Common use of PERS Plan Clause in Contracts

PERS Plan. ‌ The City shall continue to provide the California Public Employees’ retirement System (PERS) two (2) percent at fifty-five (55) Local Miscellaneous Members Retirement Program, fourth level 1959 Survivors Benefits, plus sick leave credit, plus one (1) year highest compensation benefit; provided, however, that employees hired on or after September 25, 2011 shall have their retirement benefit: a. On or after September 25, 2011 shall have their retirement benefit based on the three highest consecutive years of earnings instead of the single highest year; and b. On or after September 25, 2011 shall have their retirement benefit capped at 100% of the reportable compensation used by PERS to calculate the benefit.

PERS Plan. ‌ The City shall continue to provide the California Public Employees’ retirement Retirement System (PERS) two (2) percent at fifty-five (55) Local Miscellaneous Members Retirement Program, fourth level plus Level IV 1959 Survivors Benefits, plus sick leave credit, plus one one (1) year highest compensation benefit; provided, however, that employees hired on or after September 2524, 2011 shall have their retirement benefit: a. On or after September 25, 2011 shall have their retirement benefit based on the three highest consecutive years of earnings instead of the single highest year; and b. On or after September 25, 2011 shall have their retirement benefit capped at 100% of the reportable compensation used by PERS to calculate the benefit.