Retirement Formula. The City contracts with CalPERS to provide the 2.5% at 55 retirement formula set forth in California Government Code Section 21354.4.
Retirement Formula. Unit members who are defined as “new members” under the PEPRA, are covered by the 2%@ 62 formula provided for by the Public Employees’ Retirement Law at Government Code section 7522.20(a).
Retirement Formula. The County shall maintain the defined benefit retirement formula specified in Section 31676.14 (2% at age 55 ½) for General Members of SJCERA Tier I and in Section 31664.1 (3% at age 50) for Safety Members of SJCERA Tier I. General Members of SJCERA Tier II participate in the defined benefit formula prescribed by Section 7522.20 of PEPRA (2.0% at age 62). Safety Members of SJCERA Tier II participate in the defined benefit formula prescribed by Section 7522.25(d) of PEPRA (2.7% at age 57). An annual cost of living adjustment of up to three percent (3%) shall be maintained in accordance with Section 31870.1 for monthly benefits payable by SJCERA to retired members of SJCERA (Tiers I and II) or their beneficiaries.
Retirement Formula. The County shall maintain the defined benefit retirement formula specified in Section 31676.14 (2% at age 55 ½) for General Members of SJCERA Tier I. General Members of SJCERA Tier II participate in the defined benefit formula prescribed by Section 7522.20 of PEPRA (2.0% at age 62). An annual cost of living adjustment of up to three percent (3%) shall be maintained in accordance with Section 31780.1 for monthly benefits payable by SJCERA to retired members (Tiers I and II) or their beneficiaries.
Retirement Formula. Regular employees holding County employment shall be members of the Public Employees’ Retirement System (PERS) as provided by law and the terms of the contract in effect between the County and the Public Employees’ Retirement System. The County will maintain the following Retirement Programs for Classic PERS Members: The 2% @ 55 PERS formula shall be provided for Miscellaneous Retirement category employees. The County will maintain the following Retirement Programs for PEPRA New Members (entering CalPERS membership on or after January 1, 2013): The 2% @ 62 PERS formula shall be provided for Miscellaneous Retirement category employees.
Retirement Formula. The City contracts with CalPERS to provide the 3% at 50 retirement formula for all employees hired before July 1, 2012 as set forth in California Government Code Section 21362.2. For employees hired after July 1, 2012 who are classic members, the City contracts with CalPERS to provide the 3% at 55 retirement formula as set forth in California Government Code Section 21363.1
Retirement Formula. These Employees shall receive the three percent at fifty (3% at 55) retirement formula as per California Government Code Section 31664.2.
Retirement Formula. For Tier 2 members, as defined under Government Code Section 7522 et seq. and SBCERA bylaws, the applicable Retirement Formula shall be 2.7% at age 57.
Retirement Formula. Retirement formula will be determined in accordance with Public Employment Retirement Law, the Public Employees Pension Reform Act of 2013 and this Memorandum of Understanding. Where conflicts arise the law will prevail. Employees identified by XxxXXXX as Classic Members: • The 2% @ 50 PERS Formula shall be provided for Public Safety category employees. • The 2% @ 55 PERS Formula shall be provided for Miscellaneous category employees. Employees identified by XxxXXXX as PEPRA New Members: • The 2.7% @ 57 PERS Formula shall be provided for Public Safety category employees. • The 2% @ 62 PERS Formula shall be provided for Miscellaneous category employees. All other current retirement benefits in the existing contract between the County and PERS shall remain in effect.
Retirement Formula. Bargaining unit employees hired before November 29, 2010 are entitled to retirement benefits under the California Public Employee Retirement System (CalPERS) 2.5% @ 55 retirement formula (Tier I). Bargaining unit employees hired on or after November 29, 2010, and who are “classic” members as defined by XxxXXXX, are entitled to retirement benefits under CalPERS 2.0 @ 55 retirement formula (Tier II). Bargaining unit employees hired on or after January 1, 2013, who are “new members” as defined by XxxXXXX, are entitled to retirement benefits under the CalPERS 2% @ 62 retirement formula (Tier III).
