Classic Employees definition

Classic Employees. Definition: Classic Employees are defined as current employees and future employees who do not qualify as “New Members” under the California Public Employees Pension Reform Act of 2013 (PEPRA).
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Classic Employees. One-half (1/2) of the amount by which the Fiscal Year 2021-2022 Employer Miscellaneous Normal Cost Rate exceeds 10.303% up to a maximum of 0.5% of compensation earnable. New Members as defined by the Public Employees’ Pension Reform Act of 2013: One- half (1/2) of the amount by which the Fiscal Year 2021-2022 Employer Miscellaneous Normal Cost Rate exceeds 10.303% up to a maximum of 0.5% of pensionable compensation. This cost share would be effective the first day of the pay period including October 1, 2021. For example, if the City’s Fiscal Year 2021-2022 Employer Miscellaneous Normal Cost Rate increases to 10.903% (a 0.6% increase), employees will cost share 0.3%. If the City’s Fiscal Year 2021-2022 Employer Miscellaneous Normal Cost Rate increases to 12% (which is more than 1% above the 2020-2021 rate), the employees shall cost share 0.5%, the maximum amount. Rate increases will be applied to the one thousandth of a percent. If there is rounding necessary, the City will round up. Effective the pay period including October 1, 2022, the City agrees that employees in the unit will receive an additional one half of one percent (0.5%) (for a total of 2.0% of annual base pay) for wellness pay. However, if the City’s Fiscal Year 2022-2023 Employer Miscellaneous Normal Cost Rate exceeds 10.303%, (the 2020-2021 Rate) employees in the unit will cost share on an ongoing basis (in accordance with Government Code section 20516(f)) as follows:
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Classic Employees. One-half (1/2) of the amount by which the Fiscal Year 2022- 2023 Employer Miscellaneous Normal Cost Rate exceeds 10.303% up to a maximum of 1.0% of compensation earnable. New Members as defined by the Public Employees’ Pension Reform Act of 2013: One-half (1/2) of the amount by which the Fiscal Year 2022-2023 Employer Miscellaneous Normal Cost Rate exceeds 10.303% up to a maximum of 1.0% of pensionable compensation. This cost share would be effective the first day of the pay period including October 1, 2022. For example, if the City’s Fiscal Year 2022-2023 Employer Miscellaneous Normal Cost Rate increases to 11.503% (a 1.2% increase over the 2020-2021 rate), employees will cost share 0.6% on an ongoing basis. If the City’s Fiscal Year 2022-2023 Employer Miscellaneous Normal Cost Rate increases to 12.5% (which is more than 2% above the 2020-2021 rate), the employees shall cost share 1.0%, the maximum amount. Rate increases will be applied to the one thousandth of a percent. If there is rounding necessary, the City will round up. If the City’s Fiscal Year 2022-2023 Employer Miscellaneous Normal Cost Rate is lower than the City’s Fiscal Year 2021-2022 Employer Miscellaneous Normal Cost Rate, the employees will cost share, on an ongoing basis, the amount they started to cost share at the beginning of the pay period including October 1, 2021, but it will not be reduced. If the City’s Fiscal Year 2022-2023 Employer Miscellaneous Normal Cost Rate is higher than the City’s Fiscal Year 2021-2022 Employer Miscellaneous Normal Cost Rate, the employees will cost share as described above effective October 1, 2022 on an ongoing basis, but not in addition to the amount of the cost share the employees will be pay beginning with the pay period including October 1, 2021. The maximum cost share an employee can pay effective October 1, 2022 is one percent (1.0%). If the Association ever informs the City that it no longer agrees to cost share, the employees’ wellness pay will be reduced by the same percentage as reduction in the cost share.
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Examples of Classic Employees in a sentence

  • For Classic Employees (i.e. NOT “new employees” as defined by XxxXXXX), the City will enroll and maintain enrollment of employees in the PERS 2% @ 55 Classic 1084 retirement plan.

  • Classic Employees shall pay the employee contribution for their retirement plan which is 7% for PERS 2% @ 55 (Classic 1084 Miscellaneous).


More Definitions of Classic Employees

Classic Employees. One-half (1/2) of the amount by which the Fiscal Year 2022-2023 Employer Miscellaneous Normal Cost Rate exceeds 10.303% up to a maximum of 1.0% of compensation earnable. New Members as defined by the Public Employees’ Pension Reform Act of 2013: One- half (1/2) of the amount by which the Fiscal Year 2022-2023 Employer Miscellaneous Normal Cost Rate exceeds 10.303% up to a maximum of 1.0% of pensionable compensation. This cost share would be effective the first day of the pay period including October 1, 2022. For example, if the City’s Fiscal Year 2022-2023 Employer Miscellaneous Normal Cost Rate increases to 11.503% (a 1.2% increase over the 2020-2021 rate), employees will cost share 0.6% on an ongoing basis. If the City’s Fiscal Year 2022-2023 Employer Miscellaneous Normal Cost Rate increases to 12.5% (which is more than 2% above the 2020-2021 rate), the employees shall cost share 1.0%, the maximum amount. Rate increases will be applied to the one thousandth of a percent. If there is rounding necessary, the City will round up. If the City’s Fiscal Year 2022-2023 Employer Miscellaneous Normal Cost Rate is lower than the City’s Fiscal Year 2021-2022 Employer Miscellaneous Normal Cost Rate, the employees will cost share, on an ongoing basis, the amount they started to cost share at the beginning of the pay period including October 1, 2021, but it will not be reduced. The payments described herein shall be made on an ongoing basis. If the Association ever informs the City that it no longer agrees to cost share, the employees’ wellness pay will be reduced by the same percentage as reduction in the cost share.
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Related to Classic Employees

  • Transferred Employees has the meaning set forth in Section 6.4(a).

  • Company Employees shall have the meaning set forth in Section 6.10(a).

  • Continuing Employees shall have the meaning set forth in Section 6.9(a).

  • Other Employees means, all the employees other than the Directors, KMPs and the Senior Management Personnel.

  • Designated Employees means a person occupying any of the following position in the Company:

  • Union Employees has the meaning set forth in Section 6.12(a).

  • Relevant Employees means the employees who may be affected by a change referred to in subclause (1).

  • Affected Employees means those employees who are exposed to the hazard(s) identified as a violation(s) in a citation.

  • Key Employees means each of the following individuals: Xxx Xxxxxxx, Xxxxx Xxxxxxxx, Xxxxx Xxxxxx and Xxxxx Xxxxxxx.

  • Permanent Employees means all employees who are not casual employees, or employees working in a long-term supply assignment, as defined below.

  • Transferring Employees means employees of the Incumbent Contractor who are wholly or mainly assigned to work in the provision of the Service and who are subject of a Relevant Transfer to the Contractor by virtue of the application of the TUPE Regulations.

  • Retained Employee does not include any individual who has a direct or an indirect ownership interest of at least five percent (5%) in the profits, equity, capital, or value of the Taxpayer, or a child, grandchild, parent, or spouse, other than a spouse who is legally separated from the individual, of any individual who has direct or indirect ownership interest of at least five percent (5%) of the profits, equity, capital or value of the Company.

  • Transferred Employee has the meaning set forth in Section 6.01(a).