Difference between revisions of "3% at 50 retirement plan"

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A "3% at 50" retirement plan allows employees to retire any time after they reach the age of fifty and annually receive a percentage of their highest salary as their pension. This type of plan, that guarantees certain benefits is called a [[Defined Benefit Plan|defined benefit plan]] and is common among public pensions. Under this plan that percentage is determined by the retirees years of employment, as it increases by 3% for every year of service. Thus, the "3%" works as a multiplier. The salary percentage they receive after retirement is equal to 3 times the number of years they have worked. For example, 10 years of employment would result in a retirement salary percentage of 30% and 30 years of employment would result in a retirement salary percentage of 90%.  
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A "3% at 50" retirement plan allows employees to retire any time after they reach the age of fifty and annually receive a percentage of their highest salary as their pension. This type of plan, that guarantees certain benefits is called a [[Defined Benefit Plan|defined benefit plan]] and is common among public pensions. Under this plan, the percentage of the salary paid the employee after retirement is determined by the retirees years of employment, as it increases by 3% for every year of service. Thus, the "3%" works as a multiplier. The salary percentage they receive after retirement is equal to 3 times the number of years they have worked. For example, 10 years of employment would result in a retirement salary percentage of 30% and 30 years of employment would result in a retirement salary percentage of 90%.  
  
 
This plan is offered as a negotiated benefit plan by [[CalPERS|the California Public Employees’ Retirement System (CalPERS)]] and 37 Act Counties for local safety members. The following is a list of agencies, totaling 251, that offer this substantial pension benefit plan:<ref>[http://porac.org/agencies-with-3-50-retirement/ ''Peace Officers Research Association of California website,'' "Agencies with 3% @ 50 Retirement," accessed December 16, 2013]</ref>  
 
This plan is offered as a negotiated benefit plan by [[CalPERS|the California Public Employees’ Retirement System (CalPERS)]] and 37 Act Counties for local safety members. The following is a list of agencies, totaling 251, that offer this substantial pension benefit plan:<ref>[http://porac.org/agencies-with-3-50-retirement/ ''Peace Officers Research Association of California website,'' "Agencies with 3% @ 50 Retirement," accessed December 16, 2013]</ref>  
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==References==
 
==References==
 
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[[Category:Terms and definitions]]
 
[[Category:Terms and definitions]]
 
[[Category:Pension policy terms]]
 
[[Category:Pension policy terms]]

Latest revision as of 10:30, 19 January 2014

Voting on Local
Pensions

Pension Hotspots Report
Local Ballot Measures
By state
By year
Hotspots Reports
Current edition
Original Case study
San Jose & San Diego
State-wide Measures

A "3% at 50" retirement plan allows employees to retire any time after they reach the age of fifty and annually receive a percentage of their highest salary as their pension. This type of plan, that guarantees certain benefits is called a defined benefit plan and is common among public pensions. Under this plan, the percentage of the salary paid the employee after retirement is determined by the retirees years of employment, as it increases by 3% for every year of service. Thus, the "3%" works as a multiplier. The salary percentage they receive after retirement is equal to 3 times the number of years they have worked. For example, 10 years of employment would result in a retirement salary percentage of 30% and 30 years of employment would result in a retirement salary percentage of 90%.

This plan is offered as a negotiated benefit plan by the California Public Employees’ Retirement System (CalPERS) and 37 Act Counties for local safety members. The following is a list of agencies, totaling 251, that offer this substantial pension benefit plan:[1]

  • Alameda
  • Alhambra
  • Alpine County
  • Amador County
  • Anaheim
  • Angels Camp
  • Antioch
  • Arcadia
  • Arcata
  • Atherton
  • Auburn
  • Azusa
  • Bakersfield
  • Banning
  • Barstow
  • BART
  • Beaumont
  • Bell
  • Belmont
  • Benicia
  • Berkeley
  • Beverly Hills
  • Bishop
  • Blythe
  • Brawley
  • Brea
  • Brentwood
  • Buena Park
  • Burbank
  • Butte County
  • CA State University Police
  • Calaveras County
  • California City
  • Campbell
  • Capitola
  • Carlsbad
  • Carmel
  • Ceres
  • Chico
  • Chino
  • Chula Vista
  • Claremont
  • Clear Lake
  • Cloverdale
  • Clovis
  • Cocton
  • Colusa County
  • Concord
  • Contra Costa County
  • Corning
  • Corona
  • Coronado
  • Costa Mesa
  • Cotati
  • Covina Culver City Cypress
  • Davis
  • Dos Palos
  • Downey
  • East Bay Regional Parks
  • El Cajon
  • El Cerrito
  • El Dorado County
  • El Monte El Segundo
  • Escalon
  • Escondido
  • Eureka
  • Fairfax
  • Fairfield
  • Folsom
  • Fontana
  • Fontana City Schools
  • Fortuna
  • Foster City
  • Fountain Valley
  • Fremont
  • Fullerton
  • Garden Grove
  • Gardena
  • Gilroy
  • Glendale
  • Glenn County
  • Grass Valley
  • Gridley
  • Half Moon Bay
  • Hawthorne
  • Hayward
  • Healdsburg
  • Hermosa Beach
  • Hillsborough
  • Hollister
  • Humboldt County
  • Huntington Beach
  • Huntington Park
  • Imperial County
  • Indio
  • Inglewood
  • Inyo County
  • Irvine
  • Irwindale
  • Jackson
  • Kensington
  • Kern County
  • La Habra
  • La Mesa
  • LaVerne
  • Lincoln
  • Livermore
  • Lodi
  • Lompoc
  • Long Beach
  • Los Alamitos
  • Los Altos
  • Los Angeles City Schools
  • Los Banos
  • Los Gatos
  • Madera
  • Mammoth Lakes
  • Manhattan Beach
  • Manteca
  • Marin County
  • Marina
  • Mariposa County
  • Marysville
  • Menlo Park
  • Merced
  • Milpitas
  • Modesto
  • Modoc County
  • Mono County
  • Monrovia
  • Montebello
  • Monterey
  • Monterey County
  • Monterey County Probation
  • Monterey Peninsula Airport,
  • Morgan Hill
  • Morro Bay
  • Mountain View
  • Murrieta
  • Napa
  • Napa County
  • National City
  • Nevada City
  • Nevada County
  • Newark
  • Newman
  • Newport Beach
  • Oakland
  • Oceanside
  • Ontario
  • Orange
  • Orange County
  • Orange County Probation
  • Orland
  • Oxnard
  • Pacific Grove
  • Palm Springs
  • Palo Alto
  • Palos Verdes Estates
  • Paradise
  • Petaluma
  • Piedmont
  • Pittsburg
  • Placentia
  • Placer County
  • Placerville
  • Pleasant Hill
  • Pleasanton
  • Pomona
  • Redding
  • Redlands
  • Redondo Beach
  • Redwood City
  • Richmond
  • Riverside
  • Riverside County
  • Rocklin
  • Rohnert Park
  • Roseville
  • Sacramento
  • Sacramento County
  • Salinas
  • San Anselmo
  • San Bernardino County
  • San Bruno
  • San Carlos
  • San Diego
  • San Diego City Schools
  • San Diego County
  • San Diego Harbor
  • San Fernando,
  • San Gabriel
  • San Joaquin County
  • San Leandro
  • San Luis Obispo
  • San Luis Obispo County
  • San Marino
  • San Mateo
  • San Mateo County
  • Santa Ana
  • Santa Ana School
  • Santa Barbara
  • Santa Barbara County
  • Santa Clara
  • Santa Clara County
  • Santa Cruz
  • Santa Cruz County
  • Santa Maria
  • Santa Monica
  • Santa Paula
  • Santa Rosa
  • Scotts Valley
  • Seal Beach
  • Seaside
  • Sebastopol
  • Shasta County
  • Signal Hill
  • Siskiyou County
  • Sonoma
  • Sonoma County
  • Sonora
  • South Gate
  • South Lake Tahoe
  • St. Helena
  • Stanislaus County
  • Stockton
  • Suisun City
  • Sunnyvale
  • Susanville
  • Sutter Creek
  • Torrance
  • Tracy
  • Truckee
  • Tuolumne County
  • Turlock
  • Ukiah
  • Union City
  • University of California Police
  • Vacaville
  • Vallejo
  • Ventura
  • Visalia
  • Walnut Creek
  • Watsonville
  • West Covina
  • Westminster
  • Whittier
  • Williams
  • Willows
  • Yuba City

In Pacific Grove, proponents of a measure that would turn back pension benefits for public safety employees submitted enough valid signatures to put their initiative on the 2013 ballot. They claimed that the benefits of public safety officers were illegally increased to "3% at 50" in 2002 and should be rolled back. However, the city council, leery of expensive litigation and concerned the proposed initiative would not pass constitutional muster, tabled the measure by seeking "judicial relief" and sending the measure to the judicial branch of city government for legal analysis.

See also

External links

References