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Calabasas council begins process to offer two-year pension service-credit incentive, approves ordinance
Summary
The Calabasas City Council voted unanimously Feb. 11 to begin the required steps to amend its CalPERS contract to offer two additional years of service credit as a retirement incentive for eligible employees; staff said the cost would first affect the 2028–29 fiscal year pending an actuarial study.
The Calabasas City Council on Feb. 11 moved to adopt a resolution of intention and an implementing ordinance that start the process to amend the city's contract with the California Public Employees' Retirement System (CalPERS) to provide a two-year service-credit retirement incentive for eligible employees.
Chief Financial Officer Ron Allers told the council the change "provides two years of additional service credit to those employees who are eligible to retire," and described the city's plan to request an actuarial study from CalPERS. Allers said the city anticipates receiving that analysis in the March timeframe and will return to the council for final approval after staff publishes cost details and sets the length of a retirement window.
Allers explained eligibility as described in the report: classic members would be age 50 or older with at least five years of service; another membership category described in the staff report would be age 52 or older with at least five years of service. He said the retirement window would run for a minimum of 90 days and no longer than 180 days.
On timing and budget impacts, Allers said the city would not begin paying the cost until fiscal year 2028–29 and that the resulting liability would be amortized over five years under standard CalPERS procedures.
Council discussion included procedural questions about wording in a previously submitted resolution that CalPERS had rejected; Allers said the differences were largely formatting and minor language. The council then voted unanimously to adopt the resolution of intention (motion passed 5–0) and subsequently to adopt the ordinance that begins the formal amendment process. The transcript presented an unclear ordinance number, which was not specified for publication in the staff report available at the meeting.
Mayor comments during debate expressed frustration with CalPERS procedures. The city will publish the actuarial results and final cost before offering the incentive to eligible employees and before any payments are made.
Next steps: staff expects to receive CalPERS' actuarial analysis in March and will return to the council for a final action that would set the retirement window and publish the cost to employees and the public.
