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Second Tier Benefit Election Package - CalPERS - CalPERS

State Miscellaneous & Industrial Members Second tier Benefit Election Package This page intentionally left blank to facilitate double-sided printing. Receipt of retirement Information Acknowledgement 888 CalPERS (or 888-225-7377) TTY: (877) 249-7442. Section 1 About You When completing this form, I have received the information and Election Package on the state miscellaneous or industrial first tier (2% at 55, be sure to clearly print 2% at 60, or 2% at 62 as applies to my retirement account) and state Second tier ( at 65 or at 67. with a ballpoint pen or as applies to my retirement account) retirement formulas. c Yes c No type your information.

To make a correction, PERS01M0321 DMC (8/17) Page 1 of 1 888 CalPERS (or 888-225-7377) • TTY: (877) 249-7442 Receipt of Retirement Information Acknowledgement ( ) This information and election package was given to the above employee.

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Transcription of Second Tier Benefit Election Package - CalPERS - CalPERS

1 State Miscellaneous & Industrial Members Second tier Benefit Election Package This page intentionally left blank to facilitate double-sided printing. Receipt of retirement Information Acknowledgement 888 CalPERS (or 888-225-7377) TTY: (877) 249-7442. Section 1 About You When completing this form, I have received the information and Election Package on the state miscellaneous or industrial first tier (2% at 55, be sure to clearly print 2% at 60, or 2% at 62 as applies to my retirement account) and state Second tier ( at 65 or at 67. with a ballpoint pen or as applies to my retirement account) retirement formulas. c Yes c No type your information.

2 To make a correction, line Name of Member (First Name, Middle Initial, Last Name) Social Security Number or CalPERS ID. through the error and initial the change. Member Signature Date (mm/dd/yyyy). Employer ( ). CalPERS Membership Date (mm/dd/yyyy) Daytime Phone Note to Members: New state miscellaneous or industrial members first hired on or after January 1, 2013, and who elect Second tier may be subject to the at 67 Second tier retirement formula. State miscellaneous or industrial members first hired on or before December 31, 2012, will be subject to the existing at 65 Second tier retirement formula. In addition, all state Second tier members make contributions of their earnings toward their retirement effective July 1, 2013, subject to annual adjustments.

3 For more details review this publication carefully. Personnel Clerk: The employee must read, complete, and sign this acknowledgment in your presence and leave it with you. You must complete Section 2 of this form and return it to CalPERS at the address shown below. You must place the member directly into the first tier if the member meets one of the following criteria: Returning to state service after a 90-day break in employment that had been covered under Second tier . Returning to state service after separating from state employment and terminating their CalPERS membership. For new members as defined by the Public Employees' Pension Reform Act of 2013 who after January 1, 2013, will be placed in the 2% at 62 first tier formula with the option of electing the at 67 Second tier formula.

4 This is not an Election document. Section 2 Statement and Signature of Employer Representative This information and Election Package was given to the above employee. Employer CalPERS Business Partner ID. ( ). Personnel Office Representative Name Daytime Phone of Personnel Clerk Personnel Office Representative Signature Date (mm/dd/yyyy). Mail to: CalPERS Employer Account Management Division Box 942709, Sacramento, California 94229-2709. PERS01M0321 DMC (8/17) Page 1 of 1. This page intentionally left blank to facilitate double-sided printing. TABLE OF CONTENTS. Receipt of retirement Information Acknowledgement Form .. 1. Introduction.

5 4. First tier Enrollment Based on Your CalPERS . Membership Date .. 6. If You Became a CalPERS Member Prior to January 1, 2013 .. 6. If You Became a CalPERS Member On or After January 1, 2013 .. 6. Movement Between Employers and Reciprocal retirement Systems .. 7. Movement Between CalPERS Employers .. 7. Movement Between Reciprocal retirement Systems .. 7. Your retirement Formula Choices .. 8. Remain in the First tier Formula .. 8. Corresponding Second tier Formulas .. 8. Elect the Second tier Formula for Future Service .. 9. Next Steps .. 9. Conversion of Second tier to First tier retirement Formula .. 10. Benefit Comparison Chart Section A: Comparison of retirement Formula benefits : State Miscellaneous or Industrial First tier 2% at 55 Versus State Second tier at 65.

6 11. Calculating Your Service retirement Allowance Section A .. 17. Service retirement Calculation Worksheet Section A .. 18. Benefit Comparison Chart Section B: Comparison of retirement Formula benefits : State Miscellaneous or Industrial First tier 2% at 60 Versus State Second tier at 65 .. 19. Calculating Your Service retirement Allowance Section B .. 23. Service retirement Calculation Worksheet Section B .. 24. Benefit Comparison Chart Section C: Comparison of retirement Formula benefits : State Miscellaneous or Industrial First tier 2% at 62 Versus State Second tier at 67 .. 25. Calculating Your Service retirement Allowance Section C.

7 29. Service retirement Calculation Worksheet Section C .. 30. Justification for Absence of Spouse's or Registered Domestic Partner's Signature Form .. 31. Election Document for State Second tier retirement Formula Form .. 33. Become a More Informed Member .. 35. CalPERS Website .. 35. my| CalPERS .. 35. CalPERS Education Center .. 35. Experience CalPERS Through Social Media .. 35. Reach Us by Phone .. 35. Visit Your Nearest CalPERS Regional Office .. 36. Privacy Notice .. 37. 3. INTRODUCTION. All eligible new state employees are automatically enrolled in the California Public Employees' retirement System ( CalPERS ) under a specific retirement Benefit formula, depending on their date of hire, job classification, collective bargaining unit, and legislation, such as the Public Employees' Pension Reform Act of 2013 (PEPRA).

8 retirement Benefit formulas are established by law, First tier Formulas and the Public Employees' retirement Law governs CalPERS membership Either the 2% at 55, eligibility and pension benefits . The formulas govern the pension amount due the 2% at 60, or the to you upon retirement based on your age, final compensation, and number 2% at 62 first tier retirement of years of qualified service. formula will apply to you, according to state retirement Benefit formulas are grouped into first or Second tier . bargaining unit agreements First tier retirement Benefit formulas require you to make employee or legislation. Check with contributions to CalPERS and provide the highest level of Benefit your personnel office in retirement .

9 For more information. Second tier retirement formulas provide a significantly reduced pension amount upon retirement . Under a Second tier formula, you make reduced employee contributions over the course of your employment. This means you contribute less during your career, but also receive a significantly reduced pension. As a new state employee, you are automatically enrolled in one of the following first tier retirement Benefit formulas: 2% at 55. 2% at 60. 2% at 62. State bargaining unit agreements determine whether you are placed in a 2% at 55 or 2% at 60 formula. Legislation known as PEPRA established a new first tier formula, 2% at 62, for all new state members on or after January 1, 2013.

10 In addition, even if you were a CalPERS member before January 1, 2013, you may still be placed in the 2% at 62 first tier retirement formula depending on your movement between employers or reciprocal systems. Further information is available in the following section, First tier Enrollment Based on Your CalPERS Membership Date. You have two options available to you in the first 180 days from the date you begin contributing to CalPERS : Take no action and remain in your present state miscellaneous or industrial first tier retirement formula.. or .. Elect the state Second tier retirement formula that applies to you for all future state miscellaneous or industrial service.


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