CALPERS RETIREMENT BENEFITS Sample Clauses

CALPERS RETIREMENT BENEFITS. The City contracts with CalPERS for retirement benefits. The definitions of “new member” and “classic member” are set forth in Exhibit “C” to this MOU.
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CALPERS RETIREMENT BENEFITS. The Public Employees’ Pension Reform Act (PEPRA) of 2013 applies to all public employers and public pension plans (which includes CalPERS). Hire date on or after 1/1/13 and deemed “new” member (New member = no prior CalPERS/reciprocal employment or a break in service greater than 6 months) Benefits include:  Section 7522.25 (2.7% @ 57 Safety Formula)  Section 20037 (Three Year Final Compensation)  Employee contribution = 50% of Total Normal Cost, currently 12% Contribution amount is recalculated each year by XxxXXXX actuarial study. Hire date on or after 9/1/12 and deemed “classic” member (Classic member = prior CalPERS/reciprocal employment with less than 6 month break in service) Benefits include:  Section 21362 (2% @ 50 Safety Formula)  Section 20037 (Three-Year Final Compensation)  Employee contribution (Section 20678) = 9%  Effective September 1, 2015 employees shall pay a combined total of twelve percent (12%) (9% employee contribution plus 3% employer contribution) towards CalPERS retirement. The 3% shall be paid as a cost share via MOU (pursuant to Government Code Section 20516 (f)) until a CalPERS contract amendment can be completed (which includes an election process) pursuant to Government Code Section 20516 (a). In the event that the election does not result in a contract amendment, the employees agree to continue the stated contribution via MOU pursuant to Government Code Section 20516 (f). Hire date prior to 9/1/12 Benefits include:  Section 21362.2 (3% @ 50 Safety Formula)  Section 20042 (One Year Final Compensation)  Employee contribution (Section 20678) = 9%  Effective September 1, 2015 employees shall pay a combined total of twelve percent (12%) (9% employee contribution plus 3% employer contribution) towards CalPERS retirement. The 3% shall be paid as a cost share via MOU (pursuant to Government Code Section 20516 (f)) until a CalPERS contract amendment can be completed (which includes an election process) pursuant to Government Code Section 20516 (a). In the event that the election does not result in a contract amendment, the employees agree to continue the stated contribution via MOU pursuant to Government Code Section 20516 (f). As an offset for the increased employee PERS contribution, all employees will receive a 2.15% base wage increase effective September 1, 2015. All Fire safety retirements also include the following contracted CalPERS provisions:  Section 20903 (Two Years Additional Service Credit – if “Golden Handsh...
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CALPERS RETIREMENT BENEFITS. 52.6.1 The City contracts with CalPERS for retirement benefits. The definitions of “new member” and “classic member” are set forth below:
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CALPERS RETIREMENT BENEFITS. ‌ Regular Part-Time employees will be enrolled in CalPERS at the time of hire and will receive the same retirement formula as other, similarly-situated, miscellaneous City employees who are enrolled in CalPERS. Should an Hourly employee at any point work in excess of 1,000 hours in any given fiscal year, they will be enrolled in CalPERS. The City contracts with CalPERS for retirement benefits. The definitions of “new member” and “classic member” are set forth in Exhibit “B” to this MOU.
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CALPERS RETIREMENT BENEFITS. Retirement benefits for sworn Safety employees are provided as specified under the City’s contract with the California Public Employees’ Retirement System and include the following benefits: MEMORANDUM OF UNDERSTANDING BETWEEN THE POLICE MANAGEMENT GROUP AND THE CITY OF COVINA Effective July 1, 2021 1. 1959 Survivors Benefit (GC 21583)
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CALPERS RETIREMENT BENEFITS. As of the effective date of this MOU the City agrees to provide retirement benefits under the California Public Employees’ Retirement System as follows.
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Related to CALPERS RETIREMENT BENEFITS

  • Post-Retirement Benefits The present value of the expected cost of post-retirement medical and insurance benefits payable by the Borrower and its Subsidiaries to its employees and former employees, as estimated by the Borrower in accordance with procedures and assumptions deemed reasonable by the Required Lenders is zero.

  • Supplemental Retirement Benefits The terms and conditions for the payment of supplemental retirement benefits are set forth in a separate written agreement between the parties.

  • Early Retirement Benefits If elected in the Adoption Agreement, an Early Retirement benefit may be available to individuals who meet the age and Service requirements that are specified in the Adoption Agreement. A Participant who attains his or her Early Retirement Date will become fully vested, regardless of any vesting schedule which otherwise might apply. If a Participant separates from Service with a nonforfeitable benefit before satisfying the age requirements, but after having satisfied the Service requirement, the Participant will be entitled to elect an Early Retirement benefit upon satisfaction of the age requirement.

  • Retirement Benefits Due to either investment or employment during the marriage, either the Husband or Wife: (check one) ☐ - DO NOT have retirement plans. ☐ - HAVE retirement plans. The Couple has the following retirement plans: (“Retirement Plans”). Upon signing this Agreement, the Retirement Plans shall be owned by: (check one) ☐ - Husband ☐ - Wife ☐ - Both Spouses ☐ - Other. .

  • Normal Retirement Benefit Upon Termination of Employment on or after the Normal Retirement Age for reasons other than death, the Company shall pay to the Executive the benefit described in this Section 2.1 in lieu of any other benefit under this Agreement.

  • Supplemental Retirement Benefit In addition to the foregoing, Executive shall be eligible to participate in the Supplemental Executive Retirement Plan maintained by Cleco Utility Group Inc. or such other supplemental retirement benefit plans which the Company or its Affiliates may adopt, from time to time, for similarly situated executives (the "Supplemental Plan").

  • Early Retirement Benefit If the Executive terminates employment after the Early Retirement Date but before the Normal Retirement Date, and for reasons other than death or Disability, the Bank shall pay to the Executive the benefit described in this Section 2.2.

  • Retirement Benefit Should the Director still be in the Directorship ------------------ of the Association upon attainment of his 70th birthday, the Association will commence to pay him $590 per month for a continuous period of 120 months. In the event that the Director should die after becoming entitled to receive said monthly installments but before any or all of said installments have been paid, the Association will pay or will continue to pay said installments to such beneficiary or beneficiaries as the Director has directed by filing with the Association a notice in writing. In the event of the death of the last named beneficiary before all the unpaid payments have been made, the balance of any amount which remains unpaid at said death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the estate of the last named beneficiary to die. In the absence of any such beneficiary designation, any amount remaining unpaid at the Director's death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the Director's estate.

  • Pre-Retirement Death Benefit 4.1 (a) Normal form of payment. If (i) the Director dies while employed by the Bank, and (ii) the Director has not made a Timely Election to receive a lump sum benefit, this Subsection 4.1(a) shall be controlling with respect to pre-retirement death benefits. The balance of the Director=s Retirement Income Trust Fund, measured as of the later of (i) the Director=s death, or (ii) the date any final lump sum Contribution is made pursuant to Subsection 2.1(b), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable for the Payout Period. Such benefits shall commence within thirty (30) days of the date the Administrator receives notice of the Director=s death. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is less than the rate of return used to annuitize the Retirement Income Trust Fund, no additional contributions to the Retirement Income Trust Fund shall be required by the Bank in order to fund the final benefit payment(s) and make up for any shortage attributable to the less-than-expected rate of return. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is greater than the rate of return used to annuitize the Retirement Income Trust Fund, the final benefit payment to the Director=s Beneficiary shall distribute the excess amounts attributable to the greater-than-expected rate of return. The Director=s Beneficiary may request to receive the unpaid balance of the Director=s Retirement Income Trust Fund in a lump sum payment. If a lump sum payment is requested by the Beneficiary, payment of the balance of the Retirement Income Trust Fund in such lump sum form shall be made only if the Director=s Beneficiary notifies both the Administrator and trustee in writing of such election within ninety (90) days of the Director=s death. Such lump sum payment shall be made within thirty (30) days of such notice. The Director=s Accrued Benefit Account (if applicable), measured as of the later of (i) the Director's death or (ii) the date any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account pursuant to Subsection 2.1(c), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable to the Director's Beneficiary for the Payout Period. Such benefit payments shall commence within thirty (30) days of the date the Administrator receives notice of the Director=s death, or if later, within thirty (30) days after any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account in accordance with Subsection 2.1(c).

  • Termination Benefits (a) If Executive’s employment is voluntarily (in accordance with Section 2(a) of this Agreement) or involuntarily terminated within two (2) years of a Change in Control, Executive shall receive:

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