CalPERS Service Credit for Military Service. This allows employees to elect the purchase of up to four years of service credit for continuous active military service prior to employment.
CalPERS Service Credit for Military Service. The CalPERS Military Service Credit Purchase Assistance Plan described below shall be made available to full time regular employees who have completed their initial probation period with the City. The City’s contract with CalPERS includes the provisions of Section 21024, "Military Service Credit as Public Service." After this has been completed, eligible employees with qualifying military service can contact PERS and arrange to be billed for the service credit. The City shall reimburse the employee for 25% of the amount of the bill. Eligibility for the 25% reimbursement is limited to employees who are on the payroll on 7/1/95. If desired, the employee may apply for a loan from the City for the remaining 75%. The employee shall apply for the loan on a City-provided loan application. If the employee qualifies, the City will fund the loan on an interest-free basis. Loan payments must be by payroll deduction. Each loan payment period shall not exceed six years. The City may require collateral. Any remaining loan balance must be paid in full at the time of separation of employment. Payment will be made directly and/or by deduction from the last paycheck. In the event an outstanding balance remains, the employee is responsible for making payment arrangements. The failure to make full payment will obligate the employee to pay the City's attorneys fees in any restitution process.
CalPERS Service Credit for Military Service. The CalPERS Military Service Credit Purchase Assistance Plan described below shall be made available to full time regular employees who have completed their initial probation period with the City. The City’s contract with CalPERS includes the provisions of Section 21024, Military Service Credit as Public Service. Eligible employees with qualifying military service can contact CalPERS and arrange to be billed for the service credit (CalPERS' estimate is $5,000 per year of service). The City shall reimburse the employee for 25% of the amount of the xxxx. If desired, the employee may apply for a loan from the City for the remaining 75%. The employee shall apply for the loan on a City-provided loan application. If the employee qualifies, the City will fund the loan on an interest-free basis. Loan payments must be by payroll deduction. Each loan payment period shall not exceed six years. The City may require collateral. Any remaining loan balance must be paid in full at the time of separation of employment. Payment will be made directly and/or by deduction from the last paycheck. In the event an outstanding balance remains, the employee is responsible for making payment arrangements. The failure to make full payment will obligate the employee to pay the City attorney’s fees in any restitution process.
