CA SB1494

Authorizes Contra Costa County Board of Supervisors and district governing bodies to negotiate with specified employee organizations to subject general members hired on or after January 1, 2013 (or later date) to a "2% at age 60" retirement formula (Tier Four), replacing the existing 2% at age 55 formula.

Authorizes Contra Costa County Board of Supervisors and district governing bodies to negotiate with specified employee organizations to subject safety members hired on or after January 1, 2013 (or later date) to a "3% at age 55" retirement formula (Tier D), replacing the existing 3% at age 50 formula.

Tier Four benefits cap total retirement allowances at 90 percent of final compensation and establish member contribution rates to provide an average annuity at age 60 equal to one one-hundred-twentieth of final compensation per year of service.

Tier D benefits cap total retirement allowances at 90 percent of final compensation and establish member contribution rates to provide an average annuity at age 55 equal to one one-hundredth of final compensation per year of service.

Requires Contra Costa County Board of Supervisors to adopt a resolution by majority vote to make these new benefit tiers operative in the county, and applies new tiers to unrepresented employees in similar job classifications and associated supervisors and managers hired on or after the specified dates.