City of Simi Valley SEIU Local 721 Memorandum of Agreement July 2025 - June 2028
City Continues CalPERS Retirement Plan for Employees
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Description
The City of Simi Valley maintains an ongoing CalPERS defined benefit retirement contract providing 2% @ 55 and 2% @ 62 pension formulas for eligible employees. Contribution levels for New Members adjust annually based on CalPERS actuarial valuations.
Contract Details
Vendor
CALIFORNIA PUBLIC EMPLOYEES’ RETIREMENT SYSTEM CALPERS
Agency
City of Simi Valley, CA
Contract Type
FINANCIAL_SERVICES
Document Date
July 1, 2025
Renewal Info
CalPERS contract is ongoing and subject to annual actuarial contribution adjustments; no fixed end date specified.
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