Single Highest Year Compensation Formula • Tier II – Sworn employees hired January 1, 2013 or later shall be subject to the requirement s of the Public Employees Pension Reform Act (PEPRA). • Military Buy Back - The choice to participate in the CalPERS Military Buy Back program is solely at the discretion and cost of the employee. • Third Level 1959 Survivors Benefits - This benefit was conditioned on the unit employees paying any increased cost incurred by the City as a result of the CalPERS contract amendment. In the event the City’s Employer Contribution Rate to CalPERS is increased as a result of the provision of this benefit, the Association agrees to pay any initial cost and ongoing cost of the increase. • Service Credit for Unused Sick Leave - Any unused accumulated sick leave at time of retirement, for which there is no compensation or remuneration at all to the employee, would be converted to additional service credit in accordance with the CalPERS contract program.
Public Safety Plan Defined. The City currently participates through a contract with the Public Employees Retirement System (CalPERS). For Public Safety Employees, the contract offers the following options: Retirement Plan Employees hired on or before December 31, 2012 • Military Buy Back The choice to participate in the PERS Military Buy Back program is solely at the discretion and cost of the employee. • Third Level 1959 Survivors Benefits This benefit was conditioned on the unit employees paying any increased cost incurred by the City as a result of the PERS contract amendment. In the event the City’s Employer Contribution Rate to PERS is increased as a result of the provision of this benefit, the Union agree to pay any initial cost and ongoing cost of the increase. • Single Highest Year Compensation Formula • Service Credit for Unused Sick Leave