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The California Public Employees' Retirement System (CalPERS) is an agency in the California executive branch that "manages pension and health benefits for more than 1.5 million California public employees, retirees, and their families".
Pension benefits are primarily designed to favor workers who work a full career (typically at least 25 years of service), which account for approximately 24% of state-level public workers. In a study of 335 statewide retirement plans, Equable Institute found that 74.1% of pension plans in the US served this group of workers well.
Retirement benefits are calculated using three important variables within the following formula: Highest Average Years of Retirement Age at Monthly Salary x Service Credit x Retirement Age Factor As of 2008, CCCERA administers 8 different benefit tiers. All tiers use the above formula, however.
CalPERS also noted that new contracts with Blue Shield and Included Health contain financial incentives to help lower costs. The contracts set a medical trend cost target of 5.5%, with the goal of ...
CalPERS also is applying the new definition of limited duration to out-of-class assignments, in which employees temporarily fill higher-paid roles and may receive larger pensions as a result.
CalPERS is the largest public pension system in the U.S., providing pensions for about 2.1 million state and local government employees, retirees and beneficiaries. The system’s investment ...
The Los Angeles County Employees Retirement Association (LACERA) is an independent Los Angeles County agency that administers and manages the retirement fund for the County and outside Districts (Little Lake Cemetery District, Local Agency Formation Commission for the County of Los Angeles, Los Angeles County Office of Education, and South Coast Air Quality Management District). [3]
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