Retirement Contribution Supplement Sample Clauses
Retirement Contribution Supplement. (a) The City contributes an amount equal to nine percent (9%) of the employee's current base salary and other compensation as qualified by State law toward P.E.R.S. benefits. Such amounts will be applied to the employee's individual account in accordance with Government Code Section 20691.
(b) The City will make application to P.E.R.S. to provide California Government Code section 20692 (Employer Paid Member Contributions Converted to Payrate during the Final Compensation Period) as an additional P.E.R.S. benefit, to be effective upon adoption by the Stockton City Council and the P.E.R.S.
Retirement Contribution Supplement.
(a) Effective August 1, 2011, employees will pay the entire seven percent (7%) employee contribution to the California Public Employees Retirement System (CalPERS).
(b) For employees hired on or before December 28, 2012, the City’s CalPERS retirement plan was modified to reflect two percent (2%) at age fifty-five (55), effective January 1993.
(c) For employees hired on or before December 28, 2012, the City’s CalPERS retirement plan was modified to reflect Section 21024 (Military Service Credit as Public Service) and Section 21027 (Military Service Credit for Retired Persons) of the California Government Code, pursuant to Ordinance Number 009-93 adopted by the City Council on May 13, 1993.
(d) For employees hired on or before December 28, 2012, the City will continue to provide CalPERS California Government Code Section 20692 (Employer Paid Member Contributions as Compensation), except employees not eligible for EPMC when an employee is paying the employee contribution.
(e) For employees hired on or before December 28, 2012, the City will continue to provide CalPERS California Government Code Section 20965 (Credit for Unused Sick Leave) as added CalPERS benefits, pursuant to Ordinance Number 016-97 adopted by the City Council on June 23, 1997.
(f) For employees hired on or before December 28, 2012, the City will continue to provide CalPERS California Government Code Section 21335 (5% Annual Cost of Living Allowance Increase) as added CalPERS benefits, which was effective upon adoption by the Stockton City Council and CalPERS Administration Board. The intended implementation date base year was 2001.
(g) PERS Benefits for Employees hired on or after December 29, 2012