CalPERS. Engeland will be enrolled into the California Public Employees Retirement System (CalPERS). The terms of the contract between City and CalPERS and applicable law shall govern the eligibility for and level of benefits to which Engeland is entitled. Based on Engeland’s hire date and date of entry into CalPERS, Engeland shall be classified as a “new member” as defined by Government Code Section 7522.04(e). With respect to retirement compensation and all other relevant respects, City will comply with Government Code Section 7522 et. seq., including but not limited to the employee cost-share, the cap on pension benefits, and the three-year average for calculating final compensation. As a new member, retirement benefits are pursuant to the California Public Employee’s Retirement Reform Act of 2013 (PEPRA) Section 7522.10, employees hired on or after January 1, 2013, will have a retirement formula of 2% @ 62 and will pay 50% of the normal CalPERS retirement cost. Employee contribution is currently set at 6.25% and is subject to change based on CalPERS actuarial. CalPERS formula and benefit are subject to change based on future CalPERS law modifications and City policy. The City does not participate in Social Security, nor is it currently enrolled for State Disability Insurance.
Appears in 4 contracts
Samples: City Manager Employment Agreement, City Manager Employment Agreement, City Manager Employment Agreement
