Common use of New Member Clause in Contracts

New Member. A new member is defined as an employee who meets the definition of a “new” member for purposes of retirement pension benefits in accordance with PEPRA. This includes employees hired into a regular position on or after January 1, 2013, or former members who have more than a six (6) month break in service. CalPERS ultimately determines who is a new member in compliance with the law. New member employees shall receive the 2% at 62 formula (Third Tier).

New Member. A new member is defined as an employee who meets the definition of a “new” member for purposes of retirement pension benefits in accordance with PEPRA. This includes employees that were hired into a regular position on or after January 1, 2013, or former members who have more than a six (6) month break in service. CalPERS ultimately determines who is a new member in compliance with the law. New member employees shall receive the 2% at 62 formula (Third Tier).

New Member. A new member is defined as an employee who meets the definition of a “new” member for purposes of retirement pension benefits in accordance with PEPRA. This includes employees hired into a regular position on or after January 1, 2013, or former members who have more than a six (6) month break in service. CalPERS ultimately determines who is a new member in compliance with the law. New member miscellaneous employees shall receive the 2% at 62 formula (Third Tier). New member safety employees shall receive the 2.7% at 55 formula (Third Tier).