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19 <br />LPFD Safety Fire Plan Benefits Provided. CalPERS provides retirement and disability <br />benefits, annual cost of living adjustments and death benefits to plan members, who must be <br />public employees, and their beneficiaries. Benefits are based on years of credited service, equal <br />to one year of full time employment, age and the average of the final one year of compensation <br />for Tier 1 members and the average of the final three years of compensation for Tier 2 and <br />PEPRA members. Members with five years of total service are eligible to retire at age 50 with <br />statutorily reduced benefits. All members are eligible for non-duty disability benefits after ten <br />years of service. The death benefit is one of the following: the Basic Death Benefit, the 1959 <br />Survivor Benefit, or the Optional Settlement 2W Death Benefit. The cost of living adjustments for <br />each plan are applied as specified by the Public Employees’ retirement Law. <br />The Miscellaneous Plan provisions and benefits in effect at June 30, 2023, are <br />summarized as follows: <br />Miscellaneous <br />Tier I PEPRA <br />Benefit Formula 2.7% @ 55 2.0% @ 62 <br />Benefit Vesting Schedule 5 years service 5 years service <br />Benefit Payments Monthly for life Monthly for life <br />Retirement Age 50 - 55 52 - 67 <br />Monthly Benefits, As a % of Eligible Comp.2.0% - 2.7%1.0% - 2.5% <br />Required Employee Contribution Rates 7.70%7.00% <br />Required Employer Contributions Rates 12.22%12.22% <br />Source: Pleasanton Annual Comprehensive Financial Report for the Fiscal Year ended June 30, 2023. <br />Safety Police Plan The plan’s provisions and benefits in effect at June 30, 2023, are <br />summarized as follows: <br />Safety Police Plan <br />Tier I Tier 2 PEPRA <br />Benefit Formula 3.0% @ 50 3.0% @ 55 2.7% @ 57 <br />Benefit Vesting Schedule 5 years service 5 years service 5 years service <br />Benefit Payments Monthly for life Monthly for life Monthly for life <br />Retirement Age 50 50-55 50-57 <br />Monthly Benefits, As a % of Eligible Comp.3.0%2.4% - 3.0%2.0% - 2.7% <br />Required Employee Contribution Rates 9.00%9.00%13.00% <br />Required Employer Contributions Rates 23.75%20.64%12.78% <br />Source: Pleasanton Annual Comprehensive Financial Report for the Fiscal Year ended June 30, 2023. <br />LPFD Safety Fire Plan The plan’s provisions and benefits in effect at June 30, 2023, are <br />summarized as follows: <br />Safety Fire Plan <br />Tier I Tier 2 PEPRA <br />Benefit Formula 3.0% @ 50 3.0% @ 55 2.7% @ 57 <br />Benefit Vesting Schedule 5 years service 5 years service 5 years service <br />Benefit Payments Monthly for life Monthly for life Monthly for life <br />Retirement Age 50 50-55 50-57 <br />Monthly Benefits, As a % of Eligible Comp.3.0%2.4% - 3.0%2.0% - 2.7% <br />Required Employee Contribution Rates 9.00%9.00%11.25% <br />Required Employer Contributions Rates 18.60%19.17%19.17% <br />Source: Pleasanton Annual Comprehensive Financial Report for the Fiscal Year ended June 30, 2023. <br />Page 295 of 448Page 304 of 557