Three Year Final Compensation Sample Clauses

Three Year Final Compensation. For employees hired after February 5, 2012 (or as soon thereafter as practicable), the retirement allowance of a PERS member shall be based on the 36 highest paid consecutive months under the plan. (Government Code Section 20037).
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Three Year Final Compensation. For new PEPRA members, provides that final compensation means the highest average annual pensionable compensation earned by a member during a period of at least 36 consecutive months. Also prohibits a public employer from adopting a final compensation period of less than three years for classic members who are currently subject to a three-year final compensation period. 20055 Prior Service Credit: Unit employees may be eligible to purchase prior service credit.
Sample 1
Three Year Final Compensation. For employees hired after February 5, 2012 (or as soon thereafter as practicable), the retirement allowance of a Public Employees Retirement System (“PERS”) member shall be based on the 36 highest paid consecutive months under the plan. (Government Code Section 20037). D.1.d. Contributions toward PERS Retirement Effective February 5, 2012 or as soon as practicable, the City shall cease picking up two percent (2.0%) of the employee’s nine percent (9%) share of contributions to the Public Employees’ Retirement System (PERS). Each employee shall be responsible for paying that two (2.0%) of the full employee share of PERS contributions, with state and federal income tax on the PERS member contribution deferred to the extent permitted by Internal Revenue Code, 26 USC Section 4.14(h)(2). The City shall continue to pay seven percent (7.0%) of the employee’s nine percent (9.0%) share, and the City shall make the employer contribution to PERS for each employee. The City shall pay for any increase in the employer rate and shall retain any savings from a decrease in the employer rate and for contribution credits (rebates) from PERS. During the life of this Agreement, earnings may accrue to the City by reason of a reduction of the City’s contribution to PERS. Effective June 23, 2013, the City shall cease picking up 5.5% of the employee’s nine percent (9%) share of contributions to the Public Employees’ Retirement System (PERS). Each employee shall be responsible for paying that 5.5% of the full employee share of PERS contributions, with state and federal income tax on the PERS member contribution deferred to the extent permitted by Internal Revenue Code, 26 USC Section 4.14(h)(2). The City shall continue to pay the 3.5% of the employee’s nine percent (9.0%) share, and the City shall make the employer contribution to PERS for each employee. The City shall pay for any increase in the employer rate and shall retain any savings from a decrease in the employer rate and for contribution credits (rebates) from PERS. During the life of this Agreement, earnings may accrue to the City by reason of a reduction of the City’s contribution to PERS. Effective June 22, 2014, the City shall cease picking up nine (9%) of the employee’s nine percent (9%) share of contributions to the Public Employees’ Retirement System (PERS). Each employee shall be responsible for paying the full employee share of PERS contributions, with state and federal income tax on the PERS member contribution def...
Sample 1

Related to Three Year Final Compensation

  • Final Compensation Final Compensation for an employee, who is employed by the State for the first time and becomes a member of CalPERS prior to January 15, 2011, is based on the highest average monthly pay rate during twelve (12) consecutive months of employment. Final Compensation for an employee, who is employed by the State for the first time and becomes a member of CalPERS on or after January 15, 2011, is based on the highest average monthly pay rate during thirty-six (36) consecutive months of employment.

  • Additional Compensation Notwithstanding anything in this Memorandum of Understanding to the contrary when in the judgment of the Board, it becomes necessary or desirable to utilize the services of County employees in capacities other than those for which they are regularly employed, the Board may authorize and, if appropriate, fix an additional rate of compensation for such employees.

  • Lump Sum Compensation Lump sum computation refers to the method of payment under this Agreement for the professional services of the Consultant.

  • Termination Compensation Termination Compensation equal to two (2) times the Executive's Base Period Income shall be paid to the Executive in a single sum payment in cash on the thirtieth (30th) business day after the later of (a) the Control Change Date and (b) the date of the Executive's employment termination; provided that if at the time of the Executive's termination of employment the Executive is a Specified Employee, then payment of the Termination Compensation to the Executive shall be made on the first day of the seventh (7th) month following the Executive's employment termination.

  • Basic Compensation (a) SALARY. Executive will be paid an annual base salary of $115,000.00, subject to adjustment as provided below (the "Salary"), which will be payable in equal periodic installments according to Employer's customary payroll practices, but no less frequently than monthly. The Salary will be reviewed by the Board of Directors not less frequently than annually, and shall be increased on each anniversary of the Effective Date during the term hereof by an amount equal to not less than ten percent (10%) of the prior year's base salary.

  • Total Compensation Contractor shall include Total Compensation in XXX for each of its five most highly compensated Executives for the preceding fiscal year if:

  • Shift Differential Compensation Any employee in the bargaining unit whose assigned work shift commences (for unit-1) prior to 5:30 a.m. or whose work shift ends after 5:30 p.m., or (for unit-2 members) commences after 2:00 p.m. shall be paid a shift differential premium of five (5%) percent above the regular rate of pay for all hours worked.

  • Extra Compensation 1. CTSO Advisors will be paid twenty-five ($25) per hour (capped at eight (8) hours per day) for non-discretionary CTSO activities (e.g., conferences, conventions, and competitions) involving students on days not scheduled as part of the regular school year calendar.

  • Special Compensation The Company shall pay to the Executive a lump sum equal to three times the sum of (a) the highest per annum base rate of salary in effect with respect to the Executive during the three-year period immediately prior to the termination of employment plus (b) the Highest Bonus Amount. Such lump sum shall be paid by the Company to the Executive within ten business days after the Executive's termination of employment, unless the provisions of Section 3(e) below apply. The amount of the aggregate lump sum provided by this Section 3(c), whether paid immediately or deferred, shall not be counted as compensation for purposes of any other benefit plan or program applicable to the Executive.

  • Full Compensation Subrecipient agrees to accept the specified compensation as set forth in this Contract as full remuneration for performing all services and furnishing all staffing and materials required, for any reasonably unforeseen difficulties which may arise or be encountered in the execution of the services until acceptance, for risks connected with the services, and for performance by the Subrecipient of all its duties and obligations hereunder.

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