Examples of Classic Members in a sentence

For Classic Members of the California Public Employees Retirement System (CalPERS): It is the Union and Agency's intent after the course of the next five (5) years, employees pay 100% of the employee share of the retirement contribution to CalPERS for the 2.7% @ 55 Plan with the single highest year option.
For Classic Members (employees who do not qualify as “New Members” under the California Public Employees’ Pension Reform Act of 2013 (PEPRA)), this Clothing Allowance additional compensation shall be reported to CalPERS as Special Compensation, Uniform Allowance, pursuant to and in accordance with CCR section 571(a)(5) (Statutory Items).
For Classic Members and New Members as defined in PEPRA, Holiday Pay additional compensation shall be reported to CalPERS as Special Compensation, Holiday Pay, pursuant to and in accordance with CCR section 571(a)(5) (Statutory Items).
This provision shall apply only as pensionable compensation for Classic Members as defined by the Public Employees’ Pension Reform Act (PEPRA) of 2013 as it is currently enacted and as it is amended in the future, and its implementing regulations, referred to hereinafter collectively as “PEPRA”.
The retirement formula expressed in Government Code Section 21354 commonly known as 2% at 55 local miscellaneous members shall apply to covered Classic Members.

More Definitions of Classic Members

Classic Members are defined as those individuals who are:

Classic Members as defined above, are eligible to participate in the County retirement program as contracted through the California Public Employees’ Retirement System (“CalPERS”). The retirement program is integrated with Social Security and the retirement benefit is based on the highest single year of wages and on the 2% @ 55 formula.

Classic Members hired on or after December 6, 2012 For “Classic Members” hired on or after December 6, 2012, the City will provide the PERS 2% at 60 retirement plan using the highest three year average as final compensation. The second tier formula will include the following amendments: conversion of unused sick leave to additional retirement credit, the 1959 survivor's benefit (4th level), the Military Service Credit option, and the Pre-Retirement Option 2 Death Benefit. Employees hired under this plan will pay the full member contribution required under the plan, presently seven percent (7%). CalPERS determines who is a “classic member” within the meaning of the California Public Employees’ Pension Reform Act (PEPRA). The employee pays to PERS their contribution; as allowed under Internal Revenue Service Code Section 414 (h) (2) the contribution is made on a pre-tax basis.

Classic Members shall pay on a pre-tax basis seven percent (7%) of salary for the employee share of his/her CalPERS pension. Seven percent (7%) of salary is the maximum employee contribution to pension. “New Members” shall pay an amount that is equal to one half (1/2) the normal cost of his/her CalPERS pension or the current contribution rate of similarly situation employees, whichever is greater as required by law.

Classic Members a. Tier 1: 2% @ 55. b. Tier 2: 2% @ 60 c. For Unit employees who are deemed by CalPERS to be “classic members” and who are hired by the City in a miscellaneous classification on or after January 1, 2013, CalPERS benefits shall be under either Tier 1 or Tier 2 above, depending on qualifying factors under State law.

Classic Members. Employees pay on a pre-tax basis seven percent (7%) of salary for the employee share of his/her CalPERS pension. Effective December 2, 2017, Classic Members will contribute on a pre-tax basis (to the extent allowed by law), an additional one percent (1%) of pensionable compensation towards the employer’s share of PERS pension (total employee contribution of 8%). Upon implementation, the County will work with CalPERS to process a PERS Contract Amendment, which would credit this additional contribution towards the employee’s account.