Retirement Formula definition

Retirement Formula. Unit members who are defined as “new members” under the PEPRA, are covered by the 2.7%@ 57 formula provided for by the Public Employees’ Retirement Law at Government Code section 7522.25(d).
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Retirement Formula. The City contracts with CalPERS to provide the 3% at 50 retirement formula for all employees hired before July 1, 2012 as set forth in California Government Code Section 21362.2. For employees hired after July 1, 2012 who are classic members, the City contracts with CalPERS to provide the 3% at 55 retirement formula as set forth in California Government Code Section 21363.1
Sample 1

Examples of Retirement Formula in a sentence

  • For employees hired January 1, 1983, and thereafter, the Beta Retirement Formula and a flat-rated employee retirement contribution of six percent (6%) shall be continued.

  • The employees are covered by the 2% at Age 55 Retirement Formula.

  • For employees hired prior to January 1, 1983, retirement benefits including the Beta Retirement Formula and subsidies of: 1) one-half the employees’ retirement contribution rates, and 2) an additional two percent (2%) of compensation earnable after the one-half subsidy, shall be continued during the term of this MOU.

  • State Safety retirement members first employed by the State on or after January 15, 2011 and prior to January 1, 2013 and qualify for CalPERS membership are subject to the State Safety B Retirement Formula.

  • State Safety retirement members first employed by the State on or after January 15, 2011 and prior to January 1, 2013 are subject to the State Safety B Retirement Formula.

  • State Safety members first employed by the State prior to January 15, 2011 are subject to the State Safety A Retirement Formula.

  • Retirement benefits including the Beta Retirement Formula will be continued during the term of this MOU.

  • A key aim of rehabilitation is to ensure the long-term stability of soils, landforms and hydrology required for the sustainability of sites.

  • Effective July 1, 2011 through June 30, 2026, for all employees regardless of their date of hire, the Beta Retirement Formula shall be continued and a flat-rated employee retirement contribution of 7.0 percent (7.0%) shall be implemented.

  • State Safety retirement members first employed by the State on or after January 15, 2011 and prior to January 1, 2013 are subject to the “State Safety B Retirement Formula.” The State Safety B Retirement Formula does not apply to: • Former state employees who return to state employment on or after January 15, 2011.

Related to Retirement Formula

  • Retirement Savings Plan means the Air Products and Chemicals, Inc. Retirement Savings Plan, as amended from time to time, together with any similar, succeeding or substitute plan.

  • Normal Retirement means retirement from active employment with the Company or any Subsidiary on or after age 65.

  • Retirement program means a program of rights and obligations which a county, city, village, or township establishes, maintains, or participates in and which, by its express terms or as a result of surrounding circumstances, does 1 or more of the following:

  • Retirement Plan means a plan which provides retirement benefits to you and which is not funded wholly by your contributions. The term shall not include a profit-sharing plan, informal salary continuation plan, registered retirement savings plan, stock ownership plan, 401(K) or a non-qualified plan of deferred compensation.

  • Normal Retirement Date means the later of the Normal Retirement Age or Termination of Employment.

  • Retirement Date means the date as of which a Participant retires for reasons other than Total and Permanent Disability, whether such retirement occurs on a Participant's Normal Retirement Date or Late Retirement Date (see Section 6.1).

  • Retirement fund means the "Washington law enforcement

  • Early Retirement Benefit means the retirement benefit payable to a member following early

  • Normal Retirement Age means the Executive's 65th birthday.

  • Retirement Benefit means the benefit set forth in Article 5.

  • Years of Service means the total number of full years in which a Participant has been employed by one or more Employers. For purposes of this definition, a year of employment shall be a 365 day period (or 366 day period in the case of a leap year) that, for the first year of employment, commences on the Employee's date of hiring and that, for any subsequent year, commences on an anniversary of that hiring date. Any partial year of employment shall not be counted.

  • Early Retirement means retirement, with consent of the Committee at the time of retirement, from active employment with the Company and any Subsidiary or Parent Corporation of the Company.

  • Retirement means Normal or Early Retirement.