Common use of Other CalPERS Retirement Benefits—Safety Employees Clause in Contracts

Other CalPERS Retirement Benefits—Safety Employees. For plans with less than 100 active safety members, CalPERS mandates participation in risk pools based on each qualifying agency's service retirement formula. Once a plan is in a risk pool, it will not be allowed to leave and become a stand-alone plan. CalPERS mandates certain contract provisions for plans participating in risk pools. Mandated benefits include: 1. Pre-Retirement Optional Settlement 2 Death Benefit—i.e., a death benefit payable to the spouse of an active member eligible to retire, equal to what the spouse would have received if the member retired, elected the 100 percent joint and survivor form of benefit, and then died. 2. The ability for employees who separate under a normal service retirement to convert unused sick leave to retirement service credit, at the employee’s discretion (also see section on “Sick Leave”).

Appears in 7 contracts

Samples: Employment Agreement, Employment Agreement, Employment Agreement

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Other CalPERS Retirement Benefits—Safety Employees. For plans with less than 100 active safety members, CalPERS mandates participation in risk pools based on each qualifying agency's service retirement formula. Once a plan is in a risk pool, it will not be allowed to leave and become a stand-alone plan. CalPERS mandates certain contract provisions for plans participating in risk pools. Mandated benefits include: 1. Pre-Retirement Optional Settlement 2 Death Benefit—i.e., a death benefit payable to the spouse of an active member eligible to retire, equal to what the spouse would have received if the member retired, elected the 100 percent joint and survivor form of benefit, and then died. military service and prior public service to CalPERS retirement service. 2. The ability for employees who separate under a normal service retirement to convert unused sick leave to retirement service credit, at the employee’s discretion (also see section on “Sick Leave”).

Appears in 1 contract

Samples: Executive Management Agreement

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