Common use of California Public Employees’ Retirement Clause in Contracts

California Public Employees’ Retirement. The District contracts with the California Public Employees Retirement System (CalPERS) to pro‐ vide retirement benefits for eligible employees. The retirement plan is a defined benefit plan, which means that upon retirement, employees will receive a monthly benefit determined by a set formula. CalPERS uses an employees’ years of service, age at retirement and the average of either the highest one‐year or three‐year compensation period, to determine retirement bene‐ fits. Additionally, when an employee began employment with a CalPERS contracted employer determines the level of benefits the employee will receive upon retirement. XxxXXXX has defined employees who entered into employment with a CalPERS contracted employer before January 1, 2013 “classic members.” Employees hired on or after January 1, 2013 (and new to CalPERS mem‐ bership) are defined as “new members”. The District has contracted with CalPERS to provide the 2.7% at 55 retirement benefit to eligible District employees hired prior to July 1, 2011. The District has contracted with CalPERS to provide the 2.0% at 55 retirement benefit to eligible District employees hired on or after July 1, 2011. The District has contracted with CalPERS to provide the 2.0% at 62 retirement benefit to eligible District employees hired on or after January 1, 2013 In accordance with the 2013 Public Employ‐ ees’ Pension Reform Act (PEPRA). The District pays 100% of the employer contributions, as determined by XxxXXXX, for each of the three levels of retirement benefit. Employees of the District pay 100% of the employee contri‐ butions, as determined by XxxXXXX, for their applicable level of retirement benefit. The District will maintain the IRS 414(h)(2) provision that allows employees to defer State and Federal income taxes on their retirement contributions.‌

California Public Employees’ Retirement. The District contracts with the California Public Employees Retirement System (CalPERS) to pro‐ vide retirement benefits for eligible employees. The retirement plan is a defined benefit plan, which means that upon retirement, employees will receive a monthly benefit determined by a set formula. CalPERS uses an employees’ years of service, age at retirement and the average of either the highest one‐year or three‐year compensation period, to determine retirement bene‐ fits. Additionally, when an employee began employment with a CalPERS contracted employer determines the level of benefits the employee will receive upon retirement. XxxXXXX CalPERS has defined employees who entered into employment with a CalPERS contracted employer before January 1, 2013 “classic members.” Employees hired on or after January 1, 2013 (and new to CalPERS mem‐ bership) are defined as “new members”. The District has contracted with CalPERS to provide the 2.7% at 55 retirement benefit to eligible District employees hired prior to July 1, 2011. The District has contracted with CalPERS to provide the 2.0% at 55 retirement benefit to eligible District employees hired on or after July 1, 2011. The District has contracted with CalPERS to provide the 2.0% at 62 retirement benefit to eligible District employees hired on or after January 1, 2013 In accordance with the 2013 Public Employ‐ ees’ Pension Reform Act (PEPRA). The District pays 100% of the employer contributions, as determined by XxxXXXXCalPERS, for each of the three levels of retirement benefit. Employees of the District pay 100% of the employee contri‐ butions, as determined by XxxXXXXCalPERS, for their applicable level of retirement benefit. The District will maintain the IRS 414(h)(2) provision that allows employees to defer State and Federal income taxes on their retirement contributions.‌