Common use of Retirement Benefit Levels for General Members Clause in Contracts

Retirement Benefit Levels for General Members. 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 1.A.3 and Section 1.B 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 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. 2. Pension Formula Election for Employees Hired Prior to August 27, 2010 a. Employees hired prior to August 27, 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 2.a 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 1.62 Retirement 457(b) Defined Contribution Plan (“the DC Plan”) described in Section 4 below. d. Effective with the beginning of the pay period following the date an employee elects the “1.62% at 65” benefit formula, the normal employee contribution rate to the retirement system for the employee will be calculated pursuant to Government Code section 31621. The employee will also make the contributions described in Section 3.C and D of this Article. 3. Pension Formula Election for Those Hired by the County between August 27, 2010 and January 1, 2013 a. Employees hired on or after August 27, 2010 and prior to January 1, 2013 were required to make the pension benefit formula election provided for in Board Resolution 10-072. b. Employees had forty-five (45) calendar days from the date of hire or appointment to elect either the “2.7% at 55” benefit formula or the “1.62% at 65” benefit formula. Regardless of which benefit formula was selected, the employee will make retirement contributions in accordance with the provisions of Section 3.C and D below. c. In the event an eligible employee failed to make an election during the period set forth in Subsection 3.b., above, the employee was deemed to have elected the “1.62% at 65” benefit formula. d. An employee who elected, or was deemed to have elected, the “1.62% at 65” benefit formula, is eligible to participate in the “DC Plan” described in Section 4 below. e. After the employee made an election or was deemed to have made an election as described in Subsection 3.b and c., above, the employee is required to make retroactive contributions that would have been made from the employee’s hire or appointment date, for the appropriate election as described in this Article. County matching contributions to the DC Plan, for employees who chose the “1.62% at 65” benefit formula are not retroactive to the employee’s date of hire and are calculated from the date that the employee made an election or was deemed to have made an election of the “1.62% at 65” benefit formula. f. Effective with the pay period following the date an employee elected, or was deemed to have elected, the “1.62% at 65” benefit formula, the normal employee contribution rate to the retirement system for the employee will be calculated pursuant to Section 31621 of the Government Code. The employee will also make the contributions described in Section 3.C and D below. B. For Employees Hired on or After January 1, 2013 Who are Considered “New Members” Within the Meaning of PEPRA 1. The retirement formula will be the “1.62% at 65” benefit formula described in Government Code section 31676.01, utilizing the average three highest years of compensation per Government Code section 7522.32. Pensionable compensation and other pension related conditions are governed by the provisions of PEPRA and the OCERS Board of Retirement. Employees will also make the contributions described in Section 3.C and D., below.

Retirement Benefit Levels for General Members. 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 1.A.3 and Section 1.B 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 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. 2. Pension Formula Election for Employees Hired Prior to August 27, 2010 a. Employees hired prior to August 27, 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 2.a 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 1.62 Retirement 457(b) Defined Contribution Plan (“the DC Plan”) described in Section 4 below. d. Effective with the beginning of the pay period following the date an employee elects the “1.62% at 65” benefit formula, the normal employee contribution rate to the retirement system for the employee will be calculated pursuant to Government Code section 31621. The employee will also make the contributions described in Section 3.C and D of this Article. 3. Pension Formula Election for Those Hired by the County between August 27, 2010 and January 1, 2013 a. Employees hired on or after August 27, 2010 and prior to January 1, 2013 were required to make the pension benefit formula election provided for in Board Resolution 10-072. b. Employees had forty-five (45) calendar days from the date of hire or appointment to elect either the “2.7% at 55” benefit formula or the “1.62% at 65” benefit formula. Regardless of which benefit formula was selected, the employee will make retirement contributions in accordance with the provisions of Section 3.C and D below. c. In the event an eligible employee failed to make an election during the period set forth in Subsection 3.b., above, the employee was deemed to have elected the “1.62% at 65” benefit formula. d. An employee who elected, or was deemed to have elected, the “1.62% at 65” benefit formula, is eligible to participate in the “DC Plan” described in Section 4 below. e. After the employee made an election or was deemed to have made an election as described in Subsection 3.b and c., above, the employee is required to make retroactive contributions that would have been made from the employee’s hire or appointment date, for the appropriate election as described in this Article. County matching contributions to the DC Plan, for employees who chose the “1.62% at 65” benefit formula are not retroactive to the employee’s date of hire and are calculated from the date that the employee made an election or was deemed to have made an election of the “1.62% at 65” benefit formula. f. Effective with the pay period following the date an employee elected, or was deemed to have elected, the “1.62% at 65” benefit formula, the normal employee contribution rate to the retirement system for the employee will be calculated pursuant to Section 31621 of the Government Code. The employee will also make the contributions described in Section 3.C and D below. B. For Employees Hired on or After January 1, 2013 Who are Considered “New Members” Within the Meaning of PEPRA 1. The retirement formula will be the “1.62% at 65” benefit formula described in Government Code section 31676.01, utilizing the average three highest years of compensation per Government Code section 7522.32. Pensionable compensation and other pension related conditions are governed by the provisions of PEPRA and the OCERS Board of Retirement. Employees will also make the contributions described in Section 3.C and D., below.

Retirement Benefit Levels for General Members. 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 1.A.3 and Section 1.B 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 eEmployees hHired oOn oOr bBefore September 20, 1979, the Tthe 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 upon the employee’s highest three (3) years of compensation per Government Code Section 31462. 2. Pension Formula Election for Employees Hired Prior to August 27, 2010 a. Employees hired prior to August 27, 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 2.a 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 1.62 Retirement 457(b) Defined Contribution Plan (“the DC Plan”) described in Section 4 below. d. Effective with the beginning of the pay period following the date an employee elects the “1.62% at 65” benefit formula, the normal employee contribution rate to the retirement system for the employee will be calculated pursuant to Government Code section 31621. The employee will also make the contributions described in Section 3.C and D of this Article. 3. Pension Formula Election for Those Hired by the County between August 27, 2010 and January 1, 2013 a. Employees hired on or after August 27, 2010 and prior to January 1, 2013 were required to make the pension benefit formula election provided for in Board Resolution 10-072. b. Employees had forty-five (45) calendar days from the date of hire or appointment to elect either the “2.7% at 55” benefit formula or the “1.62% at 65” benefit formula. Regardless of which benefit formula was selected, the employee will make retirement contributions in accordance with the provisions of Section 3.C and D below. c. In the event an eligible employee failed to make an election during the period set forth in Subsection 3.b., above, the employee was deemed to have elected the “1.62% at 65” benefit formula. d. An employee who elected, or was deemed to have elected, the “1.62% at 65” benefit formula, is eligible to participate in the “DC Plan” described in Section 4 below. e. After the employee made an election or was deemed to have made an election as described in Subsection 3.b and c., above, the employee is required to make retroactive contributions that would have been ben made from the employee’s hire or appointment date, for the appropriate election as described in this Article. County matching contributions to the DC Plan, for employees who chose the “1.62% at 65” benefit formula are not retroactive to the employee’s date of hire and are calculated from the date that the employee made an election or was deemed to have made an election of the “1.62% at 65” benefit formula. f. Effective with the pay period following the date an employee elected, or was deemed to have elected, the “1.62% at 65” benefit formula, the normal employee contribution rate to the retirement system for the employee will be calculated pursuant to Section 31621 of the Government Code. The employee will also make the contributions described in Section 3.C and D below. B. For Employees Hired on or After January 1, 2013 Who are Considered “New Members” Within the Meaning of PEPRA 1. The retirement formula will be the “1.62% at 65” benefit formula described in Government Code section 31676.01, utilizing the average three highest years of compensation per Government Code section 7522.32. Pensionable compensation and other pension related conditions are governed by the provisions of PEPRA and the OCERS Board of Retirement. Employees will also make the contributions described in Section 3.C and D., below.

Retirement Benefit Levels for General Members. 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 1.A.3 and Section 1.B 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 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. 2. Pension Formula Election for Employees Hired Prior to August 27, 2010 a. Employees hired prior to August 27, 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 2.a 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 1.62 Retirement 457(b) Defined Contribution Plan (“the DC Plan”) described in Section 4 below. d. Effective with the beginning of the pay period following the date an employee elects the “1.62% at 65” benefit formula, the normal employee contribution rate to the retirement system for the employee will be calculated pursuant to Government Code section 31621. The employee will also make the contributions described in Section 3.C and D of this Article. 3. Pension Formula Election for Those Hired by the County between August 27, 2010 and January 1, 2013 a. Employees hired on or after August 27, 2010 and prior to January 1, 2013 were required to make the pension benefit formula election provided for in Board Resolution 10-072. b. Employees had forty-five (45) calendar days from the date of hire or appointment to elect either the “2.7% at 55” benefit formula or the “1.62% at 65” benefit formula. Regardless of which benefit formula was selected, the employee will make retirement contributions in accordance with the provisions of Section 3.C and D below. c. In the event an eligible employee failed to make an election during the period set forth in Subsection 3.b., above, the employee was deemed to have elected the “1.62% at 65” benefit formula. d. An employee who elected, or was deemed to have elected, the “1.62% at 65” benefit formula, is eligible to participate in the “DC Plan” described in Section 4 below. e. After the employee made an election or was deemed to have made an election as described in Subsection 3.b and c., above, the employee is required to make retroactive contributions that would have been ben made from the employee’s hire or appointment date, for the appropriate election as described in this Article. County matching contributions to the DC Plan, for employees who chose the “1.62% at 65” benefit formula are not retroactive to the employee’s date of hire and are calculated from the date that the employee made an election or was deemed to have made an election of the “1.62% at 65” benefit formula. f. Effective with the pay period following the date an employee elected, or was deemed to have elected, the “1.62% at 65” benefit formula, the normal employee contribution rate to the retirement system for the employee will be calculated pursuant to Section 31621 of the Government Code. The employee will also make the contributions described in Section 3.C and D below. B. For Employees Hired on or After January 1, 2013 Who are Considered “New Members” Within the Meaning of PEPRA 1. The retirement formula will be the “1.62% at 65” benefit formula described in Government Code section 31676.01, utilizing the average three highest years of compensation per Government Code section 7522.32. Pensionable compensation and other pension related conditions are governed by the provisions of PEPRA and the OCERS Board of Retirement. Employees will also make the contributions described in Section 3.C and D., below.