Benefit Formula. Employees hired after January 1, 2013, who are “new members” (as defined in Government Code Section 7522.04(f), or its successor) shall be enrolled in the Public Employees Retirement System 2% at age 62 Plan. All other employees will be enrolled in the 2.7% at age 55 Plan.
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Sources: Memorandum of Understanding, Memorandum of Understanding