This Section 42.3 (including subsections) shall apply to employees hired on or after January 1, 2013, who are or become contributing members of the SCERA and who do not qualify for pension reciprocity as stated in Government Code Section 7522.02(c).
42.3.1 Final Compensation Based On Three Year Average
As required by Government Code Section 7522.32, effective January 1, 2013, for the purposes of determining a retirement benefit for SCERA members covered by this Section 42.3, final compensation shall mean the highest average annual pensionable compensation earned during 36 consecutive months of service.
42.3.2 2% @ 62 Pension Formula
As required by Government Code Section 7522.20, the 2.0% at 62 pension formula shall be available to employees covered by this Section 42.3 who are contributing members of the SCERA.
42.3.3 Required Employee Contributions
As required by Government Code Section 7522.30(c), SCERA members covered by this Section 42.3 shall pay 50% of normal costs. In addition, SCERA members covered by this Section 42.3 shall pay 3.03% of the employee’s pensionable compensation toward the County’s employer contribution to retirement costs. This additional 3.03% contribution shall continue until July 2024.
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