BUDGET GUIDELINES
The City and an appointed Trustee shall administer the Defined Contribution Pension Plan. Each individual employee has the ability to invest their retirement funds among a variety of diverse investment vehicles. The City’s CPA Firm shall conduct an annual audit and submit an Audit Report and Audit Communication Letter to the City Council, Finance Commission, City Manager, and Retirement Plan Committee.
CalPERS Defined Benefit Pension Plan for Miscellaneous (Non-Sworn) Employees
This Plan is available to those non-sworn employees employed on July 1, 2003, who elected to transfer from the City’s Defined Contribution Plan and is mandatory for those miscellaneous employees hired after July 1, 2003. CalPERS acts as a common investment and administrative agent for participating public entities within the State of California. Benefit provisions and all other requirements are established by state statute and City ordinance.
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FY 2019-21 Proposed Budget
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