PERS Retirement Plan Sample Clauses

PERS Retirement Plan. The City shall provide retirement benefits through the Public Employee's Retirement System (PERS). The benefit shall be based upon the following PERS Local Miscellaneous formulas, as follows: Tier 1 – PERS 2% @ 55 Full time employees and PERS eligible part time employees hired on or before March 23, 2012 shall contribute 7% of their salary toward the Employee Contribution Rate. The retirement allowance is based on the highest one-year final compensation. Tier 2 – 2% @ 60 Full time employees and PERS eligible part time employees hired after March 23, 2012 shall contribute 7% of their salary toward the Employee Contribution Rate. The retirement allowance is based on the highest 36-months compensation. Tier 3 – 2% @ 62 *New City employees hired after January 1, 2013 who are “new members” under the CalPERS regulations shall contribute one-half of the normal cost as determined annually by XxxXXXX. The retirement allowance is based on the highest 36-months compensation. The City also offers the following optional benefit provisions: Section 20930.3 Military Service Credit as Public Service Section 21573 Third Level of 1959 Survivor Benefits
Sample 1Sample 2Sample 3See All (5)
AutoNDA by SimpleDocs
PERS Retirement Plan. The Employer shall continue to provide employees working twenty (20) or more hours per week with membership in the State of California Public Employee's Retirement Plan (PERS). Employees will participate in the PERS Retirement Plan with the following retirement formulas: Hired or eligible on or before January 31, 2008 2% at Age 55 Hired or eligible on February 1, 2008 through December 31, 2012 2% at Age 60 Hired or eligible on or after January 1, 2013 2% at Age 62 Such enrollment shall be provided under the same terms and conditions as existed on the effective date of this Agreement, provided that the Employer may adopt a new vesting schedule for the retiree health benefit. This change to the retiree health benefit will be applicable only to employees hired on or after the effective date of the new vesting schedule. The Employer shall continue to contribute three and one-half percent (3.5%) toward the Employee Paid Member Contribution of the Normal Cost of PERS for employees hired or eligible prior to January 1, 2013. Effective October 1, 2014, employees hired or eligible on or after January 1, 2013; shall per law contribute the full amount of the Employee Paid Member Contribution. For all eligible employees, the Employer shall pay the full Employer contribution. The Employer may change enrollment terms and conditions at any time as necessary to remain in compliance with all laws and regulations applicable to the PERS Retirement Plan, including but not limited to the Public Employee’s Pension Reform Act of 2013.
Sample 1
PERS Retirement Plan. The Employer shall continue to provide employees working twenty (20) or more hours per week with membership in the State of California Public Employee's Retirement Plan (PERS). Employees will participate in the PERS Retirement Plan with the following retirement formulas: Employees hired after February 1, 2008 will participate in the PERS Retirement Plan with the retirement formula of 2% at 60. All employees who were hired prior to February 1, 2008 shall continue with the retirement formula of 2% at 55. • Hired or eligible on or before January 31, 2008 2% at Age 55 • Hired or eligible on February 1, 2008 through December 31, 2012 2% at Age 60 • Hired or eligible on or after January 1, 2013 2% at Age 62 Such enrollment shall be provided under the same terms and conditions as existed on the effective date of this Agreement, provided that the Employer may adopt a new vesting schedule for the retiree health benefit. This change to the retiree health benefit will be applicable only to employees hired on or after the effective date of the new vesting schedule. The Employer shall continue to contribute three and one-half percent (3.5%) toward the Employee Paid Member Contribution of the Normal Cost of PERS for employees hired or eligible prior to January 1, 2013. Effective October 1, 2014, employees hired or eligible on or after January 1, 2013; shall per law contribute the full amount of the Employee Paid Member Contribution. For all eligible employees, the Employer shall pay the full Employer contribution. The Employer may change enrollment terms and conditions at any time as necessary to remain in compliance with all laws and regulations applicable to the PERS Retirement Plan, including but not limited to the Public Employee’s Pension Reform Act of 2013.
Sample 1
PERS Retirement Plan. The City agrees to provide fire safety members with PERS "3% at 55" full formula retirement plan and the following benefits:
Sample 1
PERS Retirement Plan. (1) Employees hired prior to January 1, 2012 The City agrees to provide employees with PERS "2.5% at 55" formula retirement plan and the following benefits: • One year final compensation; • 1959 Survivors Benefit; • All unused sick leave credit; and • Post Retirement Death Benefit with Post Retirement Survivor Allowance. Effective December 31, 2012, all unit employees shall pay for 100% of the member contribution.
Sample 1
PERS Retirement Plan. The City shall provide retirement benefits through the California Public Employees' Retirement System (CalPERS). The benefit for employees identified as “classic” CalPERS members is currently based upon the PERS Miscellaneous 2% at 55 formula (single highest year). Per the regulations of the Public Employees Pension Reform Act (PEPRA), the retirement benefit for employees identified as “new” CalPERS members is based upon the PERS Miscellaneous 2% @ 62% formula (highest three years). Existing and future employees identified as “new” CalPERS members are required to pay 50% of normal cost to the retirement system, in compliance with PEPRA. Existing and future employees identified as “classic” CalPERS members are required to pay the 7.0% of the employee’s share of the retirement system contributions. The City shall pay the employer's share for all eligible “classic” and “new” regular full-time employees, and all regular part-time employees exceeding 999 hours worked in a fiscal year.
Sample 1
PERS Retirement Plan. For all sworn safety members hired prior to January 1, 2013, that are defined as “Classic” members by XXXXX, the City will provide the 3.0% @ 50 retirement formula. Unit Members will pay the full 9.0% employee contribution in addition to cost-sharing 4.0% of the employer contribution resulting in a total employee contribution of 13.0%, which is deducted on a pre-tax basis. Employees hired on or after January 1, 2013 who do not meet the definition of a “Classic” member as referenced above, will be placed in Option Plan 2 and considered a new member of the retirement system. Option Plan 2 for these employees is the 2.7% @ 57 formula. XXXXX requires the member retirement formula to be based on a 36- month average of annual pensionable compensation earned (rather than a 12-month average) and employees in Option Plan 2 are not required to participate in cost-sharing of the employers’ contribution to CalPERS. Employees are responsible for paying fifty percent (50%) of the total “normal cost” rate. The “normal cost” rate is subject to change on a fiscal year basis as determined by XxxXXXX.
Sample 1
AutoNDA by SimpleDocs
PERS Retirement Plan 
Sample 1Sample 2Sample 3

Related to PERS Retirement Plan

  • 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.

  • Retirement Plans In connection with the individual retirement accounts, simplified employee pension plans, rollover individual retirement plans, educational IRAs and XXXX individual retirement accounts (“XXX Plans”), 403(b) Plans and money purchase and profit sharing plans (collectively, the “Retirement Plans”) within the meaning of Section 408 of the Internal Revenue Code of 1986, as amended (the “Code”) sponsored by a Fund for which contributions of the Fund’s shareholders (the “Participants”) are invested solely in Shares of the Fund, JHSS shall provide the following administrative services:

  • REGISTERED RETIREMENT SAVINGS PLAN 1. In this Article:

  • Retirement Plan The 2.7% at 55 retirement plan will be available to eligible bargaining unit members covered by this Section 6.1.1.

  • Retirement Savings Plan Within fifteen (15) days after the date of Termination of Employment, the Company shall pay to Employee a cash payment in an amount, if any, necessary to compensate Employee for the Employee’s unvested interests under the Company’s retirement savings plan which are forfeited by Employee in connection with the Termination of Employment.

  • 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.

  • 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.

  • Normal Retirement Unless Separation from Service or a Change in Control occurs before Normal Retirement Age, when the Executive attains Normal Retirement Age the Bank shall pay to the Executive the benefit described in this section 2.1 instead of any other benefit under this Agreement. If the Executive’s Separation from Service thereafter is a Termination with Cause or if this Agreement terminates under Article 5, no further benefits shall be paid.

Time is Money Join Law Insider Premium to draft better contracts faster.