A. The CCSD provides a Retirement Program for all regular employees working half-time or more. The Retirement Program may be provided through contract with the California Public Employees Retirement System (PERS), as is currently provided and may be integrated with Federal Social Security Program, as is currently provided.
The CCSD shall provide the PERS 3% @ 50 public safety retirement plan for covered employees, including single highest year computation, for all employees hired before December 28, 2012. All covered employees hired on or after December 28, 2012 who are not defined as “new members” under the Public Employees Pension Reform Act (“PEPRA”) will be covered by the 3% @ 55 retirement formula and the 36 highest consecutive months’ final compensation provision. All covered employees hired on or after January 1, 2013 and who are defined as “new members” under PEPRA will be covered by the 2.7% at 57 retirement formula and the 36 highest consecutive months’ final compensation provision.
B. The current employee share contribution to the PERS Retirement Program is 9% of wages and is subject to change.
Employees who are not subject to PEPRA shall pay 100% of the entire designated employee share of PERS retirement contributions. Employees defined as “new members” under PEPRA shall pay 50% of the total normal cost of the retirement benefits, as determined by CalPERS.
C. The employee's share of mandated Social Security contributions is paid 100% by the employee, by payroll deduction. The employer's share of mandated Social Security contributions is paid 100% by the employer.