Tier Two. 2.5% At 55
Tier Two. Unit Members Hired on or After June 8, 2012, but Before January 1, 2013, and Classic Members as Determined by CalPERS 39 6.1.2.1 2.5% at 55 Retirement Plan. 39 6.1.2.2 PERS Contribution 39
Tier Two. Under the second tier, the Plan Administrator will allocate the Employer Contributions for a Plan Year in the same ratio that each Participant's Excess Compensation (as the Employer defines that term in its Adoption Agreement) for the Plan Year bears to the total Excess Compensation of all Participants for the Plan Year, but not exceeding 3% of each Participant's Excess Compensation.
Tier Two. Safety 3% at 55 Retirement Program
Tier Two. Ocean lifeguard safety employees in the bargaining unit hired on or after October 13, 2012 shall be enrolled in the Tier Two PERS safety retirement plan benefit formula of 3% at age 55 with final compensation to be calculated on the basis of the employee’s compensation for any consecutive thirty-six (36) months of employment.
Tier Two. Employees shall pay the full 7.0% (seven percent) member contribution.
Tier Two. Grade Level Chair will be paid an annual stipend of $845 for a grade level consisting of 3 or more teachers Xxxxxxxx Elementary School (TK-2) and Fremont Elementary School (3-5).
Tier Two. For employees hired on or after January 1, 2013 and classified as “new” members of CalPERS as defined by Public Employee Pension Reform Act (PEPRA), the City shall maintain a contract with CalPERS for the provision of a 2.7% @ 57 (highest 36 months) retirement benefit formula. Also pursuant to PEPRA, these employees are responsible for paying one-half of the normal cost of this retirement plan and subject to the reportable annual compensation limit per Government Code Section 7522.10.
Tier Two. “2% @ 60” Retirement Formula Benefit – Employees Hired After December 30, 2012 and Employees Qualified for Reciprocity (Classic Member)
9.3.1. “2% @ 60” Pension Formula
