Common use of California Public Employees’ Retirement Clause in Contracts

California Public Employees’ Retirement. System (CalPERS) The Agency provides benefits under CalPERS to the Agency's eligible employees under a contract between the Agency and CalPERS. In accordance with the California Public Employees' Pension Reform Act of 2013 (PEPRA), different rules under CalPERS apply to employees who are "newmembers" as defined by section 7522.04 of California Government Code (New Members) and to employees who are not New Members (Classic Members). For Classic Members, the Agency will provide benefits under CalPERS as follows: • Benefit formula: 2% at 55 • Compensation formula: One-year final compensation • Member contributions: The member-contribution rate under CalPERS for the 2% at 55 formula is 7%. Of this amount, the Agency will pay 5% as an Employer Paid Member Contribution (EPMC). Employees will pay the remaining 2% via mandatory payroll deductions. The Agency will report the 5% EPMC to CalPERS as special compensation in accordance with section 20636(c)(4) of the California Government Code. • Military Service Credit as Public Service (under section 21024 of the California Government Code) • Third Level of 1959 Survivor Benefits (under section 21573 of the California Government Code) For New Members, the Agency will provide benefits under CalPERS as follows: • Benefit formula: 2% at 62 • Compensation formula: Three-year final compensation • Member contributions: Employees will pay the full member contribution required by XxxXXXX in accordance with PEPRA. • Military Service Credit as Public Service (under section 21024 of the California Government Code) • Third Level of 1959 Survivor Benefits (under section 21573 of the California Government Code)

California Public Employees’ Retirement. System (CalPERS) The Agency provides benefits under CalPERS to the Agency's ’s eligible employees under a contract between the Agency and CalPERS. In accordance with the California Public Employees' Pension Reform Act of 2013 (PEPRA), different rules under CalPERS apply to employees who are "newmembers" “new members” as defined by section 7522.04 of California Government Code (New Members) and to employees who are not New Members (Classic Members). For Classic Members, the Agency will provide benefits under CalPERS as follows: • Benefit formula: 2% at 55 • Compensation formula: One-year final compensation • Member contributions: The member-contribution rate under CalPERS for the 2% at 55 formula is 7%. Of this amount, the Agency will pay 5% as an Employer Paid Member Contribution (EPMC). Employees will pay the remaining 2% via mandatory payroll deductions. The Agency will report the 5% EPMC to CalPERS as special compensation in accordance with section 20636(c)(4) of the California Government Code. • Military Service Credit as Public Service (under section 21024 of the California Government Code) • Third Level of 1959 Survivor Benefits (under section 21573 of the California Government Code) For New Members, the Agency will provide benefits under CalPERS as follows: • Benefit formula: 2% at 62 • Compensation formula: Three-year final compensation • Member contributions: Employees will pay the full member contribution required by XxxXXXX in accordance with PEPRA. • Military Service Credit as Public Service (under section 21024 of the California Government Code) • Third Level of 1959 Survivor Benefits (under section 21573 of the California Government Code)