Human Resources

Human Resources

California Public Employees' Retirement System (CalPERS)

For benefitted employees, retirement benefits are provided by the California Public Employees' Retirement System (CalPERS), which is a defined benefit plan. Currently, the City has the following retirement contracts:

  1. Local Police (Safety):
    • 1st Tier (RPOA, RPOA Supervisory & RPAA)  - The retirement formula is 3% at age 50 and the City pays the Employee Share (9%).
    • 2nd Tier - The retirement formula is 3% at age 50 and 
      • RPOA – new employees hired on or after February 17, 2012 must pay the Employee Share (9%).
      • RPOA Supervisory and RPAA – new employees hired on or after June 8, 2012 must pay the Employee Share (9%).
    • 3rd Tier (RPOA, RPOA Supervisory & RPAA)* – The retirement formula is 2.7% at age 57 for new members hired on or after January 1, 2013. Employees must pay the Employee Share, which is 11.50% as of 7/1/2016 and it is subject to change every Fiscal Year. Classic members (CalPERS members prior to 12/31/12) hired on or after January 1, 2013 may be placed in a different tier.
  2. Local Fire (Safety):
    • 1st Tier  (RCFA & RFMG) - The retirement formula is 3% at age 50 for employees hired before June 10, 2011.  The City pays the Employee Share (9%).
    • 2nd Tier (RCFA & RFMG) - The retirement formula is 3% at age 55 for new employees hired on or after June 11, 2011. The employee must pay the Employee Share (9%).
    • 3rd Tier (RCFA & RFMG)* - The retirement formula is 2.7% at age 57 for new members hired on or after January 1, 2013. Employees must pay the Employee Share, which is 11.50% as of 7/1/2016 and it is subject to change every Fiscal Year. Classic members (CalPERS members prior to 12/31/12) hired on or after January 1, 2013 may be placed in a different tier.
  3. Local Miscellaneous:
    • 1st Tier  - The retirement formula is 2.7% at age 55.  The City pays the Employee Share (8%). SEIU and SEIU Refuse employees must pay a percentage of the Employee Share, refer to the MOU for more details.
    • 2nd Tier - The retirement formula is 2.7% at age 55, and:
      • SEIU and SEIU Refuse employees hired on or after June 7, 2011 must pay Employee Share (8%).
      • IBEW, IBEW Supv., Executive, Elected Officials, Management and Confidential employees hired or sworn in on or after October 19, 2011 must pay Employee Share (8%).
    • 3rd Tier* - The retirement formula is 2% at age 62 for new members hired on or after January 1, 2013 and the employee must pay the employee share as indicated below. Classic members (CalPERS members prior to 12/31/12) hired on or after January 1, 2013 may be placed in a different tier.
      • All Local Miscellaneous members must pay the Employee Share (7%); subject to change every Fiscal Year.

*For additional information on the Public Employees’ Pension Reform Act (PEPRA) of 2013, please visit the CalPERS website.

For CalPERS benefit plan and enrollment highlights, please review the Retirement Plan Flier. The CalPERS member booklets for the Local Safety and Miscellaneous Group contain complete details on retirement benefits. The member booklets can be found on the CalPERS website at www.calpers.ca.gov. Also, you may access member booklets by clicking on the links below:


CalPERS Retirement Formula Summary
Group Retirement Formula Effective Date*
Safety Fire 2.7% @ 57
3% @ 55
3% @ 50
3% @ 55
2% @ 50
1/1/2013 (new members)
6/11/2011
6/2/2006
5/10/2002
6/27/1975
Safety Police 2.7%@ 57
3% @ 50
3% @ 55
2% @ 50
1/1/2013 (new members)
12/17/2004
9/28/2001
6/27/1975
Miscellaneous 2% @ 62
2.7% @ 55
2% @ 55
2% @ 60
1/1/13 (new members)
8/30/2002
5/20/1994
7/1/1971
*The formula in effect at the time of an employee's retirement is the formula used to determine CalPERS retirement benefits unless that formula provides for a reduction of benefits compared to the retirement formula that was in effect when the employee was hired.

CalPers

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Printed from: http://www.riversideca.gov/human/benefits/benefit-retiree-calpers.asp