Tier Three. For employees hired on or after January 1, 2013 and classified as “new” members of CalPERS as defined by Public Employees Pension Reform Act (PEPRA), the City shall maintain a contract with CalPERS for the provision of a 2% @ 62 (highest 36 months) retirement benefit formula. Also pursuant to PEPRA, these employees and the City are each responsible for paying one-half of the normal cost of this retirement plan.
Appears in 7 contracts
Samples: Memorandum of Understanding, Memorandum of Understanding, Memorandum of Understanding
Tier Three. For employees hired on or after January 1, 2013 and classified as “new” members of CalPERS as defined by Public Employees Employees’ Pension Reform Act (PEPRA), the City shall maintain a contract with CalPERS for the provision of a 2% @ 62 (highest 36 months) retirement benefit formula. Also pursuant to PEPRA, these employees and the City are each responsible for paying one-half of the normal cost of this retirement plan.
Appears in 3 contracts
Samples: Memorandum of Understanding, Memorandum of Understanding, Memorandum of Understanding
Tier Three. For employees hired on or after January 1, 2013 and classified as “"new” " members of CalPERS as defined by Public Employees Employees' Pension Reform Act (PEPRA), the City shall maintain a contract with CalPERS for the provision of a 2% @ 62 (highest 36 months) retirement benefit formula. Also pursuant to PEPRA, these employees and the City are each responsible for paying one-half of the normal cost of this retirement plan.
Appears in 1 contract
Samples: Memorandum of Understanding
