Employees Hired on or before September 29, 2012 |
IRWD provides employees hired on or before September 29, 2012 with retirement benefits under the California Public Employees Retirement System at a 2.5 percent at age 55 formula. Final compensation is based on the highest year of recurring pay. The District pays the employer share of these costs and the employee share of the pension cost of 8% is paid in full by the employees covered under this formula.
Employees hired on or after September 30, 2012 |
On September 24, 2012, the IRWD Board of Directors approved the addition of a second tier to the CalPERS retirement benefits. New employees hired on or after September 30th through December 31, 2012, and employees hired on or after January 1, 2013 who have been in PERS membership or in membership with a reciprocal retirement system, will receive benefits under the California Public Employees Retirement System at 2 percent at age 60 formula. This formula gradually increases to a maximum benefit of 2.418% at age 63. Final retirement compensation calculations are based on the highest three-year average of regular, recurring pay. The District pays the employer share of these costs and the employee share of the pension cost of 7% is paid in full by the employees hired under this formula..
Employees hired on or after January 1, 2013 |
The District, in compliance with the California Public Employees’ Pension Reform Act of 2012 (PEPRA), implemented a third tier for new employees hired on or after January 1, 2013. New employees hired on or after January 1, 2013 who have not been in PERS membership or in membership with a reciprocal retirement system will receive benefits under the California Public Employees Retirement System at a 2 percent at age 62 formula. This formula gradually increases to a maximum benefit of 2.5 percent at age 67. Final compensation calculations will be based on the highest three-year average of regular recurring pay. The District pays the employer share of these costs and the employee share of the pension cost of 6.25% or 50% of normal cost is paid in full by the employees hired under this formula.
Medical, Dental, Vision and other Benefits: |
IRWD provides medical, dental and vision coverage with employees sharing in the monthly cost of the program. A deferred compensation program is available in the form of a 457 plan, with matching funds after one year of employment. IRWD supports higher education goals by sharing tuition costs for classes, certification programs or job-related courses. Life insurance and car allowances are offered in varied amounts depending upon the position. Rideshare and vanpool options as well as uniform allowances are also available.
