Common use of Retirement Formula Clause in Contracts

Retirement Formula. The City implemented the 2.5% at age 55 PERS formula effective June 15, 2008. The employees and the City each contributed 2.4% of salary (total 4.8%) to pre- fund the contributions of the 2.5% at age 55 benefit which was credited towards the unfunded liability of the 2.5% at age 55 retirement benefit. Effective January 1, 2013, as a result of PEPRA, the City is mandated to provide employees identified by PERS as New Members (generally employees who became PERS members on or after January 1, 2013) with a 2% @ 62 retirement plan in accordance with Section 7522.20 of the California Government Code. These criteria were not a subject of negotiation and are provided for informational purposes only.

Retirement Formula. ‌ The City implemented the 2.5% at age 55 PERS formula effective June 15, 2008. The employees and the City each contributed 2.4% of salary (total 4.8%) to pre- fund the contributions of the 2.5% at age 55 benefit which was credited towards the unfunded liability of the 2.5% at age 55 retirement benefit. Effective January 1, 2013, as a result of PEPRA, the City is mandated to provide employees identified by PERS as New Members (generally employees who became PERS members on or after January 1, 2013) with a 2% @ 62 retirement plan in accordance with Section 7522.20 of the California Government Code. These criteria were not a subject of negotiation and are provided for informational purposes only.

Retirement Formula. The City implemented the 2.5% at age 55 PERS formula effective June 15, 2008. The employees and the City each contributed 2.4% of salary (total 4.8%) to pre- fund the contributions of the 2.5% at age 55 benefit which was credited towards the unfunded liability of the 2.5% at age 55 retirement benefit. Effective January 1, 2013, as a result of PEPRA, the City is xxxxxx mandated to provide employees identified by PERS as New Members (generally employees who became PERS members on or orhired after January 1, 2013) with a 2% @ 62 retirement plan in accordance with Section 7522.20 of the California Government Code. These criteria were not a subject of negotiation and are provided for informational purposes only.