Retirement Benefit Levels Clause Samples
The "Retirement Benefit Levels" clause defines the specific amount or formula used to calculate the retirement benefits that eligible employees will receive under a pension or retirement plan. This clause typically outlines the criteria for determining benefit amounts, such as years of service, salary history, or a fixed benefit schedule, and may specify different levels for various employee groups. By clearly establishing how retirement benefits are determined, this clause ensures transparency and predictability for both employers and employees, helping to manage expectations and prevent disputes regarding retirement entitlements.
Retirement Benefit Levels. The County and Association agree that the following provisions shall apply only to new regular-hire employees and employees rehired under PMR 48. It is agreed that these provisions shall not affect employees laid off due to reduction in force and subsequently rehired during the course of the Agreement.
1. The retirement benefit level will be in accordance with California Government Code Section 31676.1 under the County Employees' Retirement Act of 1937.
2. The maximum cost-of-living adjustment (COLA) will be two percent (2%).
3. The computation of retirement allowance will be based on the average of an employee's three (3) years' highest salaries.
Retirement Benefit Levels. The City shall maintain California Public Employees’ Retirement System (CalPERS) benefits for Unit employees as follows.
Retirement Benefit Levels. A. For Employees Hired Before January 1, 2013 or if Hired on or After January 1, 2013, who are Not Considered “New Members” within the Meaning of the Public Employees’ Pension Reform Act of 2013 (PEPRA):
1. Employees will be provided a one-fiftieth (1/50) retirement benefit calculated pursuant to Section 31676.19 of the Government Code. (This retirement formula is commonly known as the “2.7% at 55” benefit formula.)
2. For employees hired on or before September 20, 1979 - the retirement allowance will be computed on the highest one (1) year of final compensation per Government Code Section 31462.1.
3. For employees hired on or after September 21, 1979 – the retirement allowance will be computed on the employee’s highest three (3) years of compensation per Government code section 31462.
B. For employees hired on or after January 1, 2013, who are considered “New Members” within the meaning of the Public Employees’ Pension Reform Act of 2013:
1. The retirement formula, (the determination of final compensation and pensionable compensation, and other pension related conditions covered by PEPRA) shall be governed by the provisions of PEPRA. Employees will also make the contributions described in Section 2.B and C. below
Retirement Benefit Levels. 1. Tier 1. The City shall maintain California Public Employees’ Retirement System (CalPERS) benefits for Unit employees, who are deemed to be “classic members” and who are hired by the City in a miscellaneous classification on or prior to March 2, 2012. The CalPERS benefit shall be based upon the 2% @ 55 retirement benefit formula, calculated using the single-highest year final compensation period (Govt. Code 20042).
Retirement Benefit Levels. A. For Employees Hired Prior to January 1, 2013 and for Employees Hired on or After January 1, 2013 who are Considered “Legacy Members” of OCERS within the Meaning of the Public Employees’ Pension Reform Act of 2013 (“PEPRA).
1. Except as set forth in Section A.2 and A.3 below, employees will be provided a one-fiftieth (1/50) retirement benefit calculated pursuant to Section 31676.19 of the Government Code. This retirement benefit formula is commonly known as the “2.7% at 55” benefit formula.
a. For employees hired on or before September 20, 1979, the retirement allowance will be computed on the highest one
(1) year of final compensation per Government Code Section 31462.1.
b. For eligible employees hired on or after September 21, 1979, the retirement allowance will be computed upon the employee’s highest three (3) years of compensation per Government Code section 31462.
Retirement Benefit Levels. 1. Tier
1. The City shall maintain Public Employees’ Retirement System (PERS) benefits for Unit employees, who are first employed by the City before the effective date of the PERS contract amendment discussed in 3(A)(2) below, based upon the 2% @ 55 benefit formula, calculated using the single-highest year final compensation period (Govt. Code 20042).
Retirement Benefit Levels. 1. Tier
1. The City shall maintain Public Employees’ Retirement System (PERS) benefits for Unit employees, who are first employed by the City before the effective date of the PERS contract amendment discussed in 13(A)(2) below, based upon the 2% @ 55 benefit formula, calculated using the single-highest year final compensation period (Govt. Code 20042).
2. Tier 2. Effective as soon as administratively possible, the City’s contract with PERS will be amended to provide the 2% @ 60 retirement benefit formula, calculated using the three year average final compensation period (Govt. Code 20037). This new tier, Tier 2, will apply only to Unit employees hired on or after the effective date of the PERS contract amendment. Former employees returning to City service will be subject to PERS law regarding which tier will be applicable.
Retirement Benefit Levels. A. For Employees Hired Before January 1, 2013 or If Hired on or After January 1, 2013, are Not Considered “New Members” within the Meaning of the Public Employees’ Pension Reform Act of 2013 (PEPRA)
1. Except as set forth in Sections A.2 and A.3 below, employees will be provided a one-fiftieth (1/50) retirement benefit calculated pursuant to Section 31676.19 of the Government Code. (This retirement formula is commonly known as the “2.7% at 55” benefit formula.)
a. For employees hired on or before September 20, 1979, the retirement allowance will be computed on the highest one (1) year of final compensation per Government Code Section 31462.1.
b. For employees hired on or after September 21, 1979, the retirement allowance will be computed on the employee’s highest three (3) years of compensation per Government Code section 31462.
1. 62% at 65” Pension Formula Election for Employees Hired Prior to May 7, 2010
a. Employees hired prior to May 7, 2010 will be eligible for the Pension Formula Election described below once the Board of Supervisors approves an implementing resolution (which shall be after pending tax issues have been resolved so that the election will not result in any negative tax consequences for eligible unit members). Eligible employees will have 180 calendar days from that date within which to elect one time only whether to terminate for future County service their pension calculation stated in Government Code section 31676.19 (the “2.7% at 55” benefit formula) and elect instead the pension calculation stated in Government Code section 31676.01 (the “1.62% at 65” benefit formula) for future County service.
b. In the event an eligible employee fails to make an election during the period set forth in Subsection 2a above, the employee shall continue to be provided with the “2.7% at 55” benefit formula and shall make the employee retirement contributions established for that benefit formula.
c. In the event an eligible employee elects the “1.62% at 65” benefit formula, the employee shall be eligible to participate in the County
Retirement Benefit Levels. 1) Tier 1. The City shall maintain Public Employees’ Retirement System (PERS) benefits for Police Officers, who are first employed by the City before the effective date of the PERS contract amendment discussed in 16(A)(2) below, based upon the 3% at 50 benefit formula in accordance with Government Code §21362.2 calculated using the single-highest year final compensation period (Govt. Code §20042).
2) Tier 2. Effective as soon as administratively possible, the City’s contract with PERS will be amended to provide the 3% @ 55 retirement benefit formula, calculated using the three year average final compensation period (Govt. Code §20037). This new tier, Tier 2, will apply only to Unit employees hired on or after the effective date of the PERS contract amendment. Former employees returning to City service will be subject to PERS law regarding which tier will be applicable.
Retirement Benefit Levels. The City shall maintain Public Employees’ Retirement System (CalPERS) benefits for Unit employees as follows: