CalPERS Retirement Plans

tn RetirementWhat is CalPERS? 

The City of Pomona contracts with the California Public Employees Retirement System (CalPERS) to provide retirement benefits to all full-time employees.  CalPERS is a 401(a) defined benefit retirement plan which provides lifetime benefits based on a member's years of service, age and compensation.  CalPERS also provides benefits for disability and death, making payments in some cases to survivors and/or beneficiaries of eligible members.  The City also contracts with CalPERS for health benefits.

Retirement Benefits:

Retirements benefits are provided to regular full-time employees immediately upon employment.  The benefit level is as follows: 

New Employees Hired After January 1, 2013:  

Bargaining Unit Benefit Formula Employee Contribution Enhanced Benefits
  • Executive Management
    A-B Employees
  • General Services (PCEA)
  • Mid-Mgmt/Confidential
    (PMMCEA)

2%@62

3 year Final Average Salary

 

At least 50% of the normal cost.

Currently, new employees'

contribution is 6.25%.

Survivors Continuance

1959 Survivor Benefit

Military Service Credit

  • Sworn Police (PPOA)
  • Police Mgmt (PPMA)

2%@57

3 year Final Average Salary

50% of the normal cost,
currently 12.75%.

 

Survivors Continuance

1959 Survivor Benefit

Military Service Credit

Credit for unused Sick

Classic Members or Employees Hired as Follows: 

Bargaining Unit Benefit Formula Employee Contribution Enhanced Benefits

Employees hired on or after

August 14, 2011: 

  • Executive Management

     A-B Employees

  • General Services (PCEA)
  • Mid-Mgmt/Confidential (PMMCEA)

2%@60

3 year Final Average Salary

Current employees pay 7%.

Survivors Continuance

1959 Survivor Benefit

Military Service Credit

Sick Leave Credit

Employees Hired after

November 19, 2010:  

  • Sworn Police (PPOA) 
  • Police Management (PPMA)

3%55

Single Highest

Final Average Salary

Current employees pay 9%.

Survivors Continuance

1959 Survivor Benefit

Military Service Credit

Credit for unused Sick

Employer Paid Member

Contribution

Classic Members or Employees Hired as Follows: 

Bargaining Unit Benefit Formula Employee Contribution Enhanced Benefits

Employees hired prior to

August 14, 2011: 

  • Executive Management

     A-B Employees

  • General Services (PCEA)
  • Mid-Mgmt/Confidential (PMMCEA)

2%@55

Single Highest

Final Average Salary

Current employees pay 7%.

Survivors Continuance

1959 Survivor Benefit

Military Service Credit

Sick Leave Credit

Employees Hired on or 

before November 18, 2010: 

  • Sworn Police (PPOA) and
  • Police Management (PPMA)

3%50

Single Highest

Final Average Salary

Current employees pay 9%.

Survivors Continuance

1959 Survivor Benefit

Military Service Credit

Credit for unused Sick

Employer Paid Member

Contribution

 

  • City of Pomona employees do not contribute into Social Security.
  • As a CalPERS member, you will receive an annual statement from CalPERS mailed to your home during the month of November.  The statement covers the period of July 1 through June 30.
  • You can learn more about all of the benefits programs discussed in this section at any time by visiting the CalPERS On-Line Web site www.calpers.gov or by calling CalPERS at (888) CalPERS or 225-7377. This website provides access to your most current information, you can request an appointment, you can send a secure message to a CalPERS representative, you can enroll in classes or obtain an online retirement estimate. 
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