Common use of CALPERS CONTRACT Clause in Contracts

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. 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) i. 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%