Employee Relations update 7/25/2014
CalPERS to Hold Public Hearing on Proposed Pensionable Comp Regulations
On September 12, 2012, when Governor Brown signed into law AB 340, reporting of pensionable compensation to the California Public Employees’ Retirement System (CalPERS) for new members changed. The Public Employees Pension Reform Act (PEPRA) now defines “Pensionable Compensation” for new members (generally those brought into membership after January 1, 2013) and limits payments and compensation that may be used to calculate a defined benefit for “new” members. To that end, in December 2012, CalPERS issued Circular Letter 200-062-12, listing the types of compensation that many be reportable as “pensionable compensation” based on its initial interpretations and understanding of PEPRA.
CalPERS has issued a notice that a public hearing will be held to take public comment on theproposed regulation on:
August 19, 2014 at 9:30 a.m.
California Public Employees’ Retirement System
Lincoln Plaza North, Auditorium
400 P Street
Sacramento, California 95814