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.
Appears in 5 contracts
Sources: Memorandum of Understanding, Memorandum of Understanding, Memorandum of Understanding
Retirement Formula. The County District 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.
Appears in 3 contracts
Sources: Memorandum of Understanding, Memorandum of Understanding, Memorandum of Understanding
Retirement Formula. The County shall Court agrees to maintain the County of San ▇▇▇▇▇▇▇ 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.
Appears in 2 contracts
Sources: Memorandum of Understanding, Memorandum of Understanding
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 31870.1 for monthly benefits payable by SJCERA to retired members (Tiers I and II) or their beneficiaries.
Appears in 1 contract
Sources: Memorandum of Understanding