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 the May 17, 2011, City Council adoption of the March 1, 2011, MOU between the City and the Brea Police Association. Effective concurrent with May 17, 2011, City Council adoption of the March 1, 2011, MOU, 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.

  • 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 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 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.

  • 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.

Related to Single Highest Year

  • 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;

  • 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

  • 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) calendar months commencing on January 1 and ending on December 31, except that the first Calendar Year of the Term shall commence on the Effective Date and end on December 31 of the year in which the Effective Date occurs and the last Calendar Year of the Term shall commence on January 1 of the year in which the Term ends and end on the last day of the Term.

  • 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 a period of 12 months beginning on the Effective Date and each subsequent anniversary thereof.

  • 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.

  • 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:

  • Benefit year means the period of twelve consecutive months, July 1 through June 30, as established by an employer in which an employee shall accrue and use earned sick leave as provided pursuant to N.J.S.A. 34:11D-2, provided that once the starting date of the benefit year is established by the employer it shall not be changed unless the employer notifies the Commissioner of Labor and Workforce Development of the change in accordance with regulations promulgated pursuant to the Act. The Commissioner shall impose a benefit year on any employer the Commissioner determines is changing the benefit year at times or in ways that prevent the accrual or use of earned sick leave by an employee.