Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Pensions topic
No spam. Unsubscribe anytime.
Council approves resolution to correct CalPERS contract and adjust retirement formulas
Summary
Council unanimously approved Resolution 2025-140 to correct an administrative error in the city's CalPERS contract and propose retirement formulas (2.7 at 57 for local safety, 2% at 62 for miscellaneous) pending employee elections and subsequent ordinance adoption.
City Manager Diego Villamontes told the council staff discovered an administrative error in the city's original CalPERS contract and proposed a correction that increases the city's contribution toward public-safety retirement benefits to align with surrounding agencies. He said the resolution establishes retirement formulas of 2.7 at 57 for local safety members and 2% at 62 for miscellaneous members.
Villamontes said the next steps include employee elections for both bargaining groups to ensure a majority supports participation in CalPERS, followed by bringing a final ordinance and contract back to council for approval. He said there is no immediate fiscal impact and that final contribution rates and fiscal impacts will be presented before ordinance adoption; staff anticipates the change taking effect in the first payroll of fiscal year 26-27.
Council thanked staff for the work and the resolution passed unanimously on roll call.
