RES 2024025 - Laserfiche WebLink

19 LPFD Safety Fire Plan Benefits Provided. CalPERS provides retirement and disability benefits, annual cost of living adjustments and death benefits to plan members, who must be public employees, and their beneficiaries. Benefits are based on years of credited service, equal to one year of full time employment, age and the average of the final one year of compensation for Tier 1 members and the average of the final three years of compensation for Tier 2 and PEPRA members. Members with five years of total service are eligible to retire at age 50 with statutorily reduced benefits. All members are eligible for non-duty disability benefits after ten years of service. The death benefit is one of the following: the Basic Death Benefit, the 1959 Survivor Benefit, or the Optional Settlement 2W Death Benefit. The cost of living adjustments for each plan are applied as specified by the Public Employees’ retirement Law. The Miscellaneous Plan provisions and benefits in effect at June 30, 2023, are summarized as follows: Miscellaneous Tier I PEPRA Benefit Formula 2.7% @ 55 2.0% @ 62 Benefit Vesting Schedule 5 years service 5 years service Benefit Payments Monthly for life Monthly for life Retirement Age 50 - 55 52 - 67 Monthly Benefits, As a % of Eligible Comp. 2.0% - 2.7% 1.0% - 2.5% Required Employee Contribution Rates 7.70% 7.00% Required Employer Contributions Rates 12.22% 12.22% Source: Pleasanton Annual Comprehensive Financial Report for the Fiscal Year ended June 30, 2023. Safety Police Plan The plan’s provisions and benefits in effect at June 30, 2023, are summarized as follows: Safety Police Plan Tier I Tier 2 PEPRA Benefit Formula 3.0% @ 50 3.0% @ 55 2.7% @ 57 Benefit Vesting Schedule 5 years service 5 years service 5 years service Benefit Payments Monthly for life Monthly for life Monthly for life Retirement Age 50 50-55 50-57 Monthly Benefits, As a % of Eligible Comp. 3.0% 2.4% - 3.0% 2.0% - 2.7% Required Employee Contribution Rates 9.00% 9.00% 13.00% Required Employer Contributions Rates 23.75% 20.64% 12.78% Source: Pleasanton Annual Comprehensive Financial Report for the Fiscal Year ended June 30, 2023. LPFD Safety Fire Plan The plan’s provisions and benefits in effect at June 30, 2023, are summarized as follows: Safety Fire Plan Tier I Tier 2 PEPRA Benefit Formula 3.0% @ 50 3.0% @ 55 2.7% @ 57 Benefit Vesting Schedule 5 years service 5 years service 5 years service Benefit Payments Monthly for life Monthly for life Monthly for life Retirement Age 50 50-55 50-57 Monthly Benefits, As a % of Eligible Comp. 3.0% 2.4% - 3.0% 2.0% - 2.7% Required Employee Contribution Rates 9.00% 9.00% 11.25% Required Employer Contributions Rates 18.60% 19.17% 19.17% Source: Pleasanton Annual Comprehensive Financial Report for the Fiscal Year ended June 30, 2023.