Regular District classified employees and classified MSC contribute to the California Public Employees' Retirement System (CalPERS). A portion of the district's part-time, seasonal and temporary personnel also participate in the program. Members earn service credit for each year or partial year worked. Part-time members earn service credit in proportion to the number of hours worked. Service credit accumulates on a fiscal year basis, July 1 through June 30.
A member contributes 7% of creditable earnings. Contributions are on a pre-tax basis which defers taxation until a later date. Employer contributions are not credited to individual member accounts, but are deposited in the CalPERS Retirement Fund to help fund the benefits payable to all members and their beneficiaries.
A member is considered "vested" with a right to a lifetime defined benefit when five years of service credit are accumulated under this program. Retirement can be as early as age 50. The formula for calculating the lifetime retirement benefit is: Service Credit x Benefit Factor x Final Compensation.
Go to www.calpers.ca.gov for comprehensive information on the PERS program, retirement options, survivor continuance, death benefit, and forms.