Tier 2. Pursuant to the California Public Employees’ Pension Reform Act of 2013 (PEPRA), employees hired on or after January 1, 2013, will be covered by the 2.0% at age 62 retirement formula with the 36 highest consecutive months final compensation provision as a “New CalPERS Member” if the employee 1) has not been a member of a California Public Retirement System, or 2) had prior CalPERS/reciprocity service with a break in service of six months or longer. Employees will be covered by the Indexed level of 1959 Survivors’ Benefit Program (Government Code Section 21382.4) Survivor Continuance allowance; credit for unused sick leave; and military service credit buy back option. Also pursuant to PEPRA, New CalPERS Members will be responsible for paying one-half of the total normal cost rate for the retirement benefit on a bi-weekly pre-tax basis. Employees hired on or after August 7, 2011, will not be eligible for the Public Agency Retirement System (PARS) 0.7% at age 55 supplemental retirement benefit formula.
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Sources: Memorandum of Understanding, Memorandum of Understanding