Classic Members definition

Classic Members. For purposes of this section “Classic Member” is defined as a member who does not meet the definition of a "New Member" as defined by ▇▇▇▇▇. Association employees who are “Classic Members”, as defined above, are eligible to participate in the County retirement program as contracted through the California Public Employees’ Retirement System (“CalPERS”). The retirement program is integrated with Social Security and the retirement benefit is based on the highest single year of salary and on the 2% @ 50 formula.

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Classic Members. For purposes of this section “Classic Member” is defined as a member who does not meet the definition of a "New Member" as defined by ▇▇▇▇▇.

Classic Members. Effective the first full pay period including January 1, 2013, employees will pay on a pre-tax basis seven percent (7%) of wages for the employee share of his/her CalPERS pension.

Examples of Classic Members in a sentence

Employees hired before January 1, 2013, or Classic Members as defined by CalPERS (not new members per CCR 579.1(b)), shall receive the 2.7% @ 55 retirement formula, highest thirty-six (36) month average final compensation period, the Fourth Level of the 1959 Survivor’s Benefit, and a two percent (2.0%) retirement Cost of Living Adjustment (COLA).
Tier I - PERS 3% @ 50 FORMULA – For Classic Members, the employees will contribute the full (9) percent member contribution via payroll deduction.
Employees hired before January 1, 2013, or those Classic Members, as defined by CalPERS, shall receive the 3% at age 60 retirement formula.
Employee Contribution for Employees Hired Before January 1, 2013 or Classic Members.
The PFP award is special compensation for LBMA Classic Members and shall be reported to CalPERS as such pursuant to Title 2 CCR, Section 571(a)(1) and Section 571.1(b).

More Definitions of Classic Members

Classic Members as defined above, are eligible to participate in the County retirement program as contracted through the California Public Employees’ Retirement System (“CalPERS”). The retirement program is integrated with Social Security and the retirement benefit is based on the highest single year of wages and on the 2% @ 55 formula.

Classic Members are defined as those individuals who are:

Classic Members. For purposes of this section “Classic Member” is defined as a member who does not meet the definition of a "New Member" as defined by ▇▇▇▇▇. BCCOA-General Unit employees who are “Classic Members”, as defined above, are eligible to participate in the County retirement program as contracted through the

Classic Members hired on or after December 6, 2012 For “Classic Members” hired on or after December 6, 2012, the City will provide the PERS 2% at 60 retirement plan using the highest three year average as final compensation. The second tier formula will include the following amendments: conversion of unused sick leave to additional retirement credit, the 1959 survivor's benefit (4th level), the Military Service Credit option, and the Pre-Retirement Option 2 Death Benefit. Employees hired under this plan will pay the full member contribution required under the plan, presently seven percent (7%). CalPERS determines who is a “classic member” within the meaning of the California Public Employees’ Pension Reform Act (PEPRA). The employee pays to PERS their contribution; as allowed under Internal Revenue Service Code Section 414 (h) (2) the contribution is made on a pre-tax basis.

Classic Members shall pay on a pre-tax basis seven percent (7%) of salary for the employee share of his/her CalPERS pension. Seven percent (7%) of salary is the maximum employee contribution to pension. “New Members” shall pay an amount that is equal to one half (1/2) the normal cost of his/her CalPERS pension or the current contribution rate of similarly situation employees, whichever is greater as required by law.

Classic Members a. Tier 1: 2% @ 55. b. Tier 2: 2% @ 60 c. For Unit employees who are deemed by CalPERS to be “classic members” and who are hired by the City in a miscellaneous classification on or after January 1, 2013, CalPERS benefits shall be under either Tier 1 or Tier 2 above, depending on qualifying factors under State law.

Classic Members. Employees will pay on a pre-tax basis seven percent (7%) of compensation for the employee share of his/her CalPERS pension.