Normal rate of contribution - Initial rate.
San José Municipal Code § 3.28.720
in effect3.28.720 - Normal rate of contribution - Initial rate.
A. Until amended, revised or changed by the retirement board in accordance with other provisions of this Chapter 3.28, the members' normal rate of contribution on or after July 1, 1975, shall be four and seventy-nine hundredths percent of earned compensation, or of "compensation earnable" when so required by other provisions of this chapter.
B. Notwithstanding any other provisions of this Chapter 3.28, the members' normal rate of contribution for tier 2 members on or after September 30, 2012, shall be that percentage of "compensation earnable" as defined for tier 2 member in Section 3.28.030.06, determined to be required in order to make their normal contributions half of the cost to provide pensions, allowances and other benefits which are or will become payable to tier 2 members on or after September 30, 2012, including any amount designed to recover from members the difference between the amount of normal contributions theretofore actually required to be paid by members and any greater amount which, because of amendments hereafter made to this system or as a result of experience under this system, said members should have theretofore been required to pay in order to make their normal contributions half of the abovementioned pensions, allowances and other benefits which are or will become payable to such tier 2 members on or after September 30, 2012.
C. The normal rate of contribution set forth in this section is based on interest and mortality tables and other actuarial data in possession of the city on the date of enactment of this section, and is subject to change from time to time by the retirement board pursuant to other provisions of this chapter.
(Prior code § 2904.1252; Ord. 29120.)
Source: City of San José, Municipal Code (Municode Library, library.municode.com)URL: https://library.municode.com/ca/san_jose/codes/code_of_ordinances?nodeId=TIT3PE_IIREPL_CH3.281975FEEMREPL_PT6MECO_3.28.720NORACONIRAFetched: 11/1/2026