PERS Pension Sample Clauses

PERS Pension. A. The District will continue to participate in the Public Employees’ Retirement System (PERS) with benefits as currently provided at the 2.5% @ 55 Formula Benefit Level for employees hired prior to March 19, 2012. Employees hired March 19, 2012 or thereafter, will participate in the Public Employees’ Retirement System (PERS) with benefits provided in the contract with PERS at the 2% @ 60 formula Benefit Level. Employees hired January 1, 2013 or thereafter who qualify as new members will be placed in the PEPRA PERS formula of 2.0% @ 62 (2.5% @ 67). B. Employees participating in the PERS 2.5% @ 55 formula will pay 50% of the total normal cost as determined by the annual CalPERS valuation. In any event, the minimum contribution will be 8% and the maximum contribution will not exceed 11% during the term of this MOU. Effective January 1, 2015, the total normal cost per the June 30, 2012 CalPERS Actuarial Valuation is 18.147% for fiscal year 2014–15, therefore the required employee contribution of 50% of total normal cost will be 9.07%. Thereafter, the annual required contribution will be determined by subsequent CalPERS Actuarial Valuations and the adjustment will be made on the first paycheck of the fiscal year. These deductions will be pre–tax. C. Employees participating in the PERS 2.0% @ 60 formula will pay 50% of the total normal cost as determined by the annual CalPERS valuation. In any event, the minimum contribution will be 7% and the maximum contribution will not exceed 10% during the term of this MOU. Effective January 1, 2015, the total normal cost per the June 30, 2012 CalPERS Actuarial Valuation is 18.147% for fiscal year 2014–15, therefore the required employee contribution of 50% of total normal cost will be 9.07%. Thereafter, the annual required contribution will be determined by subsequent CalPERS Actuarial Valuations and the adjustment will be made on the first paycheck of the fiscal year. These deductions will be pre–tax. D. Employees participating in the PEPRA PERS formula of 2.0% @ 62 (2.5% @ 67) will pay 50% of the total normal cost as determined by the annual CalPERS valuation. Currently, 50% of the total normal cost is 6.75%. The next valuation that may change this rate is expected to be effective July 1, 2015. These deductions will be pre–tax. E. The District will continue to include an option in the retirement contract which allows retirement credit for military service under the terms and conditions as specified by PERS. F. The PERS ...

PERS Pension. A. The District will continue to participate in the California Public Employees’ Retirement System (PERS) with benefits as currently provided at the 2.5% @ 55 Formula Benefit Level for employees hired prior to March 19, 2012. Employees hired March 19, 2012 or thereafter will participate in PERS with benefits provided in the contract with PERS at the 2% @ 60 Formula Benefit Level. Employees hired January 1, 2013 or thereafter who qualify as new members of PERS will be placed in the PEPRA PERS formula of 2.0% @ 62 (2.5% @ 67). All pension benefits are subject to the provisions of the contract with PERS, as amended from time to time, the terms of which are incorporated by reference as if fully set forth herein. B. Employees participating in the PERS 2.5% @ 55 formula and the PERS 2.0% @ 60 formula (Classic) will pay 11% towards their pension benefits. These deductions will be pre-tax to the extent allowable by law: Effective the first full pay period in July of 2022, employees participating in the PERS 2.5% @ 55 formula will contribute only the 8.0% employee contribution rate and will no longer contribute any additional amount to the employer contribution. Effective the first full pay period in July of 2022, employees participating in the PERS 2.0% @ 60 formula will contribute only the 7.0% employee contribution rate and will no longer contribute any additional amount toward the employer contribution rate. These deductions will be pre- tax to the extent allowed by law. C. Employees participating in the PEPRA PERS formula of 2.0% @ 62 (2.5% @ 67) will pay 50% of total normal cost as determined by CalPERS plus an additional 2.0% towards their pension benefits. Effective the first full pay period in July of 2022, employees participating in the 2.0% @ 62 (2.5% @ 67) formula will only be required to pay 50% of the total normal cost as determined by CalPERS toward their pension benefits. These deductions will be pre-tax to the extent allowable by law: D. The District will continue to include an option in the retirement contract which allows retirement credit for military service under the terms and conditions as specified by PERS. E. The PERS Retirement Plan will include Post Retirement Survivor Continuance and Retirement Credit for Unused Sick Leave for the 2.5% @ 55 plan. F. The employee survivor benefits will be Level 4 as specified in the 1959 Survivor Benefits Report for the 2.5% @ 55 plan. G. The PERS Retirement Plan Final Compensation will be calculated by u...

PERS Pension. A. The District will continue to participate in the Public Employees’ Retirement System (PERS) with benefits as currently provided at the 2.5% @ 55 Formula Benefit Level for employees hired prior to January 1, 2012. Employees hired January 1, 2012 or thereafter, will participate in the Public Employees’ Retirement System (PERS) with benefits provided in the contract with PERS at the 2% @ 60 formula Benefit Level. B. Employees will reimburse the District 3.0% of the employer’s Annual Required Contribution (ARC) of the 2.5% @ 55 Formula Benefit Level through direct payroll deductions. Employees will pay the full 8.0% of the PERS employee (member) contribution. Employees hired under the 2.0% @ 60 Formula Benefit Level will reimburse the District 3.0% of the employer’s annual required contribution. Employees will pay the full 7.0% of the PERS employee (member) contribution. These deductions will be pre-tax. C. The District will continue to include an option in the retirement contract which allows retirement credit for military service under the terms and conditions as specified by PERS. D. The PERS Retirement Plan will include Post Retirement Survivor Continuance and Retirement Credit for Unused Sick Leave for the 2.5% @ 55 plan. E. The employee survivor benefits will be Level 4 as specified in the 1959 Survivor Benefits Report of the California Public Employees Retirement System for the 2.5% @ 55 plan. F. The PERS Retirement Plan Final Compensation will be calculated by using the average monthly rate over the highest consecutive 12 month period for the 2.5% @ 55 plan. The PERS Retirement Plan Final Compensation for the 2% @ 60 plan will be calculated by using the average monthly rate over the highest consecutive thirty six (36) month period. G. The District will continue implementing the provisions of Internal Revenue Code 4140(h) (2) which allows the employee’s salary to be reduced by the amount of the employee’s retirement contribution only for the purposes of computing Federal and State income tax. The employee PERS contribution will be taken against the actual base salary prior to reduction for taxation purposes.

PERS Pension. A. The District will continue to participate in the Public Employees’ Retirement System (PERS) with benefits as currently provided at the 2.5% @ 55 Formula Benefit Level for employees hired prior to March 19, 2012. Employees hired March 19, 2012 or thereafter, will participate in the Public Employees’ Retirement System (PERS) with benefits provided in the contract with PERS at the 2% @ 60 formula Benefit Level. Employees hired January 1, 2013 or thereafter who qualify as new members will be placed in the PEPRA PERS formula of 2.0% @ 62 (2.5% @ 67). All pension benefits are subject to the provisions of the contract with PERS, as amended from time to time, the terms of which are incorporated by reference as if fully set forth herein. B. Employees participating in the PERS 2.5% @ 55 formula and the PERS 2.0% @ 60 formula (Classic) will pay 11% towards their pension benefits which includes the employee required contribution as well as an additional amount 3.0% for PERS 2.5% @ 55 formula and 4.0% for PERS 2.0% @ 60 formula) towards the employer’s contribution. These deductions will be pre-tax to the extent allowable by law. Effective the first full pay period in July of 2022, employees participating in the PERS 2.5% @ 55 formula will contribute only the 8.0% employee contribution rate and will no longer contribute any additional amount toward the employer contribution. Effective the first full pay period in July of 2022, employees participating in the PERS 2.0% @ 60 formula will contribute only the 7.0% employee contribution rate and will no longer contribute any additional amount toward the employer contribution. These deductions will be pre-tax to the extent allowed by law. C. Employees participating in the formula of 2.0% @ 62 (2.5% @ 67) (PEPRA) will pay 50% of the total normal cost as determined by CalPERS plus an additional 2.0% toward their pension benefits. Effective the first full pay period in July of 2022, employees participating in the 2.0% @ 62 (2.5% @ 67) will only be required to pay 50% of the total normal cost as determined by CalPERS toward their pension benefits. These deductions will be pre-tax to the extent allowable by law. D. The District will continue to include an option in the retirement contract which allows retirement credit for military service under the terms and conditions as specified by PERS. E. The PERS Retirement Plan will include Post Retirement Survivor Continuance and Retirement Credit for Unused Sick Leave for the 2.5% @ 55...