Retirement Plan for Employees. Hired on or After January 1, 2011
Retirement Plan for Employees. Hired on or after January 1, 2011 In accordance with the provisions of said Ordinance, an individual will be eligible for normal retirement upon attaining age 60 or older with 8 or more years of credited service, or age 50 or older with 25 or more years of credited service. Effective January 1, 2011 the monthly benefit formula applicable to retirement for all employees in the bargaining unit who were hired on or after January 1, 2011, shall be one and one-half ( 1.5% ) percent of the employee's final average compensation multiplied by his years of credited service, not to exceed seventy-five percent (75%) of final average compensation. Effective January 1, 2011, all employees shall contribute three (3%) percent of all earnings to the Retirement System. Such contributions shall be made through automatic payroll deduction on a biweekly basis from each member’s earnings. Final average compensation shall be the average of the compensation paid an individual during the period of thirty-six (36) consecutive months of his credited service producing the highest average compensation contained within the period of 120 months of his credited service immediately preceding the date his employment with the Employer last terminates. An individual who retires under the normal retirement or disability retirement provisions of the Monroe County Employees Retirement System Ordinance may elect to be paid the individual's accumulated member contributions provided such election is made prior to the date the first payment of the pension is made. The amount of pension paid to an individual making such election shall be reduced as provided in the Ordinance.
Retirement Plan for Employees. Hired On or After January 1, 2013, Who Are Not Classic Members:
Retirement Plan for Employees. Hired On or Before April 21, 2012 - Employees hired on or before April 21, 2012 in this unit shall receive the retirement benefit of 2.7% at 55. For purposes of determining a retirement benefit, final compensation for unit members covered by this Section 4.3.2 shall mean the highest annual average pensionable compensation earned during 36 consecutive months of service. Each bargaining unit member covered by this Section 4.3.2 shall pay through payroll deduction 100% of the required bargaining unit member contribution, which is 8%. Employees covered by Section 4.3.2 shall pay, through payroll deduction, the 100% of the eight percent (8%) member contribution plus an additional one percent (1%) of PERSable compensation for a total contribution of nine percent (9%) toward the cost of pension benefits as permitted by Government Code Section 20516.
Retirement Plan for Employees. Hired After April 21, 2012 but Before January 1, 2013, and Classic Members, as Defined by CalPERS All employees hired after April 21, 2012 but before January 1, 2013 and classic members as determined by XxxXXXX, shall receive the retirement benefit of 2% at 55. For purposes of determining a retirement benefit, final compensation for unit members covered by this Section 4.3.3 shall mean the highest annual average pensionable compensation earned during 36 consecutive months of service. Each bargaining unit member covered by this Section 4.3.3 shall pay through payroll deduction 100% of the required bargaining unit member contribution, which is 7%. Employees covered by Section 4.3.3 shall pay, through payroll deduction, the 100% of the seven percent (7%) member contribution plus an additional one percent (1%) of PERSable compensation for a total contribution of eight percent (8%) toward the cost of pension benefits as permitted by Government Code Section 20516.
Retirement Plan for Employees. Hired On or After January 1, 2013, Who Are Not Classic Members All employees hired on or after January 1, 2013 who are new members shall receive the retirement benefit of 2% at 62. For purposes of determining a retirement benefit, final compensation for unit members covered by this Section 4.3.4 shall mean the highest annual average pensionable compensation earned during 36 consecutive months of service. As required by Government Code Section 7522.04(g), unit members covered by this Section 4.3.4 shall pay, through payroll deductions, 50 percent (50%) of normal costs of their retirement plan as determined annually by XxxXXXX, plus an additional one percent (1%) of PERSable compensation toward the cost of pension benefits as permitted by Government Code Section 20516. The City shall notify members under this Section 4.3.4 of the monthly contribution for the next fiscal year in the first quarter of the calendar year, or as soon as reasonably practicable, following CalPERS publication of the required contribution rate. Employee contributions under Sections 4.3.2, 4.3.3, and 4.3.4 shall be made in accordance with Section 414(h)(2) of the IRC .
Retirement Plan for Employees. Hired On or Before July 1, 2006
Retirement Plan for Employees hired after July 1, 2005)
Retirement Plan for Employees. Hired After April 21, 2012 but Before January 1, 2013, and Classic Members, as Defined by CalPERS -
Retirement Plan for Employees. Hired On or Before December 31, 2012, and Classic Members as Defined by CalPERS:
