Single Highest Year definition

Single Highest Year optional retirement benefit pursuant to Government Code Section 20042;
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Single Highest Year. The City has amended its CalPERS contract to implement a single highest year benefit (one-year final compensation) amendment as to safety individuals employed by the City on or before May 17, 2011. All safety employees subject to the single highest year benefit shall fund that benefit in the amount of 1.62% of CalPERS reportable “compensation earnable.” Said funding shall be by means of a payroll deduction.
Sample 1
Single Highest Year. The City's contract with CalPERS provides for the "Single Highest Year" retirement benefit for miscellaneous employees of which “classic member” employees in the unit are included per Government Code section 20042. The retirement benefit is based on the highest annual compensation for the one year during the employee's membership in CalPERS.
Sample 1

Examples of Single Highest Year in a sentence

  • The City's contract with CalPERS provides for the "Single Highest Year" retirement benefit for miscellaneous employees of which “classic member” employees in the unit are included per Government Code section 20042.

  • The City's contract with CalPERS provides for the "Single Highest Year" retirement benefit for which “classic member” employees hired prior to July 1, 2012 in the unit are included per Government Code section 20042.

  • The City's contract with CalPERS provides for the "Single Highest Year" retirement benefit for which “classic member” employees hired prior to December 31, 2012 in the unit are included per Government Code section 20042.

  • The City shall provide a retirement program for eligible employees of three percent (3%) at age fifty (50) based upon the Single Highest Year.

  • The City's contract with CalPERS provides for the "Single Highest Year" retirement benefit for these employees per Government Code section 20042.

  • Retirement Benefit Calculation Period: The County’s contract with CalPERS provides for the "Single Highest Year" retirement benefit for which “classic member” employees hired prior to August 23, 2012 in the unit are included per Government Code section 20042.

  • The City agrees to provide retirement benefits through a contract with the California Public Employees Retirement System (CalPERS) for miscellaneous employees as follows: • Tier I – Employees hired prior to January 1, 2013 - 2.5% @ 55 plan with Single Highest Year Compensation Formula • Tier II – Employees hired January 1, 2013 or later shall be subject to the requirements of the Public Employees Pension Reform Act (PEPRA).

  • The City shall provide a retirement program for eligible employees of three percent (3%) at age sixty (60) based upon the Single Highest Year.

  • The provisions of Section 20042 of the Public Employees’ Retirement Law (Single Highest Year) shall apply to all miscellaneous and safety employees covered under the provisions of this Resolution.

  • The County’s contract with CalPERS provides for the "Single Highest Year" retirement benefit for which “classic member” employees hired prior to August 23, 2012 in the unit are included per Government Code section 20042.

Related to Single Highest Year

  • First Year means the intake group of Students for the most junior class or year in a school.

  • Semi-annual (2/Year) sampling frequency means the sampling shall be done during the months of June and December, unless specifically identified otherwise.

  • Semi-annual (2/Year) sampling frequency means the sampling shall be done during the months of June and December, unless specifically identified otherwise.

  • Yearly (1/Year) sampling frequency means the sampling shall be done in the month of September, unless specifically identified otherwise in the effluent limitations and monitoring requirements table.

  • Quarterly (1/Quarter) sampling frequency means the sampling shall be done in the months of March, June, August, and December, unless specifically identified otherwise in the Effluent Limitations and Monitoring Requirements table.

  • Project Year means the twelve-month period beginning from the Effective Date and ending twelve months thereafter (the First Project Year), and any twelve-month period beginning at the end of the First Project Year, or the end of subsequent Project Years;

  • Yearly (1/Year) sampling frequency means the sampling shall be done in the month of September, unless specifically identified otherwise in the effluent limitations and monitoring requirements table.

  • Quarterly (1/Quarter) sampling frequency means the sampling shall be done in the months of March, June, August, and December, unless specifically identified otherwise in the Effluent Limitations and Monitoring Requirements table.

  • Service credit year means an accumulation of months of

  • Year 1 means the year next following the export date and “year” followed immediately by any other numeral has a corresponding meaning; reference in this Agreement to an Act shall include the amendments to such Act for the time being in force and also any Act passed in substitution therefor or in lieu thereof and the regulations for the time being in force thereunder; power given under any clause of this Agreement other than clause 17 hereof to extend any period or date shall be without prejudice to the power of the Minister under the said clause 17; marginal notes shall not affect the interpretation or construction hereof; the phases in which it is contemplated that this Agreement will operate are as follows —

  • Current year means the financial year, which has already commenced, but not yet ended;

  • Year 2 means the year after year 1; year 3 means the year after year 2, year 4 means the year after year 3, and so on; and

  • One-hundred-year flood means a flood having a one per cent chance of being equaled or exceeded in any given year.

  • Contract Year means each period of twelve (12) consecutive months during the Initial Term of this Agreement, with the first Contract Year commencing on the Effective Date, and with each subsequent Contract Year commencing on the anniversary of the Effective Date.

  • Integration Level means the Social Security taxable wage base for the Plan Year, unless the Employer elects a lesser amount in (A) or (B) below.

  • Calendar Year means each successive period of twelve (12) months commencing on January 1 and ending on December 31.

  • Relevant Year t means the Financial Year for the purposes of which any calculation falls to be made; "Relevant Year t-1" means the Financial Year preceding Relevant Year t, and similar expressions shall be construed accordingly;

  • Contract Quarter means a three-month period that commences on January 1, April 1, July 1 or October 1 and ends on March 31, June 30, September 30, or December 31, respectively.

  • Gross Operating Profit For any Fiscal Year, the excess of Gross Revenues for such Fiscal Year over Gross Operating Expenses for such Fiscal Year.

  • Agreement Year means such period as the parties may from time to time determine; provided the first Agreement Year under this Agreement shall be the period from January 1, 2005 through December 31, 2005.

  • Vapor balance system means a combination of pipes or hoses which create a closed system between the vapor spaces of an unloading tank and a receiving tank such that vapors displaced from the receiving tank are transferred to the tank being unloaded.

  • Generator to Load Distribution Factor or “GLDF” shall mean a generator’s impact on a Flowgate while serving load in that generator’s Balancing Authority Area.

  • Percentage Allocation is defined in Section 4.3(b)(ii)(y).

  • Year 3 means the period from the start of the Day commencing on 1 May [20 ] until the start of the Day commencing on 1 May the following calendar year.

  • Gross Profit means the sum produced by adding to the “net profit” the amount of the Insured “standing charges”, or if there be no “net profit”, the amount of the Insured “standing charges” less such a proportion of any net trading loss as the amount of the Insured “standing charges” bears to all the “standing charges” of the business.

  • Operating Profit means the excess of Gross Revenues over the following deductions (“Deductions”) incurred by Manager, on behalf of Owner, in operating the Hotel: