Member Employees definition
Examples of Member Employees in a sentence
Classic Member Employees shall pay a total pension contribution of 12%.
Classic Member Employees: • Employee members who do not meet the definition of “New Employee Members” as provided by Government Code section 7522.04(f).
The Company shall forward this payment directly to the Union on a weekly basis with a complete remittance breakdown, except that for non-Member Employees, in lieu of an amount in respect of retirement benefits, the Company shall instead pay seven percent (7%) of total weekly wages directly to such non- Member Employees.
New Member Employees: • A new hire who is brought into CalPERS membership for the first time on or after January 1, 2013, and who has no prior membership in any California Public Retirement System.
New Member Employees subject to the 2%@62 Formula pay the statutorily mandated employee contribution rate of one half of the total normal cost.