Employee Pension Information
The City of Santa Barbara offers pensions through the California Public Employees Retirement System (CalPERS).
The tables below show the amount that the City and employees contribute to the CalPERS pension plans as a percent of employees' reportable salaries.
| Fiscal Year 2017-2018 | Classic Employees | New (PEPRA) Employees (2) |
|---|---|---|
| Formula (1) | 2.7% at age 55 | 2% at age 62 |
| Current Normal Cost % payroll (5) | 10.358% | 10.358% |
| City Paid UAL as a % of Payroll (3) | 18.473% | 18.473% |
| Employee Paid City Contributions (4) | -1.811% | N/A |
| Total City CalPERS Contribution | 27.020% | 28.831% |
| Employees' CalPERS Contribution | 9.811% | 6.75% |
| Fiscal Year 2018-2019 (projected) | Classic Employees | New (PEPRA) Employees (2) |
|---|---|---|
| Formula (1) | 2.7% at age 55 | 2% at age 62 |
| Current Normal Cost % payroll (5) | 10.637% | 10.637% |
| City Paid UAL as a % of Payroll (3) | 21.191% | 21.191% |
| Employee Paid City Contributions (4) | -2.726% | N/A |
| Total City CalPERS Contribution | 29.102% | 31.828% |
| Employees' CalPERS Contribution | 10.726% | 6.75% |
| Fiscal Year 2019-2020 (projected) | Classic Employees | New (PEPRA) Employees (2) |
|---|---|---|
| Formula (1) | 2.7% at age 55 | 2% at age 62 |
| Current Normal Cost % payroll (5) | 11.2% | 11.2% |
| City Paid UAL as a % of Payroll (3) | 23.7% | 23.7% |
| Employee Paid City Contributions (4) | -3.665% | N/A |
| Total City CalPERS Contribution | 31.235% | 34.9% |
| Employees' CalPERS Contribution | 11.665% | 6.75% |
| Fiscal Year 2017-2018 | Classic Employees | New (PEPRA) Employees (2) |
|---|---|---|
| Formula (1) | 3% at age 50 | 2.7% at age 57 |
| Current Normal Cost % payroll | 20.728% | 20.728% |
| City Paid UAL as a % of Payroll (3) | 25.45% | 25.45% |
| Employee Paid City Contributions (4) | N/A | N/A |
| Total City CalPERS Contribution | 46.178% | 46.178% |
| Employees' CalPERS Contribution | 9% | 12% |
| Fiscal Year 2018-2019 (projected) | Classic Employees | New (PEPRA) Employees (2) |
|---|---|---|
| Formula (1) | 3% at age 50 | 2.7% at age 57 |
| Current Normal Cost % payroll (5) | 21.114% | 21.114% |
| City Paid UAL as a % of Payroll (3) | 33.514% | 33.514% |
| Employee Paid City Contributions (4) | N/A | N/A |
| Total City CalPERS Contribution | 54.628% | 54.628% |
| Employees' CalPERS Contribution | 9% | 12% |
| Fiscal Year 2019-2020 (projected) | Classic Employees | New (PEPRA) Employees (2) |
|---|---|---|
| Formula (1) | 3% at age 50 | 2.7% at age 57 |
| Current Normal Cost % payroll (5) | 22.00% | 22.00% |
| City Paid UAL as a % of Payroll (3) | 38.5% | 38.5% |
| Employee Paid City Contributions (4) | N/A | N/A |
| Total City CalPERS Contribution | 60.5% | 60.5% |
| Employees' CalPERS Contribution | 9% | 12% |
| Fiscal Year 2017-2018 | Classic Employees | New (PEPRA Employees (2) |
|---|---|---|
| Formula (1) | 3% at age 50 | 2.7% at age 57 |
| Current Normal Cost % payroll (5) | 20.741% | 12.729% |
| City Paid UAL as a % of Payroll (3) | 32.217% | 0.742% |
| Employee Paid City Contributions (4) | N/A | N/A |
| Total City CalPERS Contribution | 52.958% | 13.471% |
| Combined City Rate (6) | 52.307% | |
| Employees' CalPERS Contribution | 9% | 12.25% |
| Fiscal Year 2018-2019 (projected) | Classic Employees | New (PEPRA) Employees (2) |
|---|---|---|
| Formula (1) | 3% at age 50 | 2.7% at age 57 |
| Current Normal Cost % payroll (5) | 22.008% | 12.965% |
| City Paid UAL as a % of Payroll (3) | 36.939% | 0.215% |
| Employee Paid City Contributions (4) | N/A | N/A |
| Total City CalPERS Contribution | 58.947% | 13.180% |
| Combined City Rate (6) | 55.376% | |
| Employees' CalPERS Contribution | 9% | 12.75% |
| Fiscal Year 2019-2020 (projected) | Classic Employees | New (PEPRA) Employees (2) |
|---|---|---|
| Formula (1) | 3% at age 50 | 2.7% at age 57 |
| Current Normal Cost % payroll (5) | 23.2% | 13.2% |
| City Paid UAL as a % of Payroll (3) | Not reported | Not reported |
| Employee Paid City Contributions (4) | N/A | N/A |
| Total City CalPERS Contribution | ||
| Combined City Rate (6) | ||
| Employees' CalPERS Contribution | 9% | 12.75% |
NOTES
(1) Formula shows the percent of final salary at normal retirement age for each year of City service, payable for the life of the retiree.
(2) New employees are those employees hired after 1/1/2013 who are not grandfathered in the pension system as "Classic" employees under CalPERS pursuant to the Public Employees' Pension Reform Act (PEPRA).
(3) UAL = Unfunded liability. An unfunded liability is a disparity between the estimated amount of a pension plan's obligations and the current value of its assets.
(4) Classic Miscellaneous Employees agreed to pay a portion of the City's CalPERS contribution in order to help pay for a 2004 pension benefit enhancement.
(5) Fire employees are in two separate CalPERS "pooled" plans beginning in Fiscal Year 2015, one for Classic and one for New (PEPRA) employees.
(6) Combined rate for Fire consolidates total normal cost and total payments on UAL as a function of total payroll across the two pooled plans to more accurately reflect the cost as a percent of total payroll.
CalPERS Plan Actuarial Valuations
Interested parties may view the current and previous year CalPERS plan actuarial valuations for the City of Santa Barbara (Employer Number 6782000650) through the following link. https://www.calpers.ca.gov/page/employers/actuarial-services/employer-contributions/public-agency-actuarial-valuation-reports
Valuations are numbered 2 years prior to the beginning of the Fiscal Year in which employer rates are established. So, for example, the "Miscellaneous 2015" valuation was used to set the City's July 2017 through June 2018 ("Fiscal Year 2018") required Miscellaneous contribution rates.