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:
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: 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 (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. New Members- Are defined as employees hired on or after January 1, 2013, and prior to that date were not members of CalPERS or a retirement system that has reciprocity with 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 Classic Members- Are defined as employees hired prior to January 1, 2013, or were members of CalPERS or a retirement system that has reciprocity with CalPERS. Retirement Formula 2% @ 55 Employees Contribution 7% Final Compensation Single Highest year
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.
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. 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. 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. Accumulation Program for Part-Time and Limited-Service Employees (APPLE) Employees working less than four hours per day are required to participate in APPLE. More information on APPLE is available in the Division of Human Resources.
California Public Employees’ Retirement System (CalPERS. The City has contracted with CalPERS to provide employees with the 2.7% at age 55 formula effective December 17, 2006. For the first year of this MOU commencing on December 14, 2008, the City will contribute seventy-five percent (75%) of the CalPERS employer rate applicable under the enhanced 2.7% at age 55 formula outside of (i.e. “below the line”) on the Salary Adjustment Form. Commencing with the second year of this MOU on December 27, 2009, the City will contribute 100% of the employer CalPERS retirement rate applicable under the 2.7% at age 55 formula outside of (i.e. below the line”) on the Salary Adjustment Form. In addition, in July 2009, represented employees shall not receive a salary decrease as a direct result of an increase in June/July 2009 employer CalPERS retirement rate under the 2.7% at age 55 formula retirement contract between CalPERS and the City. The Employees’ Contribution will continue to be treated as tax deferred.
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. PEPRA Members- Are defined as employees hired on or after January 1, 2013, and prior to that date were not members of CalPERS or a retirement system that has reciprocity with 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, subject to CalPERS limits Classic Members- Are defined as employees hired prior to January 1, 2013 or were members of CalPERS or a retirement system that has reciprocity with CalPERS. Retirement Formula 2% @ 55 Employees Contribution 7% Final Compensation Single highest year, subject to CalPERS compensation limits
