CalPERS Retirement Formula and Employer Sample Clauses

CalPERS Retirement Formula and Employer. Paid Member Contribution for Classic Employees (i.e. current employees and employees who do not qualify as “New Members” under PEPRA) Current employees and other employees who do not qualify as “New Members” under PEPRA shall continue to be entitled to the 2.7% at age 55 retirement formula benefit, and the City shall continue the contribution of eight percent (8%) to CalPERS on behalf of the employee.
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CalPERS Retirement Formula and Employer. Paid Member Contribution for Classic Employees, i.e. current employees and future employees who do not qualify as “New Members” under the California Public Employees’ Pension Reform Act of 2013 (PEPRA)‌ Current employees and other employees who do not qualify as “New Members” under PEPRA shall continue to be entitled to the 2.7% at age 55-retirement formula, and the City shall continue the contribution of eight percent (8%) to CalPERS on behalf of the employee. Effective January 1, 1995 contributions made pursuant to this section have been reported to CalPERS as "special compensation" as provided in Government Code Section 20636(c)(4) pursuant to Section 20691. Said contributions shall not apply in the case of temporary or provisional employees. The aforesaid contribution 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 education incentive pay; nor shall such contribution be taken into account in determining the level of any other benefit which is a function of or percentage of salary. The City reserves the right to take said contribution into account for the purpose of salary comparisons with other employers. The City will not treat these contributions as compensation subject to income tax withholding unless the Internal Revenue Service, Franchise Tax Board, or court of competent jurisdiction indicates that such contributions are taxable income subject to withholding. Each employee shall be solely and personally responsible for any federal, state or local tax liability of the employee that may arise out of the implementation of this section or any penalty that may be imposed therefore.
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CalPERS Retirement Formula and Employer. Paid Member Contribution for Legacy Employees (I.e., current employees and employees who do not qualify as “New Members” under PEPRA): The City agrees to pay the employees’ required contribution (7% of base pay) to the CalPERS. Effective January 5, 2003, the City agrees to provide the 2.7% at age 55 retirement formula benefit improvement and the City’s contribution to CalPERS on behalf of the employee will increase from 7% to 8%. Provided further that for the term of this contract, the City shall continue to provide Employer Paid Member Contributions of eight percent (8%) on behalf of Legacy Employees.
Sample 1
CalPERS Retirement Formula and Employer. Paid Member Contribution for Classic Employees, i.e., current employees and future employees who do not qualify as “New Members” under the California Public Employees’ Pension Reform Act of 2013 (PEPRA) Effective January 5, 2003, the City agrees to provide the 2.7% at age 55-retirement formula benefit improvement, and the City’s contribution to CalPERS on behalf of the employee will increase from 7% to 8%. Effective July 3, 1994, contributions made pursuant to this section shall be reported to PERS as "special compensation" as provided in Government Code Section 20636(c)(4) pursuant to Section 20691. Said contributions shall not apply in the case of temporary or provisional employees. The aforesaid contribution 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 education incentive pay; nor shall such contribution be taken into account in determining the level of any other benefit which is a function of or percentage of salary. The City reserves the right to take said contribution into account for the purpose of salary comparisons with other employees.
Sample 1

Related to CalPERS Retirement Formula and Employer

  • Non-Vested Retirement Gratuity for Teachers 1. The minimum years of service for retirement gratuity shall be defined as the lesser of the contractual minimal service requirement in the 2008-2012 collective agreement, or ten (10) years.

  • EMPLOYMENT OF RETIRED TEACHERS A. For purposes of salary schedule placement, a retired Teacher will be granted a maximum of ten (10) years’ service credit and their educational attainment. A retired Teacher may not advance beyond Level 10 on the salary schedule.

  • Multiple Individual Retirement Accounts In the event the depositor maintains more than one Individual Retirement Account (as defined in Section 408(a)) and elects to satisfy his or her minimum distribution requirements described in Article IV above by making a distribution from another individual retirement account in accordance with Item 6 thereof, the depositor shall be deemed to have elected to calculate the amount of his or her minimum distribution under this custodial account in the same manner as under the Individual Retirement Account from which the distribution is made.

  • Public Employees Retirement System “PERS”) Members. For purposes of this Section 1, “employee” means an employee who is employed by the State on August 28, 2003 and who is eligible to receive benefits under ORS Chapter 238 for service with the State pursuant to Section 2 of Chapter 733, Oregon Laws 2003.

  • REGISTERED RETIREMENT SAVINGS PLAN 1. In this Article:

  • Oregon Public Service Retirement Plan Pension Program Members For purposes of this Section 2, “employee” means an employee who is employed by the State on or after August 29, 2003 and who is not eligible to receive benefits under ORS Chapter 238 for service with the State pursuant to Section 2 of Chapter 733, Oregon Laws 2003.

  • Non-Retirement Savings Accounts An account maintained in the Cayman Islands (other than an insurance or Annuity Contract) that satisfies the following requirements under the laws of the Cayman Islands.

  • Post-Retirement Employment Unit members who retire from the University during the term of this Agreement may propose a post-retirement appointment of up to three years duration. During this post-retirement appointment, the total of retirement benefits and post-retirement salary paid by the University shall not exceed the salary paid at the time of retirement. The annual compensation received from the University for the post-retirement appointment shall not exceed fifty (50) percent of the annual salary at the time of retirement. The duties for a post-retirement appointment shall be defined and agreed to in writing by the bargaining unit member and the Employer/University Administration prior to the bargaining unit member's retirement. Such appointments are at the discretion of the Employer/University Administration and are subject to existing law and all rules and regulations of the State Retirement Board. The decision of the Employer/University Administration not to approve a proposal for a post-retirement appointment shall not be grievable under the Grievance and Arbitration Procedure, Article 7.

  • Pre-Retirement Leave An employee scheduled to retire and to receive a superannuation allowance under the applicable Superannuation Act(s), or who has reached the mandatory retiring age, shall be entitled to:

  • Re-employment After Retirement Employees who have reached retirement age as prescribed under the Pension (Municipal) Act and continue in the Employer's service, or are re-engaged within three (3) calendar months of retirement, shall continue at their former increment step in the pay rate structure of the classification in which they are employed, and the employee's previous anniversary date shall be maintained. All perquisites earned up to the date of retirement shall be continued or reinstated.

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