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. The City shall continue participating under the Safety Members Plan of the Public Employees' Retirement System (CalPERS).
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. (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:
1. Effective April 1, 1997, the individual employees did and shall continue to make their own normal employee contributions to CalPERS, in the amount of 7% and they shall have the option to have those payments tax deferred under IRS Policy and Rule 414(h)(2) unless the IRS or Franchise Tax Board indicates that such contributions are taxable income subject to withholding.
2. At the time of the City’s withdrawal from the Federal Insurance Contribution Act (FICA) on January 1, 1983, each employee was entitled to the Public Employees Retirement System 1959 Survivors Benefit coverage. The City has amended its contract with CalPERS to provide for the option of 1959 Survivor Benefit third level coverage.
3. All employees were covered by the Public Employees Retirement System Survivors Continuance at the time of the City’s withdrawal from the Federal Insurance Contribution Act (FICA).
4. The employees are covered by the 2% at Age 55 Retirement Formula. The City shall provide the CalPERS single highest year retirement benefit
5. Cost Sharing – Miscellaneous Classifications The City shall contract with Cal PERS for Variable Rate Cost Sharing of up to the Permanent Cost Share of 1.868% under Government Code Section 20516(a), based on the optional benefits established in the Miscellaneous Plan of the City’s contract with CalPERS for the 2%@55 and One-Year Final Compensation Optional Benefits. In addition to the current 7% employee contribution, employees in the Miscellaneous Classifications covered by this MOU shall contribute an additional 1.868% of the employee’s PERSable earnings towards the employer retirement contribution. This 8.868% co ntribution shall be in accordance with Section 414(h)(2) of the Internal Revenue Code whereby employee contributions shall be tax deferred and not subject to taxation until the time of constructive receipt.
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 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 dollars ($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. (CalPERS)
1. Benefit Calculation Effective upon contract amendment dated August 7, 2005, covered employees are enrolled in the “2.5% @ 55” benefit formula. Employees hired after November 4, 2010, will be enrolled in “2% @ 55” benefit formula. Employees hired after January 1, 2013, and considered to be new, or “PEPRA” CalPERS members as defined under the PEPRA of 2013, will be enrolled in the “2% @ 62” benefit formula. Employees hired after January 1, 2013, and considered to be “Classic” members under the PEPRA of 2013 will be enrolled in the “2% @ 55” benefit formula.
2. District Participation A percentage is paid by the District of each participating employee's basic monthly salary subject to CalPERS actuarial determination.
a) Hired prior to November 4, 2010 (2.5% @ 55 benefit formula)
b) Hired on or after November 4, 2010, through December 31, 2012 (2% @ 55 benefit formula) or hired after January 1, 2013, and considered a “classic” CalPERS member, as defined by XxxXXXX.
c) Hired on or after January 1, 2013 (2% @ 62 benefit formula) Employee contribution rate of 50% of normal cost of pension or what is determined to be the PEPRA employee contribution rate by XxxXXXX, on a pre-tax basis. This rate is currently 7.5%.
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) Classic Membership
1. Effective April 1, 1997, the individual employees did and shall continue to make their own normal employee contributions to CalPERS, in the amount of 7%, and they shall have the option to have those payments tax deferred under IRS Policy and Rule 414 (h) (2) unless the IRS or Franchise Tax Board indicates that such contributions are taxable income subject to withholding.
2. At the time of the City's withdrawal from the Federal Insurance Contribution Act (FICA) on January 1, 1983, each employee was entitled to the Public Employees Retirement System 1959 Survivors Benefit coverage. The City has amended its contract with CalPERS to provide for the option of 1959 Survivor Benefit third level coverage.
3. Employees are entitled to the Post-Retirement Survivor Allowance provided for under California Government Code 21624 and 21626.
4. All employees were covered by the Public Employees Retirement System Survivors Continuance at the time of the City's withdrawal from the Federal Insurance Contribution Act (FICA).
5. The employees are covered by the 2% at Age 55 Retirement Formula. The City shall provide the CalPERS single highest year retirement benefit.
