Classic Employees definition

Classic Employees. Definition: Classic Employees are defined as current employees and future employees who do not qualify as “New Members” under the California Public Employees Pension Reform Act of 2013 (PEPRA).
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Classic Employees. One-half (1/2) of the amount by which the Fiscal Year 2021-2022 Employer Miscellaneous Normal Cost Rate exceeds 10.303% up to a maximum of 0.5% of compensation earnable. New Members as defined by the Public Employees’ Pension Reform Act of 2013: One- half (1/2) of the amount by which the Fiscal Year 2021-2022 Employer Miscellaneous Normal Cost Rate exceeds 10.303% up to a maximum of 0.5% of pensionable compensation. This cost share would be effective the first day of the pay period including October 1, 2021. For example, if the City’s Fiscal Year 2021-2022 Employer Miscellaneous Normal Cost Rate increases to 10.903% (a 0.6% increase), employees will cost share 0.3%. If the City’s Fiscal Year 2021-2022 Employer Miscellaneous Normal Cost Rate increases to 12% (which is more than 1% above the 2020-2021 rate), the employees shall cost share 0.5%, the maximum amount. Rate increases will be applied to the one thousandth of a percent. If there is rounding necessary, the City will round up. Effective the pay period including October 1, 2022, the City agrees that employees in the unit will receive an additional one half of one percent (0.5%) (for a total of 2.0% of annual base pay) for wellness pay. However, if the City’s Fiscal Year 2022-2023 Employer Miscellaneous Normal Cost Rate exceeds 10.303%, (the 2020-2021 Rate) employees in the unit will cost share on an ongoing basis (in accordance with Government Code section 20516(f)) as follows:
Sample 1
Classic Employees. One-half (1/2) of the amount by which the Fiscal Year 2022-2023 Employer Miscellaneous Normal Cost Rate exceeds 10.303% up to a maximum of 1.0% of compensation earnable. New Members as defined by the Public Employees’ Pension Reform Act of 2013: One- half (1/2) of the amount by which the Fiscal Year 2022-2023 Employer Miscellaneous Normal Cost Rate exceeds 10.303% up to a maximum of 1.0% of pensionable compensation. This cost share would be effective the first day of the pay period including October 1, 2022. For example, if the City’s Fiscal Year 2022-2023 Employer Miscellaneous Normal Cost Rate increases to 11.503% (a 1.2% increase over the 2020-2021 rate), employees will cost share 0.6% on an ongoing basis. If the City’s Fiscal Year 2022-2023 Employer Miscellaneous Normal Cost Rate increases to 12.5% (which is more than 2% above the 2020-2021 rate), the employees will cost share 1.0%, the maximum amount. Rate increases will be applied to the one thousandth of a percent. If there is rounding necessary, the City will round up. If the City’s Fiscal Year 2022-2023 Employer Miscellaneous Normal Cost Rate is lower than the City’s Fiscal Year 2021-2022 Employer Miscellaneous Normal Cost Rate, the employees will cost share, on an ongoing basis, the amount they started to cost share at the beginning of the pay period including October 1, 2021, but it will not be reduced. If the City’s Fiscal Year 2022-2023 Employer Miscellaneous Normal Cost Rate is higher than the City’s Fiscal Year 2021-2022 Employer Miscellaneous Normal Cost Rate, the employees will cost share as described above effective October 1, 2022 on an ongoing basis, but not in addition to the amount of the cost share the employees will be pay beginning with the pay period including October 1, 2021. The maximum cost share an employee can pay effective October 1, 2022 is one percent (1.0%). If the Association ever informs the City that it no longer agrees to cost share, the employees’ wellness pay will be reduced by the same percentage as reduction in the cost share.
Sample 1

Examples of Classic Employees in a sentence

  • New Members shall receive any other additional optional CalPERS benefits that the City provides to Classic Employees as allowed by PEPRA.

  • However, if the City’s Fiscal Year 2022-2023 Employer Miscellaneous Normal Cost Rate exceeds 10.303%, (the 2020-2021 Rate) employees in the unit will cost share on an ongoing basis (in accordance with Government Code section 20516(f)) as follows: Classic Employees: One-half (1/2) of the amount by which the Fiscal Year 2022-2023 Employer Miscellaneous Normal Cost Rate exceeds 10.303% up to a maximum of 1.0% of compensation earnable.

  • Classic Employees Only - One-Year Final Compensation as provided in Section 20042 (July 9, 1978 for Miscellaneous; July 22, 1976 for Fire and Police).

  • For Classic Employees participating in the Police Safety Employees Plan, the percentage is three percent (3%) at age 50 effective July 7, 2002.

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  • The contributions in Section 8.4.4 (CalPERS Miscellaneous Employees Retirement Formula and Employer Paid Member Contribution for Classic Employees) shall not be considered as a part of an employee's salary for the purpose of computing straight time earnings, compensation for overtime worked or for other differentials; nor shall such contributions be taken into account in determining the level of any other benefit which is a function of or percentage of salary.

  • One Year of Final Compensation: Classic Employees as defined in Section 37.2 (“Classic Employees” Definition) above and as provided in Government Code Section 20042 (July 9, 1978).

  • However, if the City’s Fiscal Year 2021-2022 Employer Miscellaneous Normal Cost Rate exceeds 10.303% (the 2020-2021 rate), employees in the unit will cost share (in accordance with Government Code section 20516(f)) as follows: Classic Employees: One-half (1/2) of the amount by which the Fiscal Year 2021-2022 Employer Miscellaneous Normal Cost Rate exceeds 10.303% up to a maximum of 0.5% of compensation earnable.

  • The PERS retirement benefit for Classic Employees will be based on the Employee’s highest 12 consecutive months of compensation.

  • One-Year Final Compensation: Classic Employees, as defined in Section 59.2 shall be eligible to receive retirement allowance based on One-Year Final Compensation as provided in Section 20042 (July 9, 1978).

Related to Classic Employees

  • Retained Employees has the meaning set forth in Section 6.1.1.

  • Former Employees means Former Parent Group Employees and Former SpinCo Group Employees.

  • Transferred Employees has the meaning set forth in Section 6.4(a).

  • Company Employees shall have the meaning set forth in Section 6.10(a).

  • Active Employees means all employees employed on the Closing Date by Seller for its business who are employed exclusively in Seller’s business as currently conducted, including employees on temporary leave of absence, including family medical leave, military leave, temporary disability or sick leave, but excluding employees on long-term disability leave.

  • Hired Employees has the meaning set forth in Section 6.1(a).

  • Continuing Employees shall have the meaning set forth in Section 6.9(a).

  • Business Employees has the meaning set forth in Section 4.10(a).

  • Other Employees means, all the employees other than the Directors, KMPs and the Senior Management Personnel.

  • Designated Employees means a person occupying any of the following position in the Company:

  • Current Employees has the meaning set forth in Section 6.4(a).

  • Seller Employees shall have the meaning ascribed thereto in Section 7.4(a) hereof.

  • Casual Employees means employees who are employed on a casual basis and includes persons who are employed for periods not exceeding five days at any one time.

  • Union Employees has the meaning set forth in Section 6.12(a).

  • Excluded Employees has the meaning set forth in Section 2.5(a)(iv).

  • Relevant Employees means the employees of the Contractor (including the Transferring Employees) who are wholly or mainly assigned to work in the provision of the Services and who are/will be the subject of a Relevant Transfer by virtue of the application of the TUPE Regulations.

  • Returning Employees means those persons listed in a schedule to be agreed by the Parties prior to the end of the Contract Period who it is agreed were employed by the Contractor (and/or any Sub-Contractor) wholly or mainly in the supply of the Services immediately before the end of the Contract Period.

  • Affected Employees means those employees who are exposed to the hazard(s) identified as a violation(s) in a citation.

  • Key Employees means each of the following individuals: Xxx Xxxxxxx, Xxxxx Xxxxxxxx, Xxxxx Xxxxxx and Xxxxx Xxxxxxx.

  • Permanent Employees means all employees who are not casual employees, or employees working in a long-term supply assignment, as defined below.

  • Transferring Employees means employees of the Incumbent Contractor who are wholly or mainly assigned to work in the provision of the Service and who are subject of a Relevant Transfer to the Contractor by virtue of the application of the TUPE Regulations.

  • Separated employees means persons who separate from

  • Retained Employee does not include any individual who has a direct or an indirect ownership interest of at least five percent (5%) in the profits, equity, capital, or value of the Taxpayer, or a child, grandchild, parent, or spouse, other than a spouse who is legally separated from the individual, of any individual who has direct or indirect ownership interest of at least five percent (5%) of the profits, equity, capital or value of the Company.

  • Transferred Employee has the meaning set forth in Section 6.01(a).

  • Newly hired employee or “New Hire” means any employee, whether permanent, full-time, or part-time, hired by the Office and who is still employed as of the date of new employee orientation. It also includes all employees who are or have been previously employed by the Office and whose current position has placed them in the bargaining unit represented by CSEA. For those latter employees, for purposes of this article only, the “date of hire” is the date upon which the employees’ employment status changed as such that the employee was placed in the CSEA unit.

  • Part-Time Employees means employees employed on a permanent basis, but obligated to work less than a full (i.e., forty-hour) work week.