New Members. As Defined By the Public Employees’ Pension Reform Act of 2013 (PEPRA)
New Members. For purposes of this section “New Member” is defined by PEPRA to be any of the following (statutory reference is to the California Government Code):
(1) An individual who becomes a member of any public retirement system for the first time on or after January 1, 2013, and who was not a member of any other public retirement system prior to that date.
(2) An individual who becomes a member of a public retirement system for the first time on or after January 1, 2013, and who was a member of another public retirement system prior to that date, but who was not subject to reciprocity under subdivision (c) of Section 7522.02.
(3) An individual who was an active member in a retirement system and who, after a break in service of more than six months, returned to active membership in that system with a new employer. For purposes of this subdivision, a change in employment between state entities or from one school employer to another shall not be considered as service with a new employer. “New 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 average annual compensation over a three-year period and the 2% @ 62 formula.
New Members as defined by XXXXX who are hired by the City on or after January 1, 2013 shall be entitled to the retirement formula set forth in PEPRA.
Examples of New Members in a sentence
Admission of New Members (Applies ONLY if Multi-Member): The Company may admit new Member(s) (or transferees of any interests of existing Member(s)) into the Company by the unanimous vote or consent of the Member(s).
New Members of the Company may be admitted upon the written consent of ARAMARK.
For employees who, under XXXXX, become New Members of CCCERA, the disability provisions are the same as the current Tier III disability provisions.
New Members of the Company may be admitted only with the consent of the Managing Member.
New Members may join the Corporation upon submittal of an application, in a form approved by the Board, and upon payment of such fees or charges, if any, as may be established by the Board or required by NERC.
More Definitions of New Members
New Members as defined by XXXXX who are hired by the City on or after January 1, 2013 shall be entitled to the retirement formula set forth in PEPRA 23 6.1.3.1 2.0% at 62 Retirement Plan 23 6.1.3.2 PERS Contribution 23
New Members means those tenants who lawfully begin residence at the Project after the date of this Agreement. New Members never become Current Members.
New Members. Definition
New Members. Effective the pay period including January 1, 2013, employees shall pay an amount that is equal to one half (1/2) the normal cost of his/hers CalPERS pension, or the current contribution rate of similarly situated employees, whichever is greater.
New Members shall have the meaning set forth in Section 2.4.
New Members as defined by XXXXX who are hired by the City on or after January 1, 2013 shall be entitled to the 2.7% at age 57 retirement formula with highest three (3) year average final compensation as set forth in PEPRA.