CalPERS Contract Benefits. The City currently participates through a contract in the California Public Employees Retirement System (CalPERS). For “Classic” Miscellaneous Members, the contract offers the following options: ▪ Military Buy Back - The choice to participate in the CalPERS Military Buy Back program is solely at the discretion and cost of the employee. ▪ Third Level 1959 Survivors Benefits ▪ Single Highest Year Compensation Formula ▪ Service Credit for Unused Sick Leave
CalPERS Contract Benefits. The City has contracted with CalPERS to provide the following benefits for Association members as described in the applicable Government Code Sections: One Year Final Compensation for Pre-PEPRA members – Section 20042 Three Year Final Compensation for PEPRA members – Section 20037 Unused Sick Leave Credit – Section 20965 Pre-Retirement Option 2W Death Benefit – Section 2154 Post-Retirement Survivor Allowance – Section 21624/26/28 Post-Retirement Survivor Allowance to Continue After Remarriage – Section 2163 Pre-Retirement Death Benefits to Continue After Remarriage of Survivor – Section 21551 Military Service Credit as Public Service – Section 21024 1959 Survivor Benefit Level 3 – Section 21573 $500 Retired Death Benefit – Section 21620
CalPERS Contract Benefits. All other current retirement benefits including the optional benefit programs in the existing contract between the County and CalPERS for miscellaneous members shall remain in effect to the extent permitted by law.
