Employees Hired On or After January 1, 2013. Effective January 1, 2013, new members to CalPERS or an agency with CalPERS’ reciprocity will be subject to the provisions of the Public Employee’s Pension Reform Act of 2013 (PEPRA) and will receive the 2% @ 62 benefit formula. This plan provides 2 percent of pay at age 62 for each year of service credited with the City. Employees pay 50 percent of the normal cost rate on a pretax basis to be calculated by CalPERS. In addition, new members must be at least 52 years of age with 5 or more years of CalPERS-credited service in order to retire with a normal service retirement through the CalPERS system, and their retirement allowance will be based on the average of their last 3 years of compensation prior to retirement. Employees who are current members of CalPERS or an agency with CalPERS’ reciprocity, or who have less than a 6-month break in service between employment in a CalPERS (or reciprocal) agency, or who have previously been employed by the City of Montclair will be enrolled in the 2% @ 60 formula. Employees under this formula pay 6 percent of the member’s required contribution on a pretax basis, as in items 2.a. above, and effective June 27, 2016, as in 2.c. above. Except as otherwise provided for in this MOU for retiree-medical benefits and CalPERS-related retirement benefits, to retire from the City and be eligible for City- provided retirement benefits other than CalPERS retirement benefits, an employee must be at least 50 years of age with 25 or more years of continuous service to the City; e.g., to receive the 25-year retiree-medical benefit, an employee must be at least 50 years of age and have a minimum of 25 consecutive years of service with the City. This plan provides employees with the "Increased-Level 1959 Survivor Benefits" and the optional "Military Service Credit as Public Service." Employees are allowed to purchase, at their expense, up to 4 years of CalPERS service credit for any continuous active military or merchant marine service prior to employment with the City. The employee must contribute an amount equal to the contribution for current and prior service that the employee and City would have made with respect to that period of service. Employee's payments will be calculated by CalPERS.
Employees Hired On or After January 1, 2013. Effective January 1, 2013, new members to CalPERS or an agency with CalPERS’ reciprocity will be subject to the provisions of the Public Employee’s Pension Reform Act of 2013 (PEPRA) and will receive the 2% @ 62 benefit formula. This plan provides 2 percent of pay at age 62 for each year of service credited with the City. Employees pay 50 percent of the normal cost rate on a pretax basis to be calculated by CalPERS. In addition, new members must be at least 52 years of age with 5 or more years of CalPERS-credited service in order to retire with a normal service retirement through the CalPERS system, and their retirement allowance will be based on the average of their last 3 years of compensation prior to retirement. Employees who are current members of CalPERS or an agency with CalPERS’ reciprocity, or who have less than a 6-month break in service between employment in a CalPERS (or reciprocal) agency, or who have previously been employed by the City of Montclair will be enrolled in the 2% @ 60 formula. Employees under this formula pay 6 percent of the member’s required contribution on a pretax basis, as in item 1.b. above.
Employees Hired On or After January 1, 2013. Employees who retire will be eligible to purchase coverage for themselves and eligible dependents. The required contribution to premiums will be the full, unsupplemented cost of the elected plans. The cost will be no greater than the actual cost paid by the District, and is therefore subject to periodic change.
Employees Hired On or After January 1, 2013. Employees hired on or after January 1, 2013 will be placed into Plan 5 or Plan 7 (2%@62) depending upon their legacy eligibility as determined by SamCERA.
