Tier I. Classic Safety Members hired prior to July 1, 2011 will have a retirement formula that is based on 3.0% @ 50 Plan Full Formula for Safety Members and upon retirement an employee’s “final compensation” will be based on the “highest one (1) year” salary. For Tier I above, the City shall pay up to one hundred percent (100%) of each employee’s required retirement contributions pursuant to the retirement plan maintained by the City through PERS. Said payments shall not exceed nine percent (9%) of the employee’s “PERSable” compensation. These payments are not salary increases but are the City’s payment of employees’ retirement contribution in accordance with Section 414(h)(2) of the Internal Revenue Code.
Appears in 5 contracts
Samples: www.lris.com, www.fontanaca.gov, www.fontanaca.gov
