Atascadero has new pension plan
May 15, 2012
A two-tiered pension system has been adopted by the Atascadero City Council in what city officials term a “cost containment measure.”
Current public safety officers can still retire at age 50, and these employees receive a pension computed on last salary levels and years of service — the so-called “3.0 at 50” formula.
This means that a 20-year officer’s average salary for his or her last three years of employment — for example, $60,000 — would result in an annual retirement benefit of $36,000. Non-safety workers hired before July 14 can still retire at 55, also, with the same 2.5 benefit.
After the July deadline, new public safety officers will still get their 3.0 percent of highest salary, but must work until age 55. Non-public safety workers will receive a reduced benefit of 2.0 percent.
The council action will amend the city’s contract with employees covered under the California Public Employees Retirement System (PERS).