Classic definition
Classic. MEMBERS ARE:
Classic has the meaning specified in the preamble to this Agreement.
Classic. (Employed by the City or other eligible public agency prior to January 1, 2013 as defined by CalPERS) non-sworn unit employees shall be provided the benefit of the Miscellaneous Members 2%@55 retirement formula.
Examples of Classic in a sentence
The City shall report Special Assignment Pay periodically as earned to CalPERS as either special compensation for Classic members or pensionable compensation for PEPRA members.
You may cancel Your VISA Classic Secured or VISA Platinum Secured Feature Category at LINE OF CREDIT LIMITS.
In order to comply with CalPERS reporting requirements for uniform allowance for Classic employees, the allowance will be reported as earned on July 1.
In order to receive and maintain a VISA Classic Secured or VISA Platinum Secured Feature Category, You agree to give Us a specific pledge of shares which will equal Your Credit Limit.
Your Account has Feature Categories which may include Personal Line of Credit, VISA Classic, VISA Platinum, VISA Classic Secured and VISA Platinum Secured.
More Definitions of Classic
Classic unit members are included in Tier I & II for purposes of retirement pension benefits in accordance with the Public Employees’ Pension Reform Act of 2013. Tier I and II generally include employees that were hired before January 1, 2013 in the California Public Employees Retirement System (CalPERS) or a reciprocal retirement system with no break in service longer than six months. CalPERS will determine who is a classic member in compliance with the law.
Classic non-sworn employees represented under this MOU shall pay 100% of the employee’s share of the Public Employees Retirement System (PERS) contribution for Safety Members, which is currently 7%.
Classic members are those Miscellaneous EMPLOYEES with an initial hire date prior to January 1, 2013, who do not fit into the “NEW” employee categories.
11.1.3. RETIREMENT FOR CLASSIC MISCELLANEOUS EMPLOYEES SHALL BE AS FOLLOWS:
11.1.3.1. The DISTRICT shall contract with the Public Employees' Retirement System (PERS) to provide, in addition to minimum benefits, retirement benefits known commonly as “2.7% at 55 Full” as described in Government Code §21354.5 for Non-Safety Members. The contract shall also include the following:
11.1.3.1.1. Fourth level of 1959 Survivor Benefits (Section 21574). 11.
1.3.1.2. Credit for unused Sick Leave (§ 20965).
Classic. Miscellaneous Members
Classic bargaining unit members shall be responsible to contribute to the City’s employer contributions to the California Public Employees’ Retirement System (CalPERS) as follows: Effective the pay period including July 1, 2017 4.5% Effective the pay period including January 1, 2021 5.0% The City agrees to amend its contract with CalPERS effective January 1, 2019 to allow employees to receive PERS credit for the additional contributions made to CalPERS on the City’s behalf. New members as defined by the PEPRA pension reform statute shall have a retirement formula dictated by law and shall be required to pay at least fifty percent (50%) of the normal cost of their pension as identified, and periodically revised, by CalPERS or eight percent (8%), whichever is greater up to the legal maximum. In addition, “New” bargaining unit members shall be responsible to contribute to the City’s employer contributions to the California Public Employees’ Retirement System (CalPERS) as follows: Effective the pay period including July 1, 2017 4.5% Effective the pay period including January 1, 2021 5.0% The City agrees to amend its contract with CalPERS effective January 1, 2019 to allow employees to receive PERS credit for the additional contributions made to CalPERS on the City’s behalf.
Classic employees are defined as current employees and future employees who do not qualify as a “New” Member under the California Public Employees’ Pension Reform Act of 2013 (PEPRA).
Classic. Association members hired on or after September 17, 2011 shall be enrolled in the 2% @ 50 plan formula based on the three highest years and shall be ineligible for the single highest year benefit.