Common use of Tier Three Clause in Contracts

Tier Three. Miscellaneous 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): • 2.0% for each year of service at age 62. • Final compensation to be calculated on the basis of the employee’s pensionable compensation for any thirty-six (36) months of employment. • 1959 Level III Survivor benefits.

Tier Three. Miscellaneous 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): •  2.0% for each year of service at age 62. •  Final compensation to be calculated on the basis of the employee’s pensionable compensation for any thirty-six (36) months of employment. •  1959 Level III Survivor benefits.