PERS Retirement. The member must be retired and receiving benefits under the Oregon Public Employees Retirement System.
PERS Retirement. County retirement is provided through the Public Employees Retirement System (PERS). Unit employees are covered under the Safety retirement provisions with a 2% @ age 50 benefit. Beginning as soon as the County amends its contract with PERS, new hires after that date will be employed under the 2% @ age 55 PERS Safety retirement provisions. The County shall pay all of the employer contributions associated with this formula as determined by PERS.
PERS Retirement. 10.5.1 PERS Retirement prior to age 55 Unit members who retire under the PERS are eligible to continue in the District's Health and Welfare Benefits, including medical, dental, vision and life insurance; providing such individuals make timely payments to the District for the costs of the premiums for such benefits. The cost of dependent coverage is the retiree‘s responsibility.
PERS Retirement. The County agrees that Employee's total compensation shall include PERS 1, PERS 2, or PERS 3 retirement as appropriate.
PERS Retirement. 5.1.1 The City will continue its participation in the Public Employees Retirement System “PERS” for Miscellaneous employees as follows: • Tier One – Applicable to employees who are not defined as “New Members” in Government Code Section 7522.04 and were hired before December 16, 2012 are eligible for a 2.5% @ 55 benefit formula. • Tier Two – Applicable to employees who are not defined as “New Members” in Government Code Section 7522.04 and were hired on/after December 16, 2012 are eligible for a 2% @ 60 benefit formula. • Tier Three – Applicable to employees who are defined as “New Members” in Government Code Section 7522.04 are eligible for the 2% @ 62 benefit formula.
PERS Retirement. 5.1.1 The City provides in its contract with the Public Employees Retirement System for: Safety (Sworn) employees as follows: 3% @ 50—hired before November 20, 2011 with a three year average compensation formula; 3% @ 55—hired on/after November 20, 2011 with a three year average compensation formula;
PERS Retirement. A. Employees will be covered under the Fire Safety contract under the Public Employees' Retirement System (PERS) with a 3% at age 50 benefit formula.
PERS Retirement. A. Retirement Formula: Classic Employee Employees designated as “classic” employees will be covered under the Police Safety contract under the Public Employees' Retirement System (PERS) with a 3% at age 50 benefit formula and with a final compensation measurement period of the highest single (1) year. PEPRA Employee Effective January 1, 2013, new employees and/or members as defined by California Public Employees’ Pension Reform Act of 2013 (hereinafter “PEPRA Employees”) shall be covered under the 2.7% at 57 retirement formula, with a final compensation measurement period of the average of the highest three (3) consecutive years, as well as all other statutory requirements of .
PERS Retirement. City does not participate in Social Security, but 1.45% for Medicare is a mandatory payroll deduction. City participates in the California Public Employees Retirement System (CalPERS) and Public Agency Retirement Systems (PARS). The Public Employees’ Pension Reform Act (PEPRA) of 2013 applies to all public employers and public pension plans which include CalPERS. Hire date on or after January 1, 2013 and deemed “new” member (New member = no prior CalPERS/reciprocal employment or a break in service greater than six (6) months) Benefits include: • Section 7522.20 (2% @ 62 Formula for Non-Safety Members) • Section 20037 (Three Year Final Compensation) • Employee contribution (Section 7522.30) = 50% of Total Normal Cost. Contribution amount is recalculated each year by CalPERS actuarial study. Hire date on or after January 1, 2013 and deemed “classic” member (Classic member = prior CalPERS/reciprocal employment with less than 6 month break in service) Benefits include: • Section 21354 (2% @ 55 Formula for Local Miscellaneous Members) • Section 20042 (One-Year Final Compensation) • Employee contribution (Section 20677) = 7% Hire date on or before December 31, 2012 Benefits include: • Equivalency of 2.7% @ 55 formula • CalPERS Section 21354 (2% @ 55 Formula for Local Miscellaneous Member), plus • Supplemental PARS plan of 0.7% @ 55 • Section 20042 (One-Year Final Compensation) • Employee contribution (Section 20677) = 7% to CalPERS and 2% to PARS All Miscellaneous retirements also include the following contracted CalPERS provisions: • Section 20903 (Two Years Additional Service Credit – if “Golden Handshake” activated) • Section 20965 (Credit for Unused Sick Leave) • Section 21024 (Military Service Credit as Public Service) • Section 21027 (Military Service Credit for Retired Persons) • Section 21427 (Improved Non Industrial Disability Allowance) • Section 21548 (Pre-Retirement Option 2W Death Benefit) • Section 21574 (Fourth Level of 1959 Survivor Benefits)
PERS Retirement. 5.1.1 The City will continue its participation in the State of California Public Employees’ Retirement System (PERS) for safety employees as follows: Police Lieutenants and Police Captains: Tier One – Applicable to employees who are not defined as “New Members” in Government Code Section 7522.04 and were hired before November 20, 2011 are eligible for a 3% @ 50 benefit formula. Tier Two – Applicable to employees who are not defined as “New Members” in Government Code Section 7522.04 and were hired on/after November 20, 2011 are eligible for a 3% @ 55 benefit formula. Tier Three – Applicable to employees who are defined as “New Members” in Government Code Section 7522.04 and were hired on/after January 1, 2013 are eligible for the 2.7% @ 57 benefit formula.
