We cannot have a different/individual tier of CalPERS benefits for just the City Manager.
CalPERS does not work with local agency retirement benefits based on individual employees. From the perspective of CalPERS, the Encinitas City Manager is just one more employee in the City’s group or class of miscellaneous employees. All of the City’s group or class of miscellaneous employees have the same local agency “contract for benefits” with CalPERS. The local agency cannot offer one miscellaneous employee a different (more generous or less generous) CalPERS retirement formula than the whole group or class.
There may be options available if City Council wants to offer more generous retirement benefits to a City Manager candidate. In addition to the CalPERS retirement benefit, City Council could contract for a City paid deferred compensation (IRC section 457 or 401a) benefit or a PARS (Public Agency Retirement System) supplemental benefit.
Thursday, March 24, 2011
Update II: City Manager Retirement
Gaspar responded, and forwards this from the city's human resources department through the city manager's office.