RETIREMENT: CalPERS. Formula dependent on the status with CalPERS (Classic or New PEPRA member)
CLASSIC MEMBERS
CalPERS Classic Members: Classic employees that first became members on or after July 1, 1996, are subject to an annual compensation limit. The 2021 limit is $290,000. Employees do not pay contributions on amounts exceeding $265,000 and compensation earned beyond the limit will not be considered when CalPERS calculates the single highest year pensionable compensation average. The County does not participate in Social Security but does contribute to Medicare.
Classic Regular: Qualifying retirees are eligible to receive a lifetime pension which at 55 would be equal to 2% of your highest annual wage (see compensation cap above) multiplied by your years of service.
Classic Safety: Qualifying retirees are eligible to receive a lifetime pension which at 50 would be equal to 3% of your highest annual wage (see compensation cap above) multiplied by your years of services.
PEPRA MEMBERS (Hire on or after 1/1/2013)
CalPERS New PEPRA Members: New members are subject to an annual compensation limit that is regulated by CalPERS and changes periodically. Employees do not pay contributions on amounts exceeding the 2021 limit of $153,671 and compensation earned beyond the limit will not be considered when CalPERS calculates the 3‐year pensionable compensation average. The County does not participate in Social Security but does contribute to Medicare.
PEPRA Regular: Qualifying retirees are eligible to receive a lifetime pension which at 62 would be equal to 2% of your highest 3-year compensation wage average (see compensation cap above) multiplied by your years of service. Employees contribute 50% of the normal cost as determined by CalPERS.
PEPRA Safety: Qualifying retirees are eligible to receive a lifetime pension which at 57 would be equal to 2.7% of your highest 3-year compensation wage average (see compensation cap above) multiplied by your years of service. Employees contribute 50% of the normal cost as determined by CalPERS.