SMCCE 40.2 Employees hired between August 7, 2011 and December 31, 2012

40.2 Employees hired between August 7, 2011 and December 31, 2012. The retirement benefit options shall be:

Plan 5: (1.725% @ 58) (pre‐enhancement tier) with no three percent (3%) cost share. Current Plan 4: Two percent at fifty-five and one-half (2% @ 55.5) (as described in 41.1 above) is closed to new employees hired on or after the effective date of the commencement of Plan 5. However, employees may transfer into Plan 4 after providing the equivalent of ten (10) years (twenty thousand eight hundred (20,800) hours) of service in Plan 5, and entering into an agreement with the San Mateo County Employee’s Retirement Association to pay all of the employee and employer contributions that would have been required if the employee had been in Plan 4 since the date of employment, plus interest.

Plan 3: Plan 3 is closed to all employees hired on or after December 23, 2012. If an employee is already in Plan 3 with the option to transfer to Plan 5 after providing the equivalent of five (5) years of service (ten thousand four hundred (10,400) hours) to the County that option is for future Plan 5 service only. After providing the equivalent of ten (ten) years of service (twenty thousand eight hundred (20,800) hours) to the County, employees may elect to transfer to Plan 4 by entering into an agreement with the San Mateo County Employees’ Retirement Association (SamCERA) to pay all of the incremental employee and employer contributions that would have been required if the employee had been in Plan 4 since the date of employment, plus interest.