Classic Member definition
Classic Member. Employees
Classic Member. A classic member is defined as an employee who meets the definition of a “classic” member for purposes of retirement pension benefits in accordance with the Public Employees Pension Reform Act of 2013. Generally, this includes 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. ▇▇▇▇▇▇▇ ultimately determine who is a classic member in compliance with the law.
a. The City shall provide for Classic member employees, hired prior to March 19, 2012 shall receive the 2.5% at 55 formula (First Tier). Classic member employees hired after March 19, 2012, shall receive 2% at 55 (Second Tier).
Classic Member means: a unit member who entered into membership with a qualifying public retirement system on or before December 31, 2012 who do not meet the definition of “New Member” under Government Code § 7522.04(f) and related CalPERS membership requirements. Status as a classic member shall be determined by CalPERS.
Examples of Classic Member in a sentence
The City will continue to report the value of Employer Paid Member Contributions (EPMC) to CalPERS as additional compensation for all City employees that receive CalPERS Classic Member retirement benefits, pursuant to Government Code section 20636(c) and California Code of Regulations section 571(a)(1).
Fire Employees (Classic Member – Tier 2): The CalPERS formula for employees hired on or after July 1, 2011, shall be 2% at 50 with the use of average of the employee’s highest three-year salary.
Code Section 7522.02(c) and related CalPERS reciprocity (Classic Member) requirements.
Fire Employees (Classic Member – Tier 1): The CalPERS formula for employees hired prior to July 1, 2011, shall be at 3% at 50 with the use of average of the employee’s highest-one-year salary.
Fire Employees (Classic Member – Tier 1): currently, employees/members contribute 9% of the employee rate, plus a 3% modifier.
More Definitions of Classic Member
Classic Member means an employee who first became a member of CalPERS, or another public retirement system that has reciprocity with CalPERS, before January 1, 2013, and who did not have a break in service of more than six months before returning to membership in CalPERS with a new employer.
Classic Member. Employees Subject to the 3%@55 and 2.5% @ 55 retirement formulas. Pursuant to the CalPERS contract amendment, safety and miscellaneous classic employees shall pay three percent (3.0%) of the employer contribution towards their retirement benefit as employer cost sharing in accordance with Government Code section 20516. If, at any time in the future, Teamsters, Local 1932 informs the District that it no longer agrees to this cost sharing agreement, effective on the date of the elimination of the cost sharing (which would need to coincide with the expiration date of the MOU) the employees’ base salary would be reduced by twelve percent (12%) for safety classic employees and eleven percent (11%) for miscellaneous classic employees. It is agreed that this cost-sharing of the employer CalPERS contribution is a key component of this Agreement. This cost-sharing will maintain the integrity of the EPMC on a pre-tax basis. Part of the contract amendment process required by CalPERS is that all affected employees must cast a vote for the CalPERS contract amendment. As the cost-sharing will be accomplished in two (2) separate increments, this vote will have to be taken two (2) times during the term of this Agreement. Should the employees at any point during the term of this Agreement, not vote for this the PERS cost-sharing contract amendment, any salary increases and/or medical increases due subsequent to the vote will not be implemented as salary and benefit increases were authorized based on the employee cost-sharing of PERS contributions outlined above.
Classic Member is defined by ▇▇▇▇▇ as a member who does not meet the definition of a "New Member". Employees who are “Classic Members”, as defined above, are eligible to participate in the City retirement program as provided for in the City contract with CalPERS.
Classic Member. Employees Subject to the 3% @ 55 Formula Effective the first pay period of January 2018 or as soon as a contract amendment is adopted with CalPERS, safety classic employees shall pay an additional one and one half percent (1.5%) of the employer contribution towards their retirement benefit as employer cost sharing in accordance with Government Code section 20516, for a total of twelve percent (12%).
Classic Member. A classic member is defined as an employee who meets the definition of a “classic” member for purposes of retirement pension benefits in accordance with the Public Employees’ Pension Reform Act of 2013 (PEPRA). This includes employees who 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 (6) months. CalPERS ultimately determines who is a classic member in compliance with the law.
Classic Member is typically defined as an employee who was hired on or before December 31, 2012, or is a member of a reciprocal retirement system.
Classic Member. Miscellaneous Unit Members