Common use of CalPERS Clause in Contracts

CalPERS. The California Public Employees’ Retirement System (CalPERS) Local Safety Plan provides retirement benefits to eligible CMFA safety employees under the 3% at 55 formula (Section 21363.1) . The City shall pay the employees’ required retirement contribution to CalPERS (the Employer-Paid Member Contribution is 9% of compensation earnable) and this amount shall be added to the base salary as defined in Article 3.1 for retirement calculation purposes (i.e. calculation of final compensation). The City’s payment of the employees’ required retirement contribution to CalPERS shall be reported to CalPERS as “compensation earnable” in accordance with Section 20636(c)(4) of the California Government Code. Subject to the concurrence and approval of all affected parties, the City agrees to implement procedures to amend the CalPERS Safety Plan to provide Government Code 21363.2 (3%@50) retirement benefits to be effective in January 2010, or as soon thereafter as permitted by ▇▇▇▇▇▇▇. Pursuant to CalPERS regulations, this new formula will apply to all employees that are in active status on the date this amendment takes effect. This new formula will apply to each year of eligible service credited with the City of Costa Mesa. After the CalPERS contract has been amended to provide the 3%@50 benefit, the City also agrees to amend the CalPERS Safety Plan to provide CalPERS Section 20903 (Two Years Additional Service Credit) option as soon thereafter as permitted by ▇▇▇▇▇▇▇.

CalPERS. The California Public Employees’ Retirement System (CalPERS) Local Safety Plan provides retirement benefits to eligible CMFA safety employees under the 3% at 55 formula (Section 21363.1) . The City shall pay the employees’ required retirement contribution to CalPERS (the Employer-Paid Member Contribution is 9% of compensation earnable) and this amount shall be added to the base salary as defined in Article 3.1 for retirement calculation purposes (i.e. calculation of final compensation). The City’s payment of the employees’ required retirement contribution to CalPERS shall be reported to CalPERS as “compensation earnable” in accordance with Section 20636(c)(4) of the California Government Code. Subject to the concurrence and approval of all affected parties, the The City agrees to implement procedures to amend the CalPERS Safety Plan to provide Government Code 21363.2 (3%@50) retirement benefits to be effective in January 2010, or as soon thereafter as permitted by ▇▇▇▇▇▇▇. Pursuant to CalPERS regulations, this new formula will apply to all employees that are in active status on the date this amendment takes effect. This new formula will apply to each year of eligible service credited with the City of Costa Mesa. After the CalPERS contract has been amended to provide the 3%@50 benefit, the City also agrees to amend the CalPERS Safety Plan to provide CalPERS Section 20903 (Two Years Additional Service Credit) option as soon thereafter as permitted by ▇▇▇▇▇▇▇.