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VIDEO. From the San Mateo County Harbor District meetings on Wednesday, September 18th, 2024 at 10:00am as a hybrid meeting. Public comment only in person or by email. Meetings are currently being held in person at the SMCHD Administration Building, 504 Avenue Alhambra, Ste. 200, El Granada.
Staff Report with Attachments
The Board of Harbor Commissioners requested additional information regarding the District’s retirement liabilities. Staff contacted the California Public Employees’ Retirement System (CalPERS) and invited a CalPERS employee to provide a presentation on the District’s Actuarial Valuation Reports. Julian Robinson, FSA, EA, MAAA, Senior Actuary of the CalPERS Actuarial Office will provide information on the
attached actuary reports.
Attachments:
1) Miscellaneous Classic Actuarial Valuation Report
2) Miscellaneous PEPRA Actuarial Valuation Report
CalPERS, or the California Public Employees’ Retirement System, is a public pension system that provides retirement benefits and health care to California’s public employees:
- Retirement benefits: CalPERS is the largest public pension system in the United States, with over 2 million members. CalPERS offers a defined benefit retirement plan, which means that members receive a lifetime benefit based on their years of service, age, and final compensation. CalPERS also provides benefits for disability death and payments to beneficiaries.
- Health care: CalPERS is the second largest public purchaser of health benefits in the United States, after the federal government. CalPERS offers health plans to active employees and retirees, including HMOs, PPOs, and EPOs. The cost of health premiums is shared between the employee and their employer.
CalPERS is governed by a 13-member Board of Administration
The main difference between CalPERS classic and PEPRA is when you became a CalPERS member:
- Classic: If you became a CalPERS member before January 1, 2013, you are a classic member. Classic members are subject to the laws in place before PEPRA. Classic members: Classic members are those who joined CalPERS before January 1, 2013. If they move to another California public employer within six months, they keep their classic member status and benefits.
- PEPRA: If you became a CalPERS member on or after January 1, 2013, you are a PEPRA member. PEPRA changed the way CalPERS benefits are applied. New members: PEPRA applies to members hired on or after January 1, 2013, and to members who joined before that date but are hired by a different CalPERS employer after a break in service of more than six months. California Public Employees’ Pension Reform Act = (PEPRA)
Here are some other differences between classic and PEPRA:
- Member contribution rate: Classic members have a member contribution rate of 7%, while PEPRA school members have a member contribution rate of 8%.
- Compensation limits: PEPRA members have lower annual compensation limits than the Internal Revenue Code (IRC) compensation limits.
- Employer paid member contributions (EPMC)EPMC are generally prohibited for new PEPRA members.
- Pension benefit contributions: PEPRA members are required to contribute at least 50% of the total annual normal cost of their pension benefit.
It’s possible to be both a PEPRA and classic member. For example, if you qualify for the classic enrollment level because of reciprocal membership, the classic formula will apply to you.
More on the Harbor District on Coastside Buzz
San Mateo County Harbor District Board Meetings ~ 3rd Wednesday @ 10:00am
Watch remotely. Comments and questions by email.
Please note that email correspondence sent to or from members of the Harbor Commission via the District’s website are considered public records and may be subject to disclosure and additional distribution pursuant to the Public Records Act and the Brown Act.
Harbor District Agendas and Remote Meeting Links
2024 Board of Harbor Commissioners Contact Information:
Please note that email correspondence sent to or from Members of the Harbor Commission via the District’s website are considered public records and may be subject to disclosure and additional distribution pursuant to the Public Records Act and the Brown Act. To email the entire Harbor Commission, click here.
Tom Mattusch, President
Email: [email protected]
Phone: (650) 619-0459
Kathryn Slater-Carter, Vice President
Email: [email protected]
Phone: (650) 583-4400
George Domurat, Secretary
Email: [email protected]
(650) 583-4400
Virginia Chang Kiraly, Treasurer
Email: [email protected]
Phone: (650) 730-3911
William Zemke, Commissioner
mail: [email protected]
Phone: (650) 730-9239
Author: Coastside Buzz
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