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

Retirement Benefit Levels for Safety Members. A. For Employees Hired Before January 1, 2013 and for Employees Hired on or After January 1, 2013 Who are Considered “Legacy Members” of OCERS within the Meaning of PEPRA 1. Probation Department safety employees will be provided the “3% at 50” benefit formula as set forth in Government Code section 31664.1. 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. 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 “2.7% at 57” retirement formula described in Government Code section 7522.25(d), 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.