Common use of TIER 4 MISCELLANEOUS EMPLOYEE RETIREMENT Clause in Contracts

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 General Supervisory 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 General Supervisory Unit.

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 General Supervisory 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 General Supervisory Operations and Maintenance Unit.

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- 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 General Supervisory 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 General Supervisory Unit.