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CCP 11-17-1997
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CCP 11-17-1997
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5/8/2007 1:14:05 PM
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11/10/2006 4:07:38 PM
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<br /> I <br /> I <br /> fI RETIREMENT <br /> For most employees, the Public Employees Retirement Association (PERA) is a <br /> I mandatory program authorized by state law to supplement social security retirement <br /> benefits for certain public sector employees. Under this plan, a percentage of an <br /> employee's salary is automatically deducted from your paycheck and an additional <br /> I percentage of salary is contributed by the City. These percentages are established by <br /> State law. The funds are forwarded to PERA and credited to the employee's account. <br /> If an employee leaves employment with the City before retirement and they desire to <br /> I withdraw the amount have contributed to PERA (employees may not receive the portion <br /> paid by the City; it remains with PERA), the employee may request such a refund, <br /> usually with interest. Withdrawal forfeits any potential retirement payments which the <br /> I contributions may have earned for the employee. To be eligible for PERA benefits, <br /> employees must be a member for a minimum of three years. <br /> I Each year employees will receive correspondence from PERA detailing contributions and <br /> other pertinent retirement information. Employees should review the yearly information <br /> carefully to keep up-to-date on the benefits accrued through the retirement fund. <br /> I For additional information contact the City Administrator's Office. <br /> .. <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> tI' <br /> I <br />
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