MEMORANDUM OF UNDERSTANDING WITH THE CULVER CITY POLICE OFFICERS ASSOCIATION JULY 1, 2025, THROUGH JUNE 30, 2028. - Flipbook - Page 31
ARTICLE FOUR
GOVERNMENT
CODE SECTION
BENEFIT
21329
Two percent (2%) Annual COLA – Limitations on
Adjustments, per CalPERS regulations.
21363.1
II.
3% at Age 55: Base retirement plan of three
percent (3%) at age 55 for all “Classic” unit
employees hired on or after July 1, 2011.
21362.2
3% at Age 50: Base retirement plan of three
percent (3%) at age 50 for all unit employees hired
prior to July 1, 2011.
21548
Pre-retirement Option 2: Upon the death of a
member who was eligible to retire, the spouse may
receive an allowance equal to the amount the
member would have received if the member had
retired for service retirement on the date of death
and elected Option 2W.
21574
Fourth Level of 1959 Survivor Benefits
21624 – 21626
Post-Retirement Survivor Allowance
CALPERS EMPLOYEE CONTRIBUTION FOR “CLASSIC” MEMBERS
A.
PERS EMPLOYEE RETIREMENT CONTRIBUTIONS
The PERS employee contribution rate of nine percent (9%) for the 3% @
50 and 3% @ 55 retirement plans is established by State legislation. Unit
employees shall be responsible for payment of the nine percent (9%)
PERS employee contribution rate. Said member contributions paid by the
employee shall be pre-tax in accordance with IRS Code Section 414(h) (2).
B.
CALPERS EMPLOYEE CONTRIBUTION FOR “NEW MEMBER”
EMPLOYEES HIRED ON OR AFTER JANUARY 1, 2013 AND DEFINED
AS SUCH IN ACCORDANCE WITH AB 340
POA MOU 2025-2028
57132141.1/005528.00065
Page 29
