CALPERS RETIREMENT BENEFITS Sample Clauses

CALPERS RETIREMENT BENEFITS. The City contracts with CalPERS for retirement benefits. The definitions of “new member” and “classic member” are set forth in Exhibit “C”.
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CALPERS RETIREMENT BENEFITS. The Public Employees’ Pension Reform Act (PEPRA) of 2013 applies to all public employers and public pension plans (which includes CalPERS). Hire date on or after 1/1/13 and deemed “new” member (New member = no prior CalPERS/reciprocal employment or a break in service greater than 6 months) Benefits include:  Section 7522.25 (2.7% @ 57 Safety Formula)  Section 20037 (Three Year Final Compensation)  Employee contribution = 50% of Total Normal Cost, currently 12% Contribution amount is recalculated each year by XxxXXXX actuarial study. Hire date on or after 9/1/12 and deemed “classic” member (Classic member = prior CalPERS/reciprocal employment with less than 6 month break in service) Benefits include:  Section 21362 (2% @ 50 Safety Formula)  Section 20037 (Three-Year Final Compensation)  Employee contribution (Section 20678) = 9%  Effective September 1, 2015 employees shall pay a combined total of twelve percent (12%) (9% employee contribution plus 3% employer contribution) towards CalPERS retirement. The 3% shall be paid as a cost share via MOU (pursuant to Government Code Section 20516 (f)) until a CalPERS contract amendment can be completed (which includes an election process) pursuant to Government Code Section 20516 (a). In the event that the election does not result in a contract amendment, the employees agree to continue the stated contribution via MOU pursuant to Government Code Section 20516 (f). Hire date prior to 9/1/12 Benefits include:  Section 21362.2 (3% @ 50 Safety Formula)  Section 20042 (One Year Final Compensation)  Employee contribution (Section 20678) = 9%  Effective September 1, 2015 employees shall pay a combined total of twelve percent (12%) (9% employee contribution plus 3% employer contribution) towards CalPERS retirement. The 3% shall be paid as a cost share via MOU (pursuant to Government Code Section 20516 (f)) until a CalPERS contract amendment can be completed (which includes an election process) pursuant to Government Code Section 20516 (a). In the event that the election does not result in a contract amendment, the employees agree to continue the stated contribution via MOU pursuant to Government Code Section 20516 (f). As an offset for the increased employee PERS contribution, all employees will receive a 2.15% base wage increase effective September 1, 2015. All Fire safety retirements also include the following contracted CalPERS provisions:  Section 20903 (Two Years Additional Service Credit – if “Golden Handsh...
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CALPERS RETIREMENT BENEFITS. 52.6.1 The City contracts with CalPERS for retirement benefits. The definitions of “new member” and “classic member” are set forth below:
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CALPERS RETIREMENT BENEFITS. ‌ Regular Part-Time employees will be enrolled in CalPERS at the time of hire and will receive the same retirement formula as other, similarly-situated, miscellaneous City employees who are enrolled in CalPERS. Should an Hourly employee at any point work in excess of 1,000 hours in any given fiscal year, they will be enrolled in CalPERS. The City contracts with CalPERS for retirement benefits. The definitions of “new member” and “classic member” are set forth in Exhibit “B” to this MOU.
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CALPERS RETIREMENT BENEFITS. EMPLOYEE shall be eligible for the following retirement benefits:
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CALPERS RETIREMENT BENEFITS. 29 A. For “Classic Member” Employees 29
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CALPERS RETIREMENT BENEFITS. As of the effective date of this MOU the City agrees to provide retirement benefits under the California Public Employees’ Retirement System as follows.
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CALPERS RETIREMENT BENEFITS. Retirement benefits for sworn Safety employees are provided as specified under the City’s contract with the California Public Employees’ Retirement System and include the following benefits: MEMORANDUM OF UNDERSTANDING BETWEEN THE POLICE MANAGEMENT GROUP AND THE CITY OF COVINA Effective July 1, 2021 1. 1959 Survivors Benefit (GC 21583)
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Related to CALPERS RETIREMENT BENEFITS

  • Early Retirement Benefits If elected in the Adoption Agreement, an Early Retirement benefit may be available to individuals who meet the age and Service requirements that are specified in the Adoption Agreement. A Participant who attains his or her Early Retirement Date will become fully vested, regardless of any vesting schedule which otherwise might apply. If a Participant separates from Service with a nonforfeitable benefit before satisfying the age requirements, but after having satisfied the Service requirement, the Participant will be entitled to elect an Early Retirement benefit upon satisfaction of the age requirement.

  • Retirement Benefits Due to either investment or employment during the marriage, either the Husband or Wife: (check one) ☐ - DO NOT have retirement plans. ☐ - HAVE retirement plans. The Couple has the following retirement plans: (“Retirement Plans”). Upon signing this Agreement, the Retirement Plans shall be owned by: (check one) ☐ - Husband ☐ - Wife ☐ - Both Spouses ☐ - Other. .

  • Retirement Benefit Should the Director still be in the Directorship ------------------ of the Association upon attainment of his 70th birthday, the Association will commence to pay him $590 per month for a continuous period of 120 months. In the event that the Director should die after becoming entitled to receive said monthly installments but before any or all of said installments have been paid, the Association will pay or will continue to pay said installments to such beneficiary or beneficiaries as the Director has directed by filing with the Association a notice in writing. In the event of the death of the last named beneficiary before all the unpaid payments have been made, the balance of any amount which remains unpaid at said death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the estate of the last named beneficiary to die. In the absence of any such beneficiary designation, any amount remaining unpaid at the Director's death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the Director's estate.

  • Disability Retirement If, as a result of your incapacity due to physical or mental illness, You shall have been absent from the full-time performance of your duties with the Company for 6 consecutive months, and within 30 days after written notice of termination is given You shall not have returned to the full-time performance of your duties, your employment may be terminated for "Disability." Termination of your employment by the Company or You due to your "Retirement" shall mean termination in accordance with the Company's retirement policy, including early retirement, generally applicable to its salaried employees or in accordance with any retirement arrangement established with your consent with respect to You.

  • RETIREMENT SEVERANCE PAY Any employee who works regularly each week on a permanent part-time basis or on a full-time basis and who has ten or more years of service with the Shaker Heights Board of Education, may elect at the time of his/her retirement from active service (retirement from active service shall mean actual retirement under one of Ohio’s public employee retirement systems or eligibility for retirement under such retirement systems with retirement from the Shaker schools and election to withdraw retirement funds in a lump sum payment) to receive severance pay in an amount equal to: One-fourth (1/4) of his/her unused accumulation at the per diem rate of said employee’s basic contract salary in effect at the time of the last day of employment in Shaker Heights. Supplemental contracts, extended service, overtime or any other compensation will not be included in the calculation.

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