Common use of Retirement Benefit Calculation Period Clause in Contracts

Retirement Benefit Calculation Period. The City's contract with CalPERS provides for the "Single Highest Year" retirement benefit for which “classic member” employees hired prior to December 31, 2012 in the unit are included per Government Code section 20042. The retirement benefit is based on the highest annual compensation for the one year during the employee's membership in CalPERS. For employees hired on or after December 31, 2012 who are classic members as defined, final compensation will be based on the highest annual average compensation earnable during the three consecutive years of employment immediately preceding the effective date of his or her retirement or any other three consecutive year period chosen by the employee as set forth in Government Code section 20037.

Retirement Benefit Calculation Period. The City's contract with CalPERS provides for the "Single Highest Year" retirement benefit for which “classic member” employees hired prior to December 31July 1, 2012 in the unit are included per Government Code section 20042. The retirement benefit is based on the highest annual compensation for the one year during the employee's membership in CalPERS. For employees hired on or after December 31July 1, 2012 who are classic members as definedmembers, final compensation will be based on the highest annual average compensation earnable during the three consecutive years of employment immediately preceding the effective date of his or her retirement or any other three consecutive year period chosen by the employee as set forth in Government Code section 20037.

Retirement Benefit Calculation Period. The City's contract with CalPERS provides for the "Single Highest Year" retirement benefit for which “classic member” employees hired prior to December 31July 1, 2012 in the unit are included per Government Code section 20042. The retirement benefit is based on the highest annual compensation for the one year during the employee's membership in CalPERS. For employees hired on or after December 31July 1, 2012 who are classic members as defined, final compensation will be based on the highest annual average compensation earnable during the three consecutive years of employment immediately preceding the effective date of his or her retirement or any other three consecutive year period chosen by the employee as set forth in Government Code section 20037.