Common use of Reduction in Reverse Pickup Clause in Contracts

Reduction in Reverse Pickup. a. Effective the first day of the first full pay period following the Board of Supervisors adoption of this MOU, the annual reverse pickup contribution rate for employees in the 2.5% at 67 PEPRA benefit formula will be frozen at the fiscal year 2019-2020 rate. The reverse pickup contribution rate for employees in the 2.7% at 55 classic benefit formula shall continue to be calculated as they currently are. b. Effective the first day of the first full pay period following the Board of Supervisors adoption of this MOU, the County shall reduce the reverse pickup rate by an ongoing 1.2% for all bargaining unit members. c. Effective July 3, 2020, the County shall reduce the reverse pickup rate by an additional 0.74%, for a total fixed ongoing 1.94% reduction of the employees’ contribution paid to reverse pickup. d. On July 3, 2020, the entire reverse pickup for employees in the 2.5% at 67 PEPRA benefit formula shall be eliminated in perpetuity and the 1.94% reduction for employees in the 2.7% at 55 classic benefit formula shall continue.