Classic Members. For purposes of this section “Classic Member” is defined as a member who does not meet the definition of a "New Member" as defined by XXXXX. Employees 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 salary and on the 2% @ 55 ).
Classic Members. Effective the first full pay period including January 1, 2013, employees will pay on a pre-tax basis seven percent (7%) of wages for the employee share of his/her CalPERS pension.
Classic Members are defined as those individuals who are:
Examples of Classic Members in a sentence
The District will report a maximum of $10.00 per pay period to CalPERS as the cost of these uniforms for Classic Members.
Tier 1: Employees hired prior to December 27, 2012, who are Classic Members as defined by CalPERS, shall receive 3% at 50 safety retirement benefits, highest twelve (1) month average final compensation period.
More Definitions of Classic Members
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. For purposes of this section “Classic Member” is defined as a member who does not meet the definition of a "New Member" as defined by XXXXX.
Classic Members a. Tier 1: 2% @ 55. For Unit employees who are deemed by XxxXXXX to be “classic members” and who were hired by the City in a miscellaneous classification on or prior to March 2, 2012, the CalPERS benefits shall be based upon the 2% @ 55 benefit formula, calculated using the single-highest year final compensation period (Govt. Code §20042).
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.
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. Employees will pay on a pre-tax basis seven percent (7%) of compensation for the employee share of his/her CalPERS pension.