CALPERS CONTRACT Clause Samples
CALPERS CONTRACT. The City will continue to provide pension benefits to represented employees in accordance with the CalPERS contract in effect on the effective date of this MOU. The City's contract with CalPERS for employees covered by this MOU includes the following options: • Section 20042 (One Year Final Compensation, only applies to classic member employees) • Section 20516 (Employee Cost Share, only applies to classic member employees) • Section 20965 (Credit for Unused Sick Leave) • Sections 21624/ (Post-Retirement Survivor Allowance, only applies classic member 21626 employees) • Section 21620 (Retired Death Benefit of $500) • Section 21329 (COLA of 2%) • Section 21362.2 (3% @ 50 Benefit Formula, only applies to classic member employees) • Section 20903 (Two Years Additional Service – Golden Handshake) • Section 21635 (Post-Retirement Survivor Allowance Continues After Remarriage) • Section 21573 (Third Level of 1959 Survivor Benefits) • Section 21551 (Death Benefit Continues After Remarriage) • Section 20055 (Credit for Service Before CalPERS Contract) • Section 20938 (Limited Prior Service Credit to Employees on Contract Date) • Section 21536 (Local System Service Credit for Basic Death Benefit) • Section 20481 (Transfer of Local System Assets to CalPERS) • Section 21024 (Military Stats 76) • Section 21023.5 (Peace Corps/AmeriCorps Service) • Section 21027 (Military Retiree) • IRC 414(h)(2) (Pre-tax payroll deduction plan for member contributions and service credit purchase)
CALPERS CONTRACT. The City will continue to provide pension benefits to represented employees in accordance with the CalPERS contract in effect on the effective date of this MOU. The City's contract with CalPERS for fire safety employees includes the following options:
CALPERS CONTRACT. The City will continue to provide pension benefits to represented employees in accordance with the CalPERS contract in effect on the effective date of this MOU. The City's contract with CalPERS for fire safety employees includes the following options: • Section 20042 (One Year Final Compensation) • Section 20965 (Credit for Unused Sick Leave) • Sections 21624/21626 (Post-Retirement Survivor Allowance) • Section 21620 (Retired Death Benefit of $500) • Section 21329 (COLA of 2%) • Section 20903 (Two Years Additional Service – Golden Handshake) • Section 21031 (Purchase of Prior Service Credit) • Section 21635 (Post-Retirement Survivor Allowance Continues After Remarriage) • Section 21573 (Third Level of 1959 Survivor Benefits) • Section 21551 (Death Benefit Continues After Remarriage) • Section 20055 (Credit for Service Before CalPERS Contract) • Section 20938 (Limited Prior Service Credit to Employees on Contract Date) • Section 21536 (Local System Service Credit for Basic Death Benefit) • Section 20481 (Transfer of Local System Assets to CalPERS) • Section 21427 (Disability Retirement - Maximum 50% of Final Compensation)
CALPERS CONTRACT. The CITY shall contract with the state California Public Employees Retirement System (hereinafter referred to as CalPERS) to provide retirement benefits. The cost of CalPERS Retirement benefits is set by CalPERS and includes two rates:
1.) The Employer Contribution Rate, paid entirely by the CITY. CalPERS reviews The Employer rates yearly and may adjust rates based on actuarial valuation.
2.) The Member (employee) Contribution Rate of seven percent (7%). Each and every affected employee, through payroll deduction, pays half (3.5%) of the 7% CalPERS Employee Contribution Rate and the CITY pays three and a half percent (3.5%), referred to as the Employer Paid Member Contribution (EPMC).
(a) Effective July 2, 2017, the first full pay period (July 2 -15) in fiscal year 2017- 2018:
(i) Each “Classic Member” through payroll deduction shall pay the additional 3.5% of EPMC for a total Member Contribution Rate of 7%.
(ii) Each “PEPRA Member” through payroll deduction shall pay the additional 3.375% of EPMC for a total Member Contribution Rate of 6.75%
CALPERS CONTRACT. 10 B. THE PUBLIC EMPLOYEE PENSION REFORM ACT (PEPRA)......................... 10 C. CLASSIC CALPERS MEMBERS........................................................................ 11 D. PEPRA CALPERS MEMBERS........................................................................... 11 E. AB 1222 PEPRA EXEMPTION FOR TRANSIT EMPLOYEES........................... 12
CALPERS CONTRACT. The CITY shall contract with the state California Public Employees Retirement System (CalPERS) to provide retirement benefits. The cost of CalPERS Retirement benefits is based on formulas set by CalPERS and includes two rates:
1) The Employer Contribution Rate, paid entirely by the CITY, unless there is an agreement to cost- share. CalPERS reviews the Employer rates yearly and may adjust rates based on actuarial valuation.
2) The Member (employee) Contribution Rate, paid entirely by the employee through payroll deduction. The full Member (employee) Contribution Rate shall be set by ▇▇▇▇▇▇▇.
3) Each Member through a payroll deduction shall pay the Member (employee) Contribution Rate as set by ▇▇▇▇▇▇▇ and an additional retirement contribution percentage, as outlined in Article 2, Section 1, B. Salary Adjustments, as cost sharing. The cost sharing contribution shall be paid by the employee on a pre-tax basis up to the extent permitted by the law.