Pension Contribution for Represented Members on the 2 Sample Clauses

Pension Contribution for Represented Members on the 2. 7 Percent at 57 (2.7@57) Pension Formula (PEPRA Members)‌ This Section establishes the pension contribution for represented members on the 2.7@57 pension formula. This formula was established by the Public Employee Pension Reform Act of 2013 (PEPRA). It went into effect January 1, 2013 and imposed a new pension formula and minimum employee contribution for represented members hired after January 1, 2013 who met criteria established in the legislation. In accordance with PEPRA, represented members on this formula must pay at least 50 percent of normal cost of their pension. For Fiscal Year 2014-15 half the normal cost is 11.25 percent of salary. In an effort to help contain pension costs, represented members on the 2.7@57 pension formula agree to a 2 percent of salary cost share in Fiscal Year 2015-16. These cost shares will be in addition to the employee-paid CalPERS Member Contribution of 50 percent of normal cost beginning July 1, 2015, and in addition to 0.366 percent of salary pension contribution which is associated with the Alternate Death Benefit for Local Fire Members Credited with 20 or More Years of Service (Section 21547.7) and the Pre- Retirement Option 2 Death Benefit (Section 21548). The combined employee contribution will not exceed 13.616 percent. The total represented member pension contributions for the period of July 2014 to June 2017 are provided below. Effective July 6, 2014 “Standard” Employee Contribution Employee- Paid Survivor Benefit Cost Share (Employee Share of Employer Contribution) Maximum Total Paid by Employee** 3@50 9.0% 0.366% 6% 15.366% 2.7@57 11.25%* 0.366% 0% 11.616% Effective Pay Period Including July 1, 2015 “Standard” Employee Contribution Employee- Paid Survivor Benefit Cost Share (Employee Share of Employer Contribution) Maximum Total Paid by Employee** 3@50 9.0% 0.366% 8% 17.366% 2.7@57 11.25%* 0.366% 2% 13.616% Effective Pay Period Including July 1, 2017 “Standard” Employee Contribution Employee- Paid Survivor Benefit Cost Share (Employee Share of Employer Contribution) Maximum Total Paid by Employee** 3@50 9.0% 0.366% 8% 17.366% 2.7@57 10.50%* 0.366% 2% 12.866% * Under PEPRA, employees on the 2.7@57 pension formula are required to pay at least half the normal cost of their pension. This amount is 10.50 percent of salary for 2017 but may change in the future. ** This is the maximum employee contribution. If the normal cost for the 2.7@57 formula increases beyond 22.5 percent, requiring the employee to pay more th...
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