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OCII approves resolution of intention to amend CalPERS contract to reflect additional employee contribution
Summary
The commission approved a resolution of intention to begin the process to amend its CalPERS contract so a third employee cost-sharing contribution (1.25% effective July 2016) is treated as pretax and properly incorporated; staff said the action is an administrative step and does not affect retiree pensions or benefits.
The Commission on Community Investment and Infrastructure on June 5 approved a resolution of intention to amend its contract with the California Public Employees’ Retirement System (CalPERS) to incorporate a previously agreed employee contribution and to confirm pretax treatment.
OCII staff said the action is the first administrative step toward amending the CalPERS contract to reflect a third employee cost-share tier: a 1.25% contribution that went into effect in July 2016. Monica (OCII staff) explained the agency previously negotiated two…
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