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<br /> <br /> <br />Benefits Provided – CalPERS provides service retirement and disability benefits, annual cost of living adjustments and death benefits to plan members, who must be public employees and beneficiaries. <br />Benefits are based on years of credited service, equal to one year of full time employment. Members with <br />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 10 years of service. The cost of living adjustments for <br />each plan are applied as specified by the Public Employees’ Retirement Law. The Pension Reform Act of <br />2013 (PEPRA), Assembly Bill 340, is applicable to employees new to CalPERS and hired after December 31, 2012. The Plans’ provisions and benefits in effect at June 30, 2016, are summarized as follows: <br /> <br /> <br /> Hire date <br /> <br /> <br />Prior to <br />May 6, 2010 <br />Miscellaneous <br />or after May 6, <br />On or after <br />May 6, 2010 <br /> <br /> <br />On or after <br />January 1, 2013 <br /> <br />Membership Type Classic Classic PEPRA <br />Benefit formula 2.5% @ 55 2% @ 55 2% @ 62 <br />Benefit vesting schedule 5 years service 5 years service 5 years service <br />Benefit payments monthly for life monthly for life monthly for life <br />Retirement age 55 55 62 <br />Monthly benefits, as a % of eligible compensation 2.000% - 2.500% 1.426% - 2.418% 1.000% - 2.500% <br />Required employee contribution rates 8.000% 7.000% 6.750% <br />Required employer contribution rates 26.959% 26.959% 26.959% <br />Hire date <br />Prior to <br />January 1, 2013 <br />Safety <br />On or after <br />January 1, 2013 <br /> <br />Membership Type Classic PEPRA <br />Benefit formula 3% @ 50 2.7 @ 57 <br />Benefit vesting schedule 5 years service 5 years service <br />Benefit payments monthly for life monthly for life <br />Retirement age 50 57 <br />Monthly benefits, as a % of eligible compensation 3% 2% - 2.7% <br />Required employee contribution rates 9% 12.250% <br />Required employer contribution rates 42.576% 11.923% <br /> <br />Employees Covered – As of the June 30, 2014 actuarial valuation date and the June 30, 2015 measurement date, the following employees were covered by the benefit terms for the plan: <br /> <br /> <br /> Inactive employees or beneficiaries <br />currently receiving benefits <br />June 30, 2014 June 30, 2015 <br /> Miscellaneous Safety Miscellaneous Safety <br /> <br />603 289 633 297 <br /> <br /> <br /> <br />74 <br />NOTE 13 – PENSION PLAN (Continued) <br />CITY OF SAN LEANDRO NOTES TO BASIC FINANCIAL STATEMENTS For The Year Ended June 30, 2016