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TIER 4 MISCELLANEOUS EMPLOYEE RETIREMENT Sample Clauses

TIER 4 MISCELLANEOUS EMPLOYEE RETIREMENT a. The County shall establish a Miscellaneous Retirement Tier 4 based upon Government Code Section 31676.1, with a final compensation based upon the highest three-year average compensation pursuant to Government Code Section 31462, and shall have a post-retirement cost-of-living adjustment factor pursuant to Government Code Section 31870 to a maximum annual 2%. This retirement tier shall apply exclusively to employees first hired after implementation of the Miscellaneous Retirement Tier 4. b. This provision will be implemented at the same time, or as soon as practicable after the County implements the Miscellaneous Employee Retirement Tier 4 for the new hires within represented units and unrepresented units which comprise a majority of County positions covered by miscellaneous retirement within the Sacramento County Employee Retirement System.
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TIER 4 MISCELLANEOUS EMPLOYEE RETIREMENT. The County shall establish a Miscellaneous Employee Retirement Tier 4 based upon Government Code Section 31676.1, resulting in a 1.92% at age 60 formula, with a final compensation based upon the highest three-year average compensation pursuant to Government Code Section 31462, and shall have a post-retirement cost-of-living adjustment factor pursuant to Government Code Section 31870 to a maximum annual 2%. This retirement tier shall apply exclusively to employees first hired after implementation of the Miscellaneous Employee Retirement Tier 4.
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TIER 4 MISCELLANEOUS EMPLOYEE RETIREMENT a. The County shall establish a Miscellaneous Employee Retirement Tier 4 based upon Government Code Section 31676.1, resulting in a 1.92% at age 60 formula, with a final compensation based upon the highest three-year average compensation pursuant to Government Code Section 31462, and shall have a post-retirement cost-of- living adjustment factor pursuant to Government Code Section 31870 to a maximum annual 2%. This retirement tier shall apply exclusively to employees first hired after implementation of the Miscellaneous Employee Retirement Tier 4. b. This provision will be implemented at the same time, or as soon as practicable after, the County implements the Miscellaneous Employee Retirement Tier 4 for the new hires within represented units and unrepresented units which comprise a majority of County positions covered by miscellaneous retirement within the Sacramento County Employee Retirement System. c. Should the County, following the date of this agreement, implement a miscellaneous employee retirement tier with a higher benefit formula than that provided in Government Code Section 31676.1 to other unit or units, that higher benefit formula shall also be implemented for the Association.
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TIER 4 MISCELLANEOUS EMPLOYEE RETIREMENT. Effective August 12, 2012, the County shall establish a Miscellaneous Retirement Tier 4 for the Engineers and Architects, Non-Supervisory and Supervisory units. Miscellaneous Employee Retirement Tier 4 consists of the 1.92% at age 60 formula prescribed by Government Code Section 31676.1, with a final compensation based upon the highest three-year average compensation pursuant to Government Code Section 31870 to a maximum annual 2%. This retirement tier shall apply exclusively to employees hired on or after August 12, 2012.
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TIER 4 MISCELLANEOUS EMPLOYEE RETIREMENT a. The County shall establish a Miscellaneous Employee Retirement Tier 4 based upon Government Code Section 31676.1, resulting in a 1.92% at age 60 formula, with a final compensation based upon the highest three-year average compensation pursuant to Government Code Section 31462, and shall have a post-retirement cost-of- living adjustment factor pursuant to Government Code Section 31870 to a maximum annual 2%. This retirement tier shall apply exclusively to employees first hired after implementation of the Miscellaneous Employee Retirement Tier 4. b. This provision will be implemented by the County for the Operations and Maintenance Unit at the same time, or as soon as practicable after, the County implements the Miscellaneous Employee Retirement Tier 4 for the new hires within represented units and unrepresented units which comprise a majority of County positions covered by miscellaneous retirement with the Sacramento County Employee Retirement System. c. Should the County, following the date of this agreement, implement a miscellaneous employee retirement tier with a higher benefit formula than that provided in Government Code Section 31676.1 to other unit or units, that higher benefit formula shall also be implemented for the Operations and Maintenance Unit.
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Related to TIER 4 MISCELLANEOUS EMPLOYEE RETIREMENT

  • Transition to Retirement 24.1 An Employee may advise their Employer in writing of their intention to retire within the next five years and participate in a retirement transition arrangement. 24.2 Transition to retirement arrangements may be proposed and, where agreed, implemented as: (a) a flexible working arrangement (see clause 16 (Flexible Working Arrangements)), (b) in writing between the parties, or (c) any combination of the above. 24.3 A transition to retirement arrangement may include but is not limited to: (a) a reduction in their EFT; (b) a job share arrangement; (c) working in a position at a lower classification or rate of pay 24.4 The Employer will consider, and not unreasonably refuse, a request by an Employee who wishes to transition to retirement: (a) to use accrued Long Service Leave (LSL) or Annual Leave for the purpose of reducing the number of days worked per week while retaining their previous employment status; or (b) be appointed to a role which that has a lower hourly rate of pay or hours (post transition role), in which case: (i) the Employer will preserve the accrual of LSL at the time of reduction in salary or hours; and (ii) where LSL is taken or paid out in lieu on termination, the Employee will be paid LSL hours at the applicable classification and grade, and at the preserved hours, prior to the post transition role until the preserved LSL hours are exhausted.

  • Public Employees Retirement System “PERS”) Members.

Most Referenced Clauses

Most Referenced Definitions