Common use of CalPERS Retirement Formula and Employer Clause in Contracts

CalPERS Retirement Formula and Employer. Paid Member Contribution for Classic Employees, i.e. current employees and future employees who do not qualify as “New Members” under the California Public Employees’ Pension Reform Act of 2013 (PEPRA)‌ Current employees and other employees who do not qualify as “New Members” under PEPRA shall continue to be entitled to the 2.7% at age 55-retirement formula, and the City shall continue the contribution of eight percent (8%) to CalPERS on behalf of the employee. Effective January 1, 1995 contributions made pursuant to this section have been reported to CalPERS as "special compensation" as provided in Government Code Section 20636(c)(4) pursuant to Section 20691. Said contributions shall not apply in the case of temporary or provisional employees. The aforesaid contribution shall not be considered as a part of an employee's salary for the purpose of computing straight time earnings, compensation for overtime worked, or education incentive pay; nor shall such contribution be taken into account in determining the level of any other benefit which is a function of or percentage of salary. The City reserves the right to take said contribution into account for the purpose of salary comparisons with other employers. The City will not treat these contributions as compensation subject to income tax withholding unless the Internal Revenue Service, Franchise Tax Board, or court of competent jurisdiction indicates that such contributions are taxable income subject to withholding. Each employee shall be 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 or any penalty that may be imposed therefore.

CalPERS Retirement Formula and Employer. Paid Member Contribution for Classic Employees, i.e. current employees and future employees who do not qualify as “New Members” under the California Public Employees’ Pension Reform Act of 2013 (PEPRA)‌ PEPRA) Current employees and other employees who do not qualify as “New Members” under PEPRA shall continue to be entitled to the 2.7% at age 55-retirement formula, and the City shall continue the contribution of eight percent (8%) to CalPERS on behalf of the employee. Effective January 1, 1995 contributions made pursuant to this section have been reported to CalPERS as "special compensation" as provided in Government Code Section 20636(c)(4) pursuant to Section 20691. Said contributions shall not apply in the case of temporary or provisional employees. The aforesaid contribution shall not be considered as a part of an employee's salary for the purpose of computing straight time earnings, compensation for overtime worked, or education incentive pay; nor shall such contribution be taken into account in determining the level of any other benefit which is a function of or percentage of salary. The City reserves the right to take said contribution into account for the purpose of salary comparisons with other employers. The City will not treat these contributions as compensation subject to income tax withholding unless the Internal Revenue Service, Franchise Tax Board, or court of competent jurisdiction indicates that such contributions are taxable income subject to withholding. Each employee shall be 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 or any penalty that may be imposed therefore.

CalPERS Retirement Formula and Employer. Paid Member Contribution for Classic Employees, i.e. current employees and future employees who do not qualify as “New Members” under the California Public Employees’ Pension Reform Act of 2013 (PEPRA)‌ PEPRA) Current employees and other employees who do not qualify as “New Members” under PEPRA shall continue to be entitled to the 2.7% at age 55-retirement formula, and the City shall continue the contribution of eight percent (8%) to CalPERS on behalf of the employee. Effective January 1, 1995 contributions made pursuant to this section have been reported to CalPERS as "special compensation" as provided in Government Code Section 20636(c)(4) pursuant to Section 20691. Said contributions shall not apply in the case of temporary or provisional employees. The aforesaid contribution shall not be considered as a part of an employee's salary for the purpose of computing straight time earnings, compensation for overtime worked, or education incentive pay; nor shall such contribution be taken into account in determining the level of any other benefit which is a function of or percentage of salary. The City reserves the right to take said contribution into account for the purpose of salary comparisons with other employers. The City will not treat these contributions as compensation subject to income tax withholding unless the Internal Revenue Service, Franchise Tax Board, or court of competent jurisdiction indicates that such contributions are taxable income subject to withholding. Each employee shall be 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 or any penalty that may be imposed therefore.. 2021-2024 Memorandum of Understanding City of Berkeley Public Employees Union, Local One