Second-Tier Retirement Plan. The Union and the State agree to participate in the Second-Tier retirement plan as prescribed by law.
Second-Tier Retirement Plan. Unit 6 members may participate in the Second-Tier retirement plan as prescribed by Government Code Section 21070.5.
A. Second Tier members first employed by the State and subject to CalPERS membership prior to January 1, 2013, are subject to the Pre-PEPRA Second Tier retirement formula.
B. Employees who are brought into CalPERS membership for the first time on or after January 1, 2013, and who are not eligible for reciprocity with another California public employer as provided in Government Code Section 7522.02(c) shall be subject to the “PEPRA Retirement Formula.” As such, the PEPRA changes to retirement formulas and pensionable compensation caps apply only to new CalPERS members subject to PEPRA as defined under PEPRA.
C. The table below lists the Second Tier age/benefit factors for the Pre-PEPRA and PEPRA retirement formulas. 50 0.500 N/A 51 0.550 N/A 52 0.600 0.650 53 0.650 0.690 54 0.700 0.730 55 0.750 0.770 56 0.800 0.810 57 0.850 0.850 58 0.900 0.890 59 0.950 0.930 60 1.000 0.970 61 1.050 1.010 62 1.100 1.050 63 1.150 1.090
64 1. 200 1.130 65 1.250 1.170 66 1.250 1.210 67 1.250 1.250
D. Employee Retirement Contribution As stated in Government Code Section 20683.2, effective July 1, 2013, Second Tier members, including ARP members, shall contribute one and one-half percent (1.5%) of monthly pensionable compensation for retirement, and will increase by 1.5% points annually. The final annual increase in the contribution rate shall be adjusted as appropriate to reach fifty percent (50%) of normal cost.
Second-Tier Retirement Plan. Unit 10 members may participate in the Second-Tier retirement plan as prescribed by Government Code Section 21070.5.
A. Second Tier members first employed by the State and subject to CalPERS membership prior to January 1, 2013 are subject to the Pre- PEPRA Second Tier retirement formula.
B. Employees who are brought into CalPERS memberships for the first time on or after January 1, 2013 and who are not eligible for reciprocity with another California public employers as provided in Government Code section 7522.02(c) shall be subject to the “PEPRA Retirement Formula.” As such, the PEPRA changes to retirement formulas and pensionable compensation caps apply only to new CalPERS members subject to PEPRA as defined under XXXXX.
C. The table below lists the Second Tier age/benefit factors for the Pre-PEPRA and XXXXX retirement formulas. Employees first hired and subject to CalPERS membership prior to January 1, 2013 Employees eligible for CalPERS Membership for the first time on and after January 1, 2013 50 0.5000 N/A 51 0.5500 N/A 52 0.6000 0.6500 53 0.6500 0.6900 54 0.7000 0.7300 55 0.7500 0.7700 56 0.8000 0.8100 57 0.8500 0.8500 58 0.9000 0.8900 59 0.9500 0.9300 60 1.0000 0.9700
61 1. 0500 1.0100
62 1. 1000 1.0500
63 1. 1500 1.0900
64 1. 2000 1.1300
65 1. 2500 1.1700
66 1. 2500 1.2100
Second-Tier Retirement Plan. CAPT and the State agree to continue to participate in the second-tier retirement plan as prescribed by law.
Second-Tier Retirement Plan. CAPS and the State agree to participate in the Second-Tier Retirement Plan as prescribed by law. Any Unit 10 employee mandatorily enrolled in the Tier II plan shall be encouraged to participate in the Savings Plus Program administered by DPA.
Second-Tier Retirement Plan. UAPD and the State agree to participate in the Second-Tier Retirement Plan as prescribed by law.
A. Second Tier members first employed by the State and subject to CalPERS membership prior to January 1, 2013 are subject to the Pre-PEPRA Second Tier retirement formula.
B. Employees who are brought into CalPERS membership for the first time on or after January 1, 2013 and who are not eligible for reciprocity with another California public employer as provided in Government Code Section 7522.02(c) shall be subject to the “PEPRA Retirement Formula.” As such, the PEPRA changes to retirement formulas and pensionable compensation caps apply only to new CalPERS members subject to PEPRA as defined under PEPRA.
C. The table below lists the Second Tier age/benefit factors for the Pre-PEPRA and PEPRA retirement formulas. Age at Retirement Pre-PEPRA Formula (1.25% at age 65) PEPRA Formula (1.25% at age 67) Employees first hired and subject to CalPERS membership prior to January 1, 2013 Employees eligible for CalPERS Membership for the first time on and after January 1, 2013 Age at Retirement Pre-PEPRA Formula (1.25% at age 65) PEPRA Formula (1.25% at age 67) Employees first hired and subject to CalPERS membership prior to January 1, 2013 Employees eligible for CalPERS Membership for the first time on and after January 1, 2013
Second-Tier Retirement Plan. A. UAPD and the State agree to participate in the Second-Tier Retirement Plan as prescribed by law. UAPD and the State agree to permit State miscellaneous employees who are in Bargaining Unit 16 and members of the Public Employees' Retirement System to participate in the Second-Tier Retirement Plan effective January 1, 1986. It should also include industrial employees if they are amended into the Two-Tier Plan as prescribed by law.
1. The Second-Tier retirement plan is a noncontributory plan which provides a maximum benefit of 1-1/4 percent of final average salary for each year of credited service at age 65 with a 3 percent cost of living adjustment beginning the second calendar year following retirement. There is a 10-year vesting requirement. The specifics of the Second-Tier plan are outlined in AB 529 (Elder) (Government Code Chapter 674, 1984 Statutes) and 1985 cleanup legislation which is being sponsored by PERS.
2. An employee's election to participate in the Second-Tier is voluntary but once made, is irrevocable.
3. An employee who elects the Second-Tier for all past and future miscellaneous service will be refunded all of the employee's retirement contributions plus interest which are credited to him/her under the First-Tier miscellaneous retirement plan.
Second-Tier Retirement Plan. Unit 6 members may participate in the Second-Tier retirement plan as prescribed by Government Code Section 21070.5.
A. Second Tier members first employed by the State and subject to CalPERS membership prior to January 1, 2013, are subject to the Pre-PEPRA Second Tier retirement formula.
B. Employees who are brought into CalPERS membership for the first time on or after January 1, 2013, and who are not eligible for reciprocity with another California public employer as provided in Government Code Section 7522.02(c) shall be subject to the “PEPRA Retirement Formula.” As such, the PEPRA changes to retirement formulas and pensionable compensation caps apply only to new CalPERS members subject to PEPRA as defined under PEPRA.
C. The table below lists the Second Tier age/benefit factors for the Pre-PEPRA and PEPRA retirement formulas. Employees first hired and subject to CalPERS membership prior to January 1, 2013 Employees eligible for CalPERS Membership for the first time on and after January 1, 2013
67 1. 250 1.250
D. As stated in Government Code Section 20683.2, effective July 1, 2013, Second Tier members, including ARP members, shall contribute one and one-half percent (1.5%) of monthly pensionable compensation for retirement, and will increase by 1.5% points annually. The final annual increase in the contribution rate shall be adjusted as appropriate to reach fifty percent (50%) of normal cost.
Second-Tier Retirement Plan. Unit 7 members may participate in the Second-Tier retirement plan as prescribed by Government Code Section 21070.5.
Second-Tier Retirement Plan. Unit 12 members may participate in the Second-Tier retirement plan as prescribed by Government Code Section 21070.5
A. Second Tier member first employed by the State and subject to CalPERS membership prior to January 1, 2013 are subject to the Pre-PEPRA Second Tier retirement formula.
B. Employees who are brought into CalPERS membership for the first time on or after January 1, 2013 and who are not eligible for reciprocity with another California public employer as provided in Government Code Section 7522.02 (c) shall be subject to the “PEPRA Retirement Formula.” As such, the PEPRA changes to retirement formulas and pensionable compensation caps apply only to new CalPERS members subject to PEPRA as defined under PEPRA.
C. The table below lists the Second Tier age/benefit factors for the Pre-PEPRA and PEPRA retirement formulas.
