Classic Employee definition
Examples of Classic Employee in a sentence
Fire Department Employees hired January 1, 2013 or after and designated as local public safety members by the City are provided retirement benefits under the Public Employee Pension Reform Act of 2013 Local Safety (Fire) 2.7% at 57 formula, unless the employee has been employed in with a CalPERS employer within the preceding six (6) months ("Classic" Employee).
Employees hired January 1, 2013 or after and designated as local miscellaneous members by the City are provided retirement benefits under the Public Employee Pension Reform Act of 2013 Local Miscellaneous two percent at 62 (2% @ 62) formula, unless the employee has been employed with a CalPERS employer within the preceding six (6) months ("Classic Employee).
Retirement Formula: Classic Employee Employees designated as “classic” employees will be covered under the Police Safety contract under the Public Employees' Retirement System (PERS) with a 3% at age 50 benefit formula and with a final compensation measurement period of the highest single (1) year.
Member Contributions: Classic Employee Bargaining unit members designated as “classic” employees will pay the full 9% member contribution and the City will no longer pay any portion of these employees’ member contributions.
A Classic Employee who worked for 10 years would receive 25% (10*2.5%) of her highest year’s pay as a pension if she retired at 55.
Effective the first full pay period following July 1, 2023, total Classic Employee pension contribution shall be 9% of salary.
Total Classic Employee pension contribution shall be 12% of salary.
With respect to the Classic Employee Benefit Plans, there exists no condition or set of circumstances in connection with Classic that could reasonably be expected to result in liability reasonably likely to have a Material Adverse Effect on Classic under ERISA, the Code or any applicable law.
Except for the Classic Employee Benefit Plans, Classic does not maintain, or have any fixed or contingent liability with respect to, any employee benefit, pension or other plan that is subject to ERISA.
With respect to the Classic Employee Benefit Plans, individually and in the aggregate, there are no unfunded benefit obligations which have not been accounted for by reserves, or otherwise properly footnoted in accordance with GAAP, on the financial statements of Classic.