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. The General Manager is a local “new” member of the California Public Employees Retirement System (“CalPERS”). The retirement benefit formula to be received by the General Manager shall be in accordance with the provisions of CalPERS and District policy consistent with CalPERS. The District shall not pay any portion of the mandatory employee contribution for the General Manager.
CalPERS Retirement. 9.1 CalPERS Formula Miscellaneous employees hired on or before December 16, 2010 shall receive the single highest year and 2.5% at 55 benefit formula provided through the Public Employees’ Retirement System (CalPERS). Miscellaneous employees hired on or after December 17, 2010 and on or before December 31, 2012 shall receive the average of three (3) consecutive highest years and 2% at 55 benefit formula provided through the California Public Employees’ Retirement System (CalPERS). Miscellaneous employees hired on or after January 1, 2013 and who qualify as “new employees” under the Public Employees’ Pension Reform Act shall receive average of three (3) consecutive highest years and 2% at 62 benefit formula provided through the Public Employees’ Retirement System (PERS).
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 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.
CalPERS Retirement. The City currently provides five retirement formulas based on an employee’s work activities (miscellaneous or safety), hire date, and previous CalPERS service time.
CalPERS Retirement. The City will continue its participation in the California Public Employees' Retirement System (CalPERS).
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. Formula for “New Members” as Defined Under the Public Employees’ Pension Reform Act of 2013 (PEPRA): “New Members” as defined by XXXXX who are hired by the City on or after January 1, 2013 shall be entitled to the 2.7% at 57 retirement formula with highest three year average compensation as set forth in PEPRA.
CalPERS Retirement. 9.1 CalPERS Formula Miscellaneous employees hired on or before December 16, 2010 shall receive the single highest year and 2.5% at 55 benefit formula provided through the Public Employees’ Retirement System (CalPERS). Miscellaneous employees hired on or after December 17, 2010 shall receive the average of three (3) consecutive highest years and 2% at 55 benefit formula provided through the California Public Employees’ Retirement System (CalPERS).
