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.
New Members
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.
Employees who are hired after January 1, 2013 and meet the new member eligibility criteria will be enrolled at the 2% @ 62 benefit level.
Current CalPERS Contribution Rates
| City Contribution |
10.624% |
8.008% |
6.724% |
| Employee Contribution* |
8.000% |
7.000% |
6.500% |
| Total Contribution |
18.624% |
15.008% |
13.224% |
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| *City Pickup of Employee Contribution |
8.000% |
0.000% |
0.000% |