Classic Member. Employees
Classic Member means: a unit member who entered into membership with a qualifying public retirement system on or before December 31, 2012 who do not meet the definition of “New Member” under Government Code § 7522.04(f) and related CalPERS membership requirements. Status as a classic member shall be determined by CalPERS.
Classic Member. A classic member is defined as an employee who meets the definition of a “classic” member for purposes of retirement pension benefits in accordance with the Public Employees Pension Reform Act of 2013. Generally, this includes employees that were hired before January 1, 2013 in the California Public Employees Retirement System (CalPERS) or a reciprocal retirement system with no break in service longer than six months. XxxXXXX ultimately determine who is a classic member in compliance with the law.
Examples of Classic Member in a sentence
Classic Member Employees (employees who are not new members as defined by the PEPRA) subject to the 3%@60 formula.
More Definitions of Classic Member
Classic Member is defined by XXXXX as a member who does not meet the definition of a "New Member". Employees who are “Classic Members”, as defined above, are eligible to participate in the City retirement program as provided for in the City contract with CalPERS.
Classic Member means an employee who first became a member of CalPERS, or another public retirement system that has reciprocity with CalPERS, before January 1, 2013, and who did not have a break in service of more than six months before returning to membership in CalPERS with a new employer. No Change to Classic Members: Three Percent (3%) at Age 50 CalPERS plan. To Include: One Year Final Compensation 01/06/93 1959 Survivor Benefit 09/01/79 Inc. 59 Survivor Benefit 07/04/80 Pension Cost Sharing under AB 340 (PEPRA), as amended: Per this Memorandum of Understanding; Effective the first full pay period following ratification of the Tentative Agreement by both parties, Employees shall contribute 6% of pensionable compensation to the employee’s share of pension contributions, and the District shall contribute 3% of the employee’s share. Effective the first full pay period after July 1, 2020, Employees shall contribute 8% of pensionable compensation to the employee’s share of pension contributions, and the District shall contribute 1% of the employee’s share. Effective the first full pay period after July 1, 2021, Employees shall contribute the full 9% of pensionable compensation to the employee’s share of pension contributions, and the District shall not contribute to the employee’s share. The District shall adopt and file with CalPERS a resolution providing that employee pension contributions will be picked up by the District under section 414(h)(2) of the Internal Revenue Code.
Classic Member. Miscellaneous Unit Members
Classic Member. Employees Subject to the 3% @ 55 Formula Effective the first pay period of January 2018 or as soon as a contract amendment is adopted with CalPERS, safety classic employees shall pay an additional one and one half percent (1.5%) of the employer contribution towards their retirement benefit as employer cost sharing in accordance with Government Code section 20516, for a total of twelve percent (12%).
Classic Member is defined as any of the following: • A new hire that was brought into CalPERS membership for the first time before January 1, 2013. • A new hire who is brought into CalPERS membership for the first time on or after January 1, 2013, and who was a member with another qualifying public retirement system prior to January 1, 2013, and is eligible for reciprocity. • A member who first established CalPERS membership prior to January 1, 2013, and who is rehired (by a different CalPERS employer) after a break in service of less than six months.
Classic Member is typically defined as an employee who was hired on or before December 31, 2012, or is a member of a reciprocal retirement system.
Classic Member a corporation that (i) was a Pre-Spin-off Member and (ii) becomes a member of the Classic Group at the beginning of the day immediately after the Distribution Date.