Common use of Tier 3 Clause in Contracts

Tier 3. For employees hired on or after January 1, 2013, who meet the definition of new member under Gov’t Code 7522.04(f), the Town will provide Tier 3 benefits to include the 2% at 62 retirement benefit. Employees in Tier 3 shall: - Contribute an amount that is equal to one half (1/2) the normal cost of his/her CalPERS pension, or the current contribution rate of similarly situated employees, whichever is greater (Gov’t Code 7522.30(c)). - Use the 36-month final average compensation (Gov’t Code 20037). - Be eligible for PERS Fourth Level of 1959 Survivor benefits.

Tier 3. For employees hired on or after January 1, 2013, who meet the definition of new member under Gov’t Code 7522.04(f), the Town will provide Tier 3 benefits to include the 2% at 62 retirement benefit. Employees in Tier 3 shall: - Contribute an amount that is equal to one half (1/2) the normal cost of his/her herhis/her/their CalPERS pension, or the current contribution rate of similarly situated employees, whichever is greater (Gov’t Code 7522.30(c)). - Use the 36-month final average compensation (Gov’t Code 20037). - Be eligible for PERS Fourth Level of 1959 Survivor benefits.

Tier 3. For employees hired on or after January 1, 2013, who meet the definition of new member under Gov’t Code 7522.04(f), the Town will provide Tier 3 benefits to include the 2% at 62 retirement benefit. Employees in Tier 3 shall: - Contribute an amount that is equal to one half (1/2) the normal cost of his/her her/their CalPERS pension, or the current contribution rate of similarly situated employees, whichever is greater (Gov’t Code 7522.30(c)). - Use the 36-month final average compensation (Gov’t Code 20037). - Be eligible for PERS Fourth Level of 1959 Survivor benefits.