Tier III. Subject to the enactment of enabling legislation amending the 1937 Employees’ Retirement Act to allow such election, the County will permit certain Tier II employees to elect a Tier III Retirement Plan under the following conditions:
Tier III. For unit members hired on or after January 1, 2013, such plan shall be 2% at sixty-two (62) and the “highest consecutive three year average” amendment.
Tier III. Unit members hired on or after January 1, 2013 are “new members” for purposes of retirement pension benefits pursuant to the Public Employees’ Pension Reform Act of 2013. Generally, this includes employees that were hired into a regular position on or after January 1, 2013 or former members who have more than a six-month break in service. CalPERS will determine who is a new member in compliance with the law.
Tier III. The Colocated Sites include multiple Tier III Data Centres and the first Tier III designed and constructed Uptime Institute-certified Data Centre in Canada.
Tier III. The minimum statutory employee contribution for employees in Tier III is subject to the provisions of the Public Employees’ Pension Reform Act (PEPRA) and equals 50% of the “total normal cost” as determined by PERS. For FY15-16, the employee safety rate is 11.25% and is subject to change based on annual PERS actuarial valuations. Effective the pay period that includes January 1, 2015 Tier III members will contribute the required 11.25% member contribution. In addition, Tier III members shall contribute 2.35% of pensionable compensation toward retirement costs pursuant to Government Code § 20516(f), for a total contribution of 13.6%. Effective the pay period that includes January 1, 2016, Tier III members will contribute the required 11.25% member contribution. In addition, Tier III members shall contribute 3.35% of pensionable compensation toward retirement costs pursuant to Government Code § 20516(f), for a total contribution of 14.6%. In the event the member contribution rate for employees in Tier III shall become greater or less than 11.25%, the additional contribution made by the employee under 20516(f) will be increased or decreased accordingly so that the total employee contribution is the same percentage contribution made by Tier I and II members.
Tier III. All New Safety Members hired on or after January 1, 2013, as is mandated by the Public Employee’s Pension Reform Act of 2013 (PEPRA), will have a retirement formula based on 2.7% @ 57 Plan Full Formula for Safety Members and upon retirement an employee’s “final compensation” will be based on the highest consecutive 36 month average. An employee in Tier III will pay 50% of Normal Costs. This amount is provided by CalPERS each year and is subject to change. Police Officer Trainees shall participate in the City PERS program for “Miscellaneous” employees until advancement to a Sworn Police Officer. For the purposes of any future comparisons of the level of compensation of employees covered by this MOU with comparable employees in other jurisdictions, these payments shall be taken into account along with measuring base salaries. All contributions shall be credited to the employees’ accounts with PERS.
Tier III. In accordance with PEPRA, employees hired on or after January 1, 2013, who are not “classic” members, shall receive two percent (2.0%) at age 62.
Tier III. In accordance with PEPRA, employees will participate in normal cost sharing of the plan with the District. Both the employee and the District pay fifty percent (50%) of normal costs of the plan, as determined by XxxXXXX each year (as of June 30, 2015, the employee’s share was 6.25%). The District will pay any other remaining costs of the plan, as may be determined by CalPERS each year.
Tier III. If the Actual Project Cost exceeds the combined TIER I and TIER II budget of $27,930,000, SLC shall provide TIER III funding as follows: Local Contribution Federal Match (approximate) Total Funding SLC As necessary to fund the Actual Project Cost, up Up to $2,743,500 $3,923,500, maximum to $1,180,000 Total (together with TIER I and TIER II funding) $9,580,000, maximum local $22,273,500, maximum $31,853,500, maximum
Tier III. On the Tier III Closing (as defined in Section -------- 3.3 below), Buyer shall pay to Seller (i) $375,000 plus the Tier II Non-Deferred Amount (as calculated in accordance with Section 2.3.2 below) in cash by certified check or by wire transfer and (ii) the Tier II Deferred Amount (as calculated in accordance with Section 2.3.2 below) pursuant to an increase in the principal balance of the Deferred Payment Note.
