CalPERS Retirement Clause Samples

CalPERS Retirement. 9.1 CalPERS Formula

CalPERS Retirement. California Public Employees' Retirement System (CalPERS) retirement formula is based on appointment date and membership status with CalPERS. The City does not participate in Social Security but does participate in Medicare, which requires a 1.45% contribution by both the employee and the City.

CalPERS Retirement. ‌ Effective with the timecard period beginning January 24, 2013, employees shall pay the employee contribution to CalPERS. For employees under the 2.7% @ 55 Retirement Formula, the employee contribution is 8%. For employees under the 2% at 60 Retirement Formula, the employee contribution is 7%. The District has taken the necessary steps to make the contributions “pre-tax” by adopting Resolution #12-43 at the December 18, 2012 Board meeting. Employees hired by the District prior to January 28, 2010 are covered under 2.7% @ 55 Retirement Formula for Local Miscellaneous Members, Section 21620 – $500 Retired Death Benefit, Section 20037 – Final 3 Years Compensation, Section 21329 – 2% COLA, Section 21551 – Death Benefit Continuation, Section 20055 – Prior Service Credit, and Section 20965 – Credit for Unused Sick Leave. Employees hired by the District on or after January 28, 2010 are covered under 2.0% @ 60 Retirement Formula for Local Miscellaneous Members. New CalPERS members hired on or after January 1, 2013 are subject to the revised pension plans and required contribution rates as identified by the Public Employees’ Pension Reform Act of 2013.

CalPERS Retirement a. The Parties acknowledge and recognize that CalPERS (California Public Employees’ Retirement System) is the authority for determining what classifications are eligible safety retirement and inclusion in the “Fire Member Category” of the CalPERS contract with the City of Sacramento. b. The Parties acknowledge and recognize that the Public Employees’ Retirement Law (PERL) are the body of laws that regulate CalPERS pensions for eligible employees employed with the City of Sacramento. c. The City and Local 522 jointly support a CalPERS contract amendment to include the classifications of Sacramento Fire EMT and Sacramento Fire Paramedic in the Fire Member Category of the contract between CalPERS and the City of Sacramento. d. The City agrees to act in good faith to amend its contract with ▇▇▇▇▇▇▇. The Parties acknowledge that the CalPERS amendment process can be lengthy, is in several respects beyond the control of the City, and takes an estimated 90-120 days to complete. The City agrees to provide updates on this process to the Union on a regular basis, or upon their request. e. Eligible employees hired into the classifications of Sacramento Fire EMT and Sacramento Fire Paramedic prior to the effectuation of the CalPERS contract amendment shall be enrolled in one of the following Miscellaneous Member Category plans:3 i. Tier I: Applicable to Employees who are Not Defined as “New Members” in Government Code § 7522.04 Referred to as Classic Members ii. Tier II: Applicable to “New Members” Defined in Government Code § 7522.04 f. The Parties acknowledge and recognize that pursuant to PEPRA (Cal. Gov. Code § 7522.44 et seq.) (Prohibition on Retroactive Benefits Increases), an eligible employee’s enrollment in the Fire Member Category is prospective. g. Upon ▇▇▇▇▇▇▇’ recognition of the contract amendment process as having been completed, and as soon as administratively feasible, eligible employees who were enrolled in the Miscellaneous Member Category pursuant to paragraph 7(e), shall be re-enrolled in the Fire Member 3 Contingent upon review and confirmation for accuracy by the City’s Benefits Services Division. Category and shall be subject to the retirement provisions contained in Article 24 (Retirement) in the Memorandum of Understanding (MOU) between the parties.

CalPERS Retirement. The City agrees to continue to pay the employer contribution for the City’s CalPERS retirement benefit. Effective as soon as administratively possible in accordance with the California Government Code section 20516 contract amendment process, each employee in this unit shall pay 3% towards the employers share of CalPERS pension regardless of what CalPERS pension formula employee is applicable to employee. In exchange, the City shall pay the corresponding salary increase that represents the 3% contribution, which is equal to 2.38% of salary. The parties agree that should the parties negotiate elimination of the 3% contribution towards the employers share or such contribution becomes contrary to any subsequent rules, regulations and/or law rendering the contribution null and void, or CalPERS find that the salary increase does not constitute pensionable compensation that the equivalent salary increase conferred in this section, and referred to in section 5.1, shall also cease and become null and void. Employees hired on or before December 16, 2010 and under the first tier CalPERS retirement formula (2.5% at 55), shall pay the 8% of salary employee contribution towards employee statutory share of CalPERS retirement during the term of this Agreement. Employees hired after December 16, 2010 and on or before December 31, 2012 under the second-tier CalPERS retirement formula (2% at 55), shall pay the 7% of salary employee contribution towards employee statutory share of CalPERS retirement during the term of this Agreement. Employees who receive the CalPERS retirement formula of 2% at 62 shall pay the employee contribution required by the Public Employees’ Pension Reform Act, currently calculated at fifty percent (50%) of the normal cost.

CalPERS Retirement. The City will continue its participation in the California Public Employees' Retirement System (CalPERS). 4.1.1. Police Safety Members hired prior to October 8, 2011, shall receive the 3% @ 50 formula, highest twelve (12) months for final compensation determination, the Third Level of the 1959 Survivor’s Benefit, Unused Sick Leave Option, and Military Service Credit as Public Service. The CalPERS contract includes Section 20516, Employees Sharing Cost of Additional Benefits. This allows affected employees to share in the cost of the 3% @ 50 enhanced retirement formula. These employees pay four point three two five percent (4.325%) to share in the cost of the 3% @ 50 formula. As applicable, the employee contribution will be made pre-tax. These Police Safety Members will pay the entire nine percent (9%) of the CalPERS employee contribution on a pre-tax basis. 4.1.2. Police Safety Members hired between October 8, 2011, and December 31, 2012, or Classic Members, as defined by CalPERS, shall receive the 3% @ 55 formula, highest thirty-six (36) months for final compensation determination, the Third Level of the 1959 Survivor’s Benefit, Unused Sick Leave Credit option and Military Service Credit as Public Service. The CalPERS contract includes Section 20516, Employees Sharing Cost of Additional Benefits. This allows affected employees to share in the cost of the 3% @ 55 enhanced retirement formula. These employees pay four point three-two-five percent (4.325%) to cost share for the 3% @ 55 formula. As applicable, the employee contribution will be made pre-tax. These Police Safety Members will also pay the entire nine percent (9%) of the CalPERS employee contribution on a pre-tax basis.

CalPERS Retirement. ‌ Effective with the timecard period beginning January 24, 2013, employees shall pay the employee contribution to CalPERS. For employees under the 2.7% @ 55 Retirement Formula, the employee contribution is 8%. For employees under the 2% at 60 Retirement Formula, the employee contribution is 7%. The District has taken the necessary steps to make the contributions “pre-tax” by adopting Resolution #12-43 at the December 18, 2012 Board meeting. Employees hired by the District prior to January 28, 2010 are covered under 2.7% @ 55 Retirement Formula for Local Miscellaneous Members, Section 21620 – $500 Retired Death Benefit, Section 20037 – Final 3 Years Compensation, Section 21329 – 2% COLA, Section 21551 – Death Benefit Continuation and Section 20055 – Prior Service Credit. Employees hired by the District on or after January 28, 2010 are covered under 2.0% @ 60 Retirement Formula for Local Miscellaneous Members. New CalPERS members hired on or after January 1, 2013 are subject to the revised pension plans and required contribution rates as identified by the Public Employees’ Pension Reform Act of 2012.

CalPERS Retirement. The General Counsel is a local classic member of the California Public Employees Retirement System (“CalPERS”). The retirement benefit formula to be received by the General Counsel shall be in accordance with the provisions of CalPERS and District policy consistent with CalPERS. The District previously paid 5% of the employer contribution portion of General Counsel’s CalPERS benefits, which will be reduced as follows. Effective November 20, 2023, the District shall pay 3.75% of the employer contribution portion of General Counsel’s CalPERS benefits. Beginning July 1, 2024, the District shall pay 2.5% of the employer contribution portion of General Counsel’s CalPERS benefits. Beginning July 1, 2025, the District shall pay 1.25% of the employer contribution portion of General Counsel’s CalPERS benefits. Beginning July 1, 2026, the District shall pay no portion of the employer contribution portion of General Counsel’s CalPERS benefits. The General Counsel shall receive a 1.25% increase to the Base Salary in Section 2(D) on the following dates: November 20, 2023, on July 1, 2024, on July 1, 2025, and on July 1, 2026. These salary adjustments shall be additive to any salary increases provided in Section 2(D)(1). For example, if the salary increase provided pursuant to Section 2(D)(1) is 2% on July 1st, the General Counsel would receive a 3.25% increase.

CalPERS Retirement. The Project contracts with California Public Employees Retirement System (CalPERS) for retirement benefits as follows: 1. Employees hired before January 1, 2013, and employees hired on or after January 1, 2013, with reciprocity recognized under CalPERS: These employees are provided a retirement benefit of 2.5 at age 55 formula with the one-year final average compensation period and Social Security Coverage Modified. These employees pay two percent (2.0%) of the employee member contribution on a pre-tax basis. The Project pays six percent (6.0%) of the employee’s contribution and reports the employer payment of the member contributions to CalPERS as additional compensation for retirement purposes. 2. Employees hired after December 31, 2012, without reciprocity recognized under CalPERS: These employees are provided a retirement benefit of 2% at age 62 formula with the three-year final average compensation period, as defined by CalPERS in Government Code Section 20037 and Social Security Coverage Full. These employees pay one-half the total normal cost as determined annually by CalPERS on a pre-tax basis.