Common use of Retirement Formula Clause in Contracts

Retirement Formula. The City contracts with CalPERS to provide the 3% at 50 retirement formula for all employees hired before July 1, 2012 as set forth in California Government Code Section 21362.2. For employees hired after July 1, 2012 who are classic members as defined, 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 3% at 50 retirement formula for all employees hired before July 1, 2012 as set forth in California Government Code Section 21362.2. For 21362.2 for all employees covered by this MOU hired before December 31, 2012 or lateral employees hired after July 1, 2012 that date who are qualify as “classic members as defined, members” under the City contracts with CalPERS to provide the 3% at 55 retirement formula as set forth in California Government Code Section 21363.1Public Employees’ Pension Reform Act of 2013 (“PEPRA”).