California Public Employees’ Retirement System. (CalPERS)
California Public Employees’ Retirement System. (“CalPERS”). Employee is a “Classic” local miscellaneous member, and accordingly is covered by the 2% @ 60 CalPERS retirement formula. Employee will pay the mandatory CalPERS contribution rate for “Classic” members as determined by CalPERS, which amount is currently 7.0%.
California Public Employees’ Retirement System. (CalPERS) Classic Membership Employees hired with the City prior to January 1, 2013 or eligible for reciprocity in the CalPERS or public retirement system (as defined in California Public Employees’ Pension Reform Act of 2013 (PEPRA) and CalPERS guidance) and who are classified as classic members will be eligible for: The Retirement Plan as constituted on October 1, 2001 between the City and Public Employees Retirement System. This plan shall be maintained at the current benefit level, for the duration of this Memorandum of Understanding:
California Public Employees’ Retirement System. The Union and the City have reached agreement on establishing a different level of benefits (two- tiered retirement) for newly hired Miscellaneous employees. Effective upon agreement with the City’s other Miscellaneous bargaining units; the City shall amend its contract with CalPERS. The amended contract shall provide that Miscellaneous employees hired after the effective date of the amendment, shall receive the 2% at 60 formula retirement plan and the three-year final average compensation; instead of the current benefit of 2% at 55 formula retirement plan and one-year final average compensation. The establishment of this second tier of benefits shall not affect the benefits currently in effect for employees hired prior to the effective date of the CalPERS contract amendment. The City provides Miscellaneous employees with the two percent (2%) at fifty-five (55) formula retirement plan. The City’s contract with CalPERS includes the following optional benefits: • Third Level - 1959 Survivor's Benefit as provided in Section 21573 (April 5, 1999). • Military Service Credit as provided in Section 21024 (January 1, 1992). • One-Year Final Compensation as provided Section 20042 (November 1, 1980). • Credit for Unused Sick Leave as provided in Section 20965 (November 1, 1980). • Cost of Living Allowance two percent (2%) as provided by Section 21329 (April 1, 1971). • Retired Death Benefit of five-hundred ($500.00) as provided in Section 21620 (December 1, 1969). • Death Benefit Continues as provided in Section 21551 (January 1, 2000). • Prior Service Credit as provided in Section 20055 (January 1, 1950). The City shall continue to defer that portion of the employee’s contribution paid to CalPERS through Section 414(h)(2) of the Internal Revenue Code pursuant to City of Petaluma Resolution 90-363 N.C.S.
California Public Employees’ Retirement System. The County will continue its participation in the California Public Employees’ Retirement System (CalPERS or PERS) during the term of this agreement.
California Public Employees’ Retirement System. 59.1 The City shall continue participating under the Safety Members Plan of the Public Employees' Retirement System (CalPERS).
California Public Employees’ Retirement System. Tier 1 Miscellaneous employees hired prior to December 28, 2012 are provided with the 2% at 55 formula retirement plan. The City's contract with California Public Employees’ Retirement System (“CalPERS”) includes the following optional benefits: • Third Level - 1959 Survivor's Benefit as provided in Section 21573 (April 5, 1999). • Military Service Credit as provided in Section 21024 (January 1, 1992). • One-Year Final Compensation as in provided Section 20042 (November 1, 1980). • Credit for Unused Sick Leave as provided in Section 20965 (November 1, 1980). • Cost of Living Allowance two percent (2%) as provided in Section 21329 (April 1, 1971). • Retired Death Benefit of five-hundred dollars ($500) as provided in Section 21620 (December 1, 1969). • Death Benefit Continues as provided in Section 21551 (January 1, 2000). • Prior Service Credit as provided in Section 20055 (January 1, 1950). Tier 2 Miscellaneous employees who are considered by XxxXXXX to be “classic” members but who were hired after December 28, 2012, the effective date of the amended contract with CalPERS, shall receive the 2% at 60 formula retirement plan and the three-year final average compensation. The following optional benefits will remain in effect for employees in the second retirement tier: • Third Level - 1959 Survivor's Benefit as provided in Section 21573 (April 5, 1999). • Military Service Credit as provided in Section 21024 (January 1, 1992). • Credit for Unused Sick Leave as provided in Section 20965 (November 1, 1980). • Cost of Living Allowance two percent (2%) as provided in Section 21329 (April 1, 1971). • Retired Death Benefit of five-hundred dollars ($500) as provided in Section 21620 (December 1, 1969). • Death Benefit Continues as provided in Section 21551 (January 1, 2000). • Prior Service Credit as provided in Section 20055 (January 1, 1950). Tier 3 New miscellaneous employees hired on or after January 1, 2013 who meet the definition of a new CalPERS member under the Public Employees’ Pension Reform Act (PEPRA) shall receive the 2% at 62 retirement formula with three-year final average compensation and the following optional benefits in the third retirement tier: • Third Level - 1959 Survivor's Benefit as provided in Section 21573 (April 5, 1999). • Military Service Credit as provided in Section 21024 (January 1, 1992). • Credit for Unused Sick Leave as provided in Section 20965 (November 1, 1980). • Cost of Living Allowance two percent (2%) as provided in Section ...
California Public Employees’ Retirement System. Tier 1 The establishment of a second and third tier of benefits as defined below shall not affect the benefits currently in effect for Safety – Fire and Safety – Police employees hired prior to 11/15/12, the effective date of the CalPERS contract amendment. Safety – Fire and Safety – Police employees hired prior to the establishment of the second tier of retirement benefit are provided with the 3% at 50 formula retirement plan. The City's contract with CalPERS for Safety – Fire includes the following optional benefits: • Fourth Level - 1959 Survivor's Benefit as provided in Section 21574 (May 4, 1998). • Military Service Credit as provided in Section 21024 (January 4, 1996). • One-Year Final Compensation as provided Section 20042 (November 1, 1981). • Credit for Unused Sick Leave as provided in Section 20965 (November 1, 1981). • Post Retirement Survivors Allowance –fifty percent (50%) as provided by Sections: 21624, 21626, and 21628 (January 1, 1987). • Cost of Living Allowance two percent (2%) as provided by Section 21329 (November 1, 1981). • Retired Death Benefit of $500 as provided in Section 21620 (November 1, 1981). • Post Retirement Survivor Allowance Continues as provided in Section 21635 (January 1, 2000). • Death Benefit Continues as provided in Section 21551 (January 1, 2000). • Prior Service Credit as provided in Section 20055 (November 1, 1981). The City’s contract with CalPERS for Safety - Police includes the following optional benefits: • Fourth Level - 1959 Survivor's Benefit as provided in Section 21574 (June 30, 1996). • Military Service Credit as provide in Section 21024 (January 4, 1996). • One-Year Final Compensation as provided in Section 20042 (July 1, 1982). • Credit for Unused Sick Leave as provided in Section 20965 (July 1, 1982). • Cost of Living Allowance two percent (2%) as provided by Section 21329 (July 1, 1982). • Retired Death Benefit of $500 as provided in Section 21620 (July 1, 1982). • Death Benefit Continues as provided in Section 21551 (January 1, 2000). • Prior Service Credit as provided in Section 20055 (July 1, 1982). The establishment of a second and third tier of benefits as defined below shall not affect the benefits currently in effect for Miscellaneous employees hired prior to 12/28/12, the effective date of the CalPERS contract amendment. Miscellaneous employees hired prior to the establishment of the second tier of retirement benefit are provided with the 2% at 55 formula retirement plan. The City's contract...
California Public Employees’ Retirement System. The City shall continue its contract with the California Public Employees' Retirement System (CalPERS), "2% @ 55 full formula" plan. The City shall also maintain the increased level of the 1959 Survivor Benefit. The City shall continue to pay the "employee" share of the costs and a portion of the "employer" share of the cost. All employees hired prior to December 31, 2012, agree to pay 7% of the “employer” share of the costs effective the date the MOU is approved. Should all employees hired prior to December 31, 2012, be required to pay the “employee” portion of the CalPERS costs during the term of this MOU and if the amount that would have to then be paid by those employees is more than the 7% of their salary that they are paying to help share the cost of the “employer” share, the amount they are paying towards the “employer” share would be reduced correspondingly, but to no more than 0. All employees hired on or after January 1, 2013 will pay half the normal costs for their CalPERS, but no less than the employee portion of PERS. Employees hired on or after January 1, 2013 will fall under the provisions of the California Public Employees’ Pension Reform Act of 2013 (AB340 and AB197). If the normal cost is evaluated by CalPERS actuarial report to increase or decrease, the employee’s contribution will be adjusted accordingly. PEPRA members under the contract with the California Public Employees’ Retirement System CalPERS formula shall be 2%@ 62. The City shall also maintain an increased level of the 1959 Survivor Benefit.
California Public Employees’ Retirement System. (CalPERS) The City participates in the California Public Employees Retirement System (CalPERS) operated by the State of California.
