Contributions Based on Hire Date
The City contracts with CalPERS for retirement benefits at the 2.5% at 55 formula, for employees hired prior to February 27, 2011. All employees hired after this date, are subject to the newly adopted formula of 2% at 60. Please see below for a complete schedule of the retirement contributions made to CalPERS.
Effective January 1, 2013, AB 340: Public Employees Pension Reform Act of 2013 will add the new pension formula of 2% at 62 for all new members. A new member is defined as:
- An individual who becomes a member of a public retirement system for the 1st time on or after January 1, 2013 and who is not a member of another public retirement system prior to that date,
- An individual who becomes a member of a public retirement system for the 1st time on or after January 1, 2013 and who is a member of another public retirement system prior to that date, but was not subject to reciprocity under PERS or CERL,
- An individual who was an active member in a retirement system and who, after a break in service of more than 6 months, returned to active membership in that system with a new employer.
Current CalPERS Contribution Rates
|Contribution Type||2.5% @ 55||2.0% @ 60||2.0% @ 62|
|*City Pickup of Employee Contribution||8.000%||0.000%||0.000%|