Common use of Pensionable Compensation Clause in Contracts

Pensionable Compensation. a. Pensionable compensation means the normal monthly rate of pay or base pay and (a) Must be for normally required duties, (b) Must be historically consistent with prior payments for the job classification, and (c) Must be reported periodically as earned. Pensionable compensation is for services rendered on a full-time basis during normal working hours and will be paid based upon a publicly available pay schedule. [See 2 CCR 571, 2 CCR 571.1] Pensionable compensation also specifically excludes certain types of pay from being reported as pensionable compensation, including, bonuses, overtime, pay for additional services outside normal working hours, cash payouts for unused leave (vacation, annual, sick leave, CTO, etc.), and severance pay, among others. b. Pensionable compensation may differ for CalPERS classic and new members. c. The City will report pensionable pay in accordance with California Public Employees’ Retirement law and CalPERS requirements. Any changes in CalPERS practices or reporting requirements will result in an offer to meet and confer on the proposed changes or their impacts. d. Changes in California Public Employees’ Retirement Law and changes in CalPERS interpretation of California retirement law shall preempt any MOU language in conflict with the law or CalPERS regulatory interpretations including but not limited to policy letters.

Pensionable Compensation. a. Pensionable compensation means the normal monthly rate of pay or base pay and (a) Must be for normally required duties, (b) Must be historically consistent with prior payments for the job classification, and (c) Must be reported periodically as earned. Pensionable compensation is for services rendered on a full-time basis during normal working hours and will be paid based upon a publicly available pay schedule. [See 2 CCR 571, 2 CCR 571.1] Pensionable compensation for also specifically excludes certain types of pay from being reported as pensionable compensation, including, bonuses, overtime, pay for additional services outside normal working hours, cash payouts for unused leave (vacation, annual, sick leave, CTO, etc.,), and severance pay, among others. b. Pensionable compensation may differ for CalPERS classic and new members. c. The City will report pensionable pay in accordance with California Public Employees’ Retirement law and CalPERS requirements. Any changes in CalPERS practices or reporting requirements will result in an offer to meet and confer on the proposed changes or their impacts. d. Changes in California Public Employees’ Retirement Law and changes in CalPERS interpretation of California retirement law shall preempt any MOU language in conflict with the law or CalPERS regulatory interpretations including but not limited to policy letters.

Pensionable Compensation. ‌ a. Pensionable compensation means the normal monthly rate of pay or base pay and (a) Must be for normally required duties, (b) Must be historically consistent with prior payments for the job classification, and (c) Must be reported periodically as earned. Pensionable compensation is for services rendered on a full-time basis during normal working hours and will be paid based upon a publicly available pay schedule. [See 2 CCR 571, 2 CCR 571.1] Pensionable compensation for also specifically excludes certain types of pay from being reported as pensionable compensation, including, bonuses, overtime, pay for additional services outside normal working hours, cash payouts for unused leave (vacation, annual, sick leave, CTO, etc.,), and severance pay, among others. b. Pensionable compensation may differ for CalPERS classic and new members. c. The City will report pensionable pay in accordance with California Public Employees’ Retirement law and CalPERS requirements. Any changes in CalPERS practices or reporting requirements will result in an offer to meet and confer on the proposed changes or their impacts. d. Changes in California Public Employees’ Retirement Law and changes in CalPERS interpretation of California retirement law shall preempt any MOU language in conflict with the law or CalPERS regulatory interpretations including but not limited to policy letters.