Common use of Retirement Formula Clause in Contracts

Retirement Formula. The City contracts with CalPERS to provide the 2.5% at 55 retirement formula set forth in California Government Code Section 21354.4.

Retirement Formula. The City contracts with CalPERS to provide the 2.53% at 55 50 retirement formula (Tier 1) for all employees hired before December 31, 2012 as set forth in California Government Code Section 21354.421362.2. For employees hired on or after December 31, 2012 who are classic members as defined, the City contracts with CalPERS to provide the 2% at 50 retirement formula (Tier 2) as set forth in California Government Code Section 21362.

Retirement Formula. The City contracts with CalPERS to provide the 2.53% at 55 50 retirement formula for all employees hired before July 1, 2012 as set forth in California Government Code Section 21354.4.21362.2. For employees hired after July 1, 2012 who are classic members, the City contracts with CalPERS to provide the 3% at 55 retirement formula as set forth in California Government Code Section 21363.1

Retirement Formula. The City contracts with CalPERS to provide the 2.5% at 55 retirement formula set forth in California Government Code Section 21354.4. The City shall pay the 8% required employees’ contribution to CalPERS on behalf of each employee.