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ARTICLE XII <br /> 12.0 RETIREMENT BENEFITS <br /> 12.1 CalPERS Retirement Plans <br /> A. The terms of the existing miscellaneous plan contract between the City and <br /> CalPERS govern retirement benefits for employees are incorporated by reference <br /> herein. <br /> B. The California Public Employees' Pension Reform Act(PEPRA)went into effect on <br /> January 1, 2013. Based on consideration of various eligibility factors, PEPRA <br /> defines each employee as either a"classic" or"new" member of CalPERS. <br /> 1. "Classic"Members <br /> An employee who qualifies as a"classic"member receives a retirement benefit <br /> formula of 2.7%@ 55, with no social security coverage. <br /> The final average compensation period for a "classic" member is the single <br /> highest consecutive twelve (12)months (Government Code §20042). <br /> 2. "New"Members <br /> An employee defined as a "new" member (Government Code §7522.20a) <br /> receives a retirement benefit formula of 2%@ 62. <br /> The final average compensation period for a "new" member is the highest <br /> average compensation earned during any consecutive thirty-six (36) month <br /> period(Government Code §7522.32a). <br /> 12.2 Contributions <br /> The City shall continue to make contributions to CalPERS on behalf of each individual <br /> employee as follows: <br /> A. City Contributions <br /> 1. "Classic"Members <br /> The City shall continue to pay each employee's member contribution and report <br /> it to CalPERS as compensation earnable [Government Code §20636(C)(4)]. <br /> This contribution is known as the Employer Paid Member Contribution <br /> (EPMC), which is equal to eight percent (8.0%) of compensation earnable. <br /> 2025 MOU City of Santa Ana &SEW Full-Time Employees Unit Page 63 <br />