Common use of Retirement Contribution Clause in Contracts

Retirement Contribution. 12.1 Employees covered by this Agreement will participate in the California Public Employees Retirement System (CalPERS). The Town shall maintain the employer contribution to CalPERS for the term of this Agreement. Employees participate in CalPERS as follows: a. Employees hired before January 1, 2013, or “Classic Members” as defined by ▇▇▇▇▇▇▇ (not new members per CCR 579.1(b)), shall receive the 2.7% @ age 55 retirement formula, highest thirty-six (36) month average final compensation period, the Fourth Level of the 1959 Survivor’s Benefit, and a two percent (2%) retirement Cost of Living Adjustment (COLA). These employees shall pay the entire eight percent (8%) of the CalPERS employee’s contribution on a pre-tax basis. b. Non-Classic employees (New Members - CCR 579.1(a)) hired after January 1, 2013 will pay the full CalPERS required amount to this plan in accordance with the Public Employee Pension Reform Act (PEPRA) employee’s contribution on a pre-tax basis. Both parties recognize that this contribution will change from time to time and will be adjusted on the first full pay period of each fiscal year. New miscellaneous members will receive the 2% @ age 62 retirement formula, highest thirty-six (36) month average final compensation period, the Fourth Level of the 1959 Survivor’s Benefit, and a two percent (2%) retirement COLA. 12.2 The Town agrees to maintain the employer portion of the contribution to ▇▇▇▇▇▇▇. 12.3 Participation in the CalPERS plan discontinues employee participation in the Social Security System related to Town employment. 12.4 All participation in CalPERS is subject to the contract between the Town and CalPERS and the interpretation of rules, regulations, and contract by ▇▇▇▇▇▇▇. 12.5 Employee “member contributions” shall be made pursuant to Internal Revenue Code (414)(h)(2).

Retirement Contribution. 12.1 Employees covered by this Agreement will participate in the California Public Employees Retirement System (CalPERS). The Town shall maintain the employer contribution to CalPERS for the term of this Agreement. Employees participate in CalPERS as follows:. a. Employees hired before January 1, 2013, or “Classic Members” Members as defined by ▇▇▇▇▇▇▇ CalPERS (not new members per CCR 579.1(b)), shall receive the 2.7% @ age 55 retirement formula, highest thirty-six (36) month average final compensation period, the Fourth Level of the 1959 Survivor’s Benefit, and a two percent (22.0%) retirement Cost of Living Adjustment (COLA). These employees Employees shall pay the entire eight percent (8%) of the CalPERS employee’s contribution on a pre-tax basis. b. Non-Classic employees (New Members - CCR 579.1(a)) hired after January 1, 2013 will pay the full CalPERS required amount to this plan in accordance with the Public Employee Pension Reform Act (PEPRA) employee’s contribution on a pre-tax basis. Both parties recognize that this contribution will change from time to time and will be adjusted on the first full pay period of each fiscal year. New miscellaneous members will receive the 2% @ age 62 retirement formula, highest thirty-six (36) month average final compensation period, the Fourth Level of the 1959 Survivor’s Benefit, and a two percent (22.0%) retirement Cost of Living Adjustment (COLA). 12.2 The Town agrees to maintain the employer portion of the contribution to ▇▇▇▇▇▇▇PERS. 12.3 Participation in the CalPERS plan discontinues employee participation in the Social Security System related to Town employment. 12.4 All participation in CalPERS PERS is subject to the contract between the Town and CalPERS PERS and the interpretation of rules, regulations, and contract by ▇▇▇▇▇▇▇PERS. 12.5 Employee “member contributions” shall be made pursuant to Internal Revenue Code (414)(h)(2).

Retirement Contribution. 12.1 Employees covered by this Agreement will participate in the California Public Employees Retirement System (CalPERS). The Town shall maintain the employer contribution to CalPERS for the term of this Agreement. Employees participate in CalPERS as follows: a. Employees hired before January 1, 2013, or “Classic Members” as defined by ▇▇▇▇▇▇▇ CalPERS (not new members per CCR 579.1(b)), shall receive the 2.7% @ age 55 retirement formula, highest thirty-six (36) month average final compensation period, the Fourth Level of the 1959 Survivor’s Benefit, and a two percent (2%) retirement Cost of Living Adjustment (COLA). These employees shall pay the entire eight percent (8%) of the CalPERS employee’s contribution on a pre-tax basis. b. Non-Classic employees (New Members - CCR 579.1(a)) hired after January 1, 2013 will pay the full CalPERS required amount to this plan in accordance with the Public Employee Pension Reform Act (PEPRA) employee’s contribution on a pre-tax basis. Both parties recognize that this contribution will change from time to time and will be adjusted on the first full pay period of each fiscal year. New miscellaneous members will receive the 2% @ age 62 retirement formula, highest thirty-six (36) month average final compensation period, the Fourth Level of the 1959 Survivor’s Benefit, and a two percent (2%) retirement COLA. 12.2 The Town agrees to maintain the employer portion of the contribution to ▇▇▇▇▇▇▇. 12.3 Participation in the CalPERS plan discontinues employee participation in the Social Security System related to Town employment. 12.4 All participation in CalPERS is subject to the contract between the Town and CalPERS and the interpretation of rules, regulations, and contract by ▇▇▇▇▇▇▇CalPERS. 12.5 Employee “member contributions” shall be made pursuant to Internal Revenue Code (414)(h)(2).

Retirement Contribution. 12.1 Employees covered by this Agreement will participate in the California Public Employees Retirement System (CalPERS). The Town shall maintain the employer contribution to CalPERS for the term of this Agreement. Employees participate in CalPERS as follows: a. Employees hired before January 1, 2013, or “Classic Members” as defined by ▇▇▇▇▇▇▇ (not new members per CCR 579.1(b)), shall receive the 2.7% @ age 55 retirement formula, highest thirty-six (36) month average final compensation period, the Fourth Level of the 1959 Survivor’s Benefit, and a two percent (22.0%) retirement Cost of Living Adjustment (COLA). These employees shall pay the entire eight percent (8%) of the CalPERS employee’s contribution on a pre-tax basis. b. Non-Classic employees (New Members - CCR 579.1(a)) hired after January 1, 2013 will pay the full CalPERS required amount to this plan in accordance with the Public Employee Pension Reform Act (PEPRA) employee’s contribution on a pre-tax basis. Both parties recognize that this contribution will change from time to time and will be adjusted on the first full pay period of each fiscal year. New miscellaneous members will receive the 2% @ age 62 retirement formula, highest thirty-six (36) month average final compensation period, the Fourth Level of the 1959 Survivor’s Benefit, and a two percent (22.0%) retirement COLA. 12.2 The Town agrees to maintain the employer portion of the contribution to ▇▇▇▇▇▇▇. 12.3 Participation in the CalPERS plan discontinues employee participation in the Social Security System related to Town employment. 12.4 All participation in CalPERS is subject to the contract between the Town and CalPERS and the interpretation of rules, regulations, and contract by ▇▇▇▇▇▇▇. 12.5 Employee “member contributions” shall be made pursuant to Internal Revenue Code (414)(h)(2).

Retirement Contribution. 12.1 Employees covered by this Agreement will participate in the California Public Employees Retirement System (CalPERS). The Town shall maintain the employer contribution to CalPERS for the term of this Agreement. Employees participate in CalPERS as follows:. a. Employees hired before January 1, 2013, or “Classic Members” Members as defined by ▇▇▇▇▇▇▇ (not new members per CCR 579.1(b)), shall receive the 2.7% @ age 55 retirement formula, highest thirty-six (36) month average final compensation period, the Fourth Level of the 1959 Survivor’s Benefit, and a two percent (22.0%) retirement Cost of Living Adjustment (COLA). These employees Employees shall pay the entire eight percent (8%) of the CalPERS employee’s contribution on a pre-tax basis. b. Non-Classic employees (New Members - CCR 579.1(a)) hired after January 1, 2013 will pay the full CalPERS required amount to this plan in accordance with the Public Employee Pension Reform Act (PEPRA) employee’s contribution on a pre-tax basis. Both parties recognize that this contribution will change from time to time and will be adjusted on the first full pay period of each fiscal year. New miscellaneous members will receive the 2% @ age 62 retirement formula, highest thirty-six (36) month average final compensation period, the Fourth Level of the 1959 Survivor’s Benefit, and a two percent (22.0%) retirement Cost of Living Adjustment (COLA). 12.2 The Town agrees to maintain the employer portion of the contribution to ▇▇▇▇▇▇▇PERS. 12.3 Participation in the CalPERS plan discontinues employee participation in the Social Security System related to Town employment. 12.4 All participation in CalPERS PERS is subject to the contract between the Town and CalPERS PERS and the interpretation of rules, regulations, and contract by ▇▇▇▇▇▇▇PERS. 12.5 Employee “member contributions” shall be made pursuant to Internal Revenue Code (414)(h)(2).