Common use of Employees Hired On or After July 1, 2011 Clause in Contracts

Employees Hired On or After July 1, 2011. Employees are covered by the CalPERS “3% @ 55” benefit formula. This plan provides 3 percent of pay at age 55 for each year of service credited with the City. Effective September 12, 2011, the employee will pay 9 percent of the member’s required contribution.

Employees Hired On or After July 1, 2011. Employees are covered by the CalPERS “32% @ 5560” benefit formula. This plan provides 3 2 percent of pay at age 55 60 for each year of service credited with the City. Effective September 12, 2011, the employee will pay 9 7 percent of the member’s required contribution.