CalPERS Benefits Clause Samples
The CalPERS Benefits clause defines the rights and entitlements of employees regarding benefits provided through the California Public Employees' Retirement System (CalPERS). It typically outlines eligibility criteria, the types of benefits covered—such as retirement, health, and disability—and the process for enrollment or changes in coverage. This clause ensures that employees are informed about their access to CalPERS benefits and clarifies the employer's obligations, thereby promoting transparency and compliance with state benefit requirements.
CalPERS Benefits. 1. The City provides retirement coverage through the California Public Employees’ Retirement System (CalPERS).
2. The City’s contribution is established by the California Public Employees’ Retirement System and varies.
3. Effective April 26, 2002, the employee’s contribution is eight percent (8%) of the total required reportable contribution to the system. The contribution rate for employees is governed by State legislation.
a. Effective April 26, 2002, the City shall provide the 3% @ 60 formula for miscellaneous employees in accordance with Government Code, Section 21354.3. These formulas are valid for all employees hired before December 14, 2010.
b. The City shall pay eight percent (8%) of the employee’s CalPERS contribution rate for miscellaneous employees as deferred compensation paid to CalPERS on account of benefits payable under that retirement system to each employee.
c. Effective January 1, 2007, the City shall report the value of Employer Paid Member Contributions (EPMC) of eight percent (8%) as additional compensation as provided in Government Code Section 20636 (c) 4 in accordance with Government Code Section 20691 for all unit employees hired prior to January 1, 2013. This EPMC benefit shall be discontinued effective on or about the pay period beginning July 18, 2014.
d. Effective December 14, 2010, all new unit employees hired from outside the City shall receive the 2.5% @ 55 CalPERS formula in accordance with Government Code 21354.4.
e. Effective on or about the pay period beginning July 18, 2014, and in conjunction with the implementation of the ten (10) range point (e.g., twenty [20] half-point) salary increase, the unit employees shall pay the full eight percent (8%), which is one hundred percent (100%) of the employee CalPERS rate and two (2) points of the CalPERS employer rate for a total CalPERS employee payment of ten percent (10%). This provision supersedes Item 3 b above.
CalPERS Benefits. 13.1 2% at 55