CALPERS-RETIREMENT CONTRIBUTION AND CALPERS OPTIONAL BENEFITS Sample Clauses

CALPERS-RETIREMENT CONTRIBUTION AND CALPERS OPTIONAL BENEFITS. 5.1 CALPERS FORMULA AND CONTRIBUTION: The pension reforms required by the California Public Employees’ Pension Reform Act of 2013 (Article 4 (commencing with Section 7522) of Chapter 21 of Division 7 of Title 1 of the Government Code) (hereinafter “PEPRA”) have been implemented as shall be any amendments thereto or related statutes that are enacted with similar mandatory provisions. Implementation of any pension reforms that are not made mandatory by PEPRA or required by law shall still necessitate that the City and IBEW 1245 representatives meet and confer over such non- mandatory changes before they may be implemented as required by the Xxxxxx-Xxxxxx- Brown Act (Government Code Sections 3500-3511)(hereinafter the “MMBA”). IBEW 1245 represented Unit employees hired by the City prior to November 19, 2011, shall receive the “2.7% at age 55 Full Formula” (Government Code Section 21354.5) retirement benefit. IBEW 1245 represented employees hired prior to November 19, 2011, shall pay their full CalPERS member contributions required by XxxXXXX for participation in the 2.7 @ 55 retirement plan, which is currently 8% of reportable earnings, subject to Section 4.1 above regarding employee pension cost sharing. The City does not and shall not make any Employer Paid Members Contribution (hereinafter “EPMC”) for Union represented employees. Employees shall have the option to have a salary adjustment in the form of a tax deferred income payment for their CalPERS member contribution in accordance with the provisions of Internal Revenue Code Section 414(h)(2). IBEW 1245 represented employees hired on or after November 19, 2011 and prior to January 1, 2013, shall receive the “2% at age 60 Full Formula” (Government Code Section 21353) retirement benefit with final compensation determined based upon the highest average pay rate and qualifying special compensation during any consecutive three year period. These employees pay their full CalPERS member contribution in an amount defined by statute (currently seven percent (7%)), subject to Section 4.1 above regarding employee pension cost sharing, and are not entitled to any City EPMC payments. As defined under the PEPRA, all IBEW 1245 represented employees hired on or after January 1, 2013 and determined by XxxXXXX to be “Non-Classic” CalPERS member employees shall receive the “2% at age 62 formula” retirement benefit with their final compensation calculated based upon the average full-time monthly pay rate for the highest th...
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Related to CALPERS-RETIREMENT CONTRIBUTION AND CALPERS OPTIONAL BENEFITS

  • Post-Retirement Benefits The present value of the expected cost of post-retirement medical and insurance benefits payable by the Borrower and its Subsidiaries to its employees and former employees, as estimated by the Borrower in accordance with procedures and assumptions deemed reasonable by the Required Lenders is zero.

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