Tier 3 Employees. Employees hired on or after January 1, 2013 and who are defined by the Public Employee’s Pension Reform Act (PEPRA) as new CalPERS members. The retirement formula is two percent (2%) at sixty-two (62) years of age. Final compensation is calculated as the average of the three (3) highest years. Employees in Tier 3 pay fifty percent (50%) of the normal cost to PERS, which is currently seven percent (7%) of compensation. A new member is defined in the PEPRA as any of the following:
Appears in 6 contracts
Samples: riversideca.gov, riversideca.gov, riversideca.gov
