Tier Three. Ocean lifeguard safety employees in the bargaining unit hired on or after January 1, 2013 who do not qualify for TIER ONE or TWO, as determined by PERS, will be enrolled in Tier Three PERS retirement plan benefit formula as defined by California Public Employees’ Pension Reform Act of 2013 (PEPRA – AB 340). The Tier Three PERS Safety retirement plan benefit formula of 2.7% at age 57 pursuant to Government Code Section 7522.25 with final compensation to be calculated on the basis of the employee’s compensation for any consecutive thirty-six (36) months of employment.
Appears in 4 contracts
Samples: Memorandum of Understanding, Memorandum of Understanding, Memorandum of Understanding
