California Public Employees’ Retirement System (CalPERS. The retirement benefit is based on years of creditable service, average salary of the highest year of service, and age at which you plan to retire. An employee can also designate their highest year of service for retirement benefit purposes. Contact CalPERS directly for pension eligibility and options. A booklet containing more detailed information on CalPERS is provided to each classified employee during the new hire process. Also, go to xxx.xxxxxxx.xx.xxx for additional information.
California Public Employees’ Retirement System (CalPERS. Due to implementation of the Public Employees’ Pension Retirement Act (PEPRA) CalPERS has designated members as either “Classic” or “New.” The employee designation is determined by CalPERS. Retirement Formula 2% @ 62 Employee Contribution 6.25% (subject to yearly change based on ½ of normal cost as determined by CalPERS) Final Compensation Highest Three Year Average Employees Contribution 7% Final Compensation Single Highest year
California Public Employees’ Retirement System (CalPERS. 5.1 For those Unit members hired before the effective date of the CalPERS contract amendment providing for a tiered retirement benefit, the City shall include Unit members in the CalPERS “3% at 60” Plan with the following optional public agency contract provisions:
a. The optional contract provision relating to one (1) year final compensation (12 highest paid consecutive months);
b. The optional contract provision relating to military service credit as public service;
c. The optional contract provision relating to the 1959 Survivors Program at the level four benefits;
d. The optional contract provision relating to two years additional service credit;
e. The optional contract provision relating to the Pre-Retirement Option 2W Death Benefit;
f. The optional contract provision relating to the ability to purchase part-time service credit, but solely at Unit member’s own cost.
5.2 Effective March 15, 2014, Unit members shall pay the full percentage of the member contributions.
5.3 For those Unit members hired on or after the effective date of the CalPERS contract amendment providing (May 6, 2011) for a tiered retirement benefit, and defined by Assembly Bill 340 – Pension Reform as “Classic Members”, the City shall include such Unit members in the CalPERS “2% at 55” Plan with the following optional public agency contract provisions:
a. The optional contract provision relating to one (1) year final compensation (12 highest paid consecutive months);
b. The optional contract provision relating to military service credit as public service;
c. The optional contract provision relating to the 1959 Survivors Program at the level four benefits;
d. The optional contract provision relating to two years additional service credit;
e. The optional contract provision relating to the Pre-Retirement Option 2W Death Benefit;
f. The optional contract provision relating to the ability to purchase part-time service credit, but solely at Unit member’s own cost.
5.4 Effective March 15, 2014, Unit members shall pay the full percentage of the member contribution.
5.5 For those Unit members hired on or after January 1, 2013, defined by Assembly Bill 340 – Pension Reform, as “New Members”, the City shall include such Unit members in the CalPERS “2% at 62” Plan with a three year final compensation period, and with the following optional contract provisions:
a. The optional contract provision relating to military service credit as public service;
b. The optional contract provision relating ...
California Public Employees’ Retirement System (CalPERS. Employee is a PEPRA “New” member, and accordingly is covered by the 2% @ 62 CalPERS retirement formula. Employee will pay the mandatory CalPERS contribution rate for New members as determined by CalPERS, which amount is currently 6.75%.
California Public Employees’ Retirement System (CalPERS. The City provides retirement coverage for unit employees through miscellaneous plans with CalPERS.
A. Definition of CalPERS Members For the purpose of retirement benefits through CalPERS, employees are defined as either a “classic” or “new” member of CalPERS as follows:
California Public Employees’ Retirement System (CalPERS. For Classic members, the District contracts with CalPERS to provide 2.5% at age 55 with 3-year final compensation for Local Miscellaneous members retirement plan. For PEPRA members, the District contracts with CalPERS to provide 2% at age 62 with 3-year final compensation for Local Miscellaneous member’s retirement plan. The District shall contribute to CalPERS at the rate required by law and the plan to maintain the Employer's contributions. Contributions made pursuant to this section on behalf of the Employee shall be reported to CalPERS as "employee contributions being made by the contracting agency". The District will not treat these contributions as compensation subject to income tax withholding unless the Internal Revenue Service or Franchise Tax Board determine that such contributions are taxable and require the District to do so. Each Employee is solely and personally responsible for any federal, state, or local tax liability of the Employee that may arise out of the implementation of this section of any penalty that may be imposed as a result. Employees shall pay, through payroll withholding, the full employee's share of CalPERS as determined by CalPERS; the District shall not pay any portion of the required employee contribution.
California Public Employees’ Retirement System (CalPERS. Classic Membership Employees hired with the City prior to January 1, 2013 or those who are eligible for reciprocity in the CalPERS or public retirement system (as defined in the 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 Ca l PERS 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 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.
California Public Employees’ Retirement System (CalPERS. Classic Membership Employees hired with the City prior to January 1, 2013 or those who are eligible for reciprocity in the CalPERS or public retirement system (as defined in the 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 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 CalPERS 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% contribution 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 (CalPERS. Due to implementation of the Public Employees’ Pension Retirement Act (PEPRA) CalPERS has designated members as either “Classic” or “PEPRA.” The employee designation is determined by CalPERS. normal cost as determined by CalPERS) Final Compensation Highest three-year average, subject to CalPERS limits Final Compensation Single highest year, subject to CalPERS compensation limits
California Public Employees’ Retirement System (CalPERS. A. Classic Sworn Employees The City participates in the California Public Employees Retirement System (CalPERS) operated by the State of California. Benefits provided are detailed in separate publications, depending upon the plan. City agrees to provide 3% at 50 Retirement Plan for Classic Safety employees in the Unit. Beginning July 1, 2018, all Classic Sworn employees shall contribute 14.974% of their reportable salary to CalPERS. This contribution shall not be reduced unless negotiated by the parties in future negotiations.
B. Public Employees’ Pension Reform Act (PEPRA) For new safety employees hired by the City of Capitola on or after January 1, 2013 and who do not qualify as classic members as defined by PERS, are considered PEPRA employees. CalPERS has by statute implemented a 2.7% @ 55 pension formula, based on a three-year average compensation. Employees in this category shall pay 50% of the normal cost rate as determined by PERS
