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.
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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.
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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 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 which “classic member” employees hired prior to December 31, 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 these employees per Government Code section 20042.

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

  • Employees who are hired before December 31, 2012, shall receive the following retirement benefits: • Retirement Formula commonly referred to as 2.0% @ 50 • Single Highest Year • 3.0% COLA New employees (defined as ineligible for reciprocity under existing agreements and California Government Code and Health and Safety Codes) who are hired on or after January 1, 2013, shall receive the retirement formula commonly referred to as 2.7%@ 57 or the retirement formula deemed appropriate by CCCERA.

  • The City shall provide Sick Leave Credit and Single Highest Year.

  • For sworn Public Safety Employees, the contract offers the following options: • Tier I - Sworn employees hired prior to January 1, 2013 - 3% at 55 Retirement Plan with Single Highest Year Compensation Formula • Tier II - Sworn employees hired January 1, 2013 or later shall be subject to the requirement s of the Public Employees Pension Reform Act (PEPRA).

  • City will provide, through the California Public Employees' Retirement System (CalPERS) the 3%@50 and Single Highest Year (SHY) retirement benefit for sworn officers hired on or before City implementation of the 3%@55 benefit formula.

Related to Single Highest Year

  • Project Year means the 12 month period beginning from the Effective Date and ending 12 months thereafter and each successive 12 month period following thereafter;