CalPERS Board Adopts New Regulations Regarding Pensionable Compensation for New Members

The CalPERS Board of Administration recently adopted the final regulations concerning the administration of pensionable compensation for “New Members” as defined under the Public Employees’ Pension Reform Act of 2013 (PEPRA). Initially, employers should be familiar with the nomenclature that is used in reference to compensation that is reported to CalPERS. Compensation that may be reported to CalPERS is referred to as “compensation earnable” for Classic Members (i.e., members who are not New Members under PEPRA) and “pensionable compensation” for New Members. What is important to note is that there is no item of pensionable compensation for New Members that is not also compensation earnable for Classic Members.  Rather, it is the converse.  There are items of compensation earnable for Classic Members that are not considered Pensionable Compensation for New Members.   We highlight those notable differences as they…

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