Retirement Formula definition

Retirement Formula. Unit members who are defined as “new members” under the PEPRA, are covered by the 2.7%@ 57 formula provided for by the Public Employees’ Retirement Law at Government Code section 7522.25(d).
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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, the City contracts with CalPERS to provide the 3% at 55 retirement formula as set forth in California Government Code Section 21363.1
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Examples of Retirement Formula in a sentence

  • For employees hired January 1, 1983, and thereafter, the Beta Retirement Formula and a flat-rated employee retirement contribution of six percent (6%) shall be continued.

  • The employees are covered by the 2% at Age 55 Retirement Formula.

  • For employees hired prior to January 1, 1983, retirement benefits including the Beta Retirement Formula and subsidies of: 1) one-half the employees’ retirement contribution rates, and 2) an additional two percent (2%) of compensation earnable after the one-half subsidy, shall be continued during the term of this MOU.

  • State Safety retirement members first employed by the State on or after January 15, 2011 and prior to January 1, 2013 and qualify for CalPERS membership are subject to the State Safety B Retirement Formula.

  • State Safety retirement members first employed by the State on or after January 15, 2011 and prior to January 1, 2013 are subject to the State Safety B Retirement Formula.

  • First Tier retirement members first employed by the State on or after January 15, 2011 and prior to January 1, 2013 are subject to the First Tier B Retirement Formula.

  • State Safety members first employed by the State prior to January 15, 2011 are subject to the State Safety A Retirement Formula.

  • Retirement benefits including the Beta Retirement Formula will be continued during the term of this MOU.

  • State Safety retirement members first employed by the State on or after January 15, 2011 and prior to January 1, 2013 are subject to the “State Safety B Retirement Formula.” The State Safety B Retirement Formula does not apply to: • Former state employees who return to state employment on or after January 15, 2011.

  • The above four categories are subject to the State Safety A Retirement Formula.