- Created on Wednesday, 13 August 2014 19:49
- Written by IVN
Sacramento, California - The California Public Employees’ Retirement System (CalPERS) Board of Administration will hold a public informational hearing on draft regulations that define pensionable compensation for new members, with the implementation of the Public Employees’ Pension Reform Act (PEPRA).
The proposed new regulation is intended to clarify the types of pensionable compensation items that state, public agencies, and school employers report to CalPERS as part of a new member’s retirement benefit. The most common items excluded as pensionable for new PEPRA members are bonuses, uniform allowance, and any ad hoc payments. Members who were hired on or after January 1, 2013 are considered new members under PEPRA.
Compensation that is reportable for classic members is unaffected under the new regulation.
The hearing will take place on August 19, 2014 at 9:30 a.m. in the CalPERS Lincoln Plaza North auditorium at 400 P Street in Sacramento, California. The hearing will also be webcast live at www.calpers.ca.gov.