CA AB2468

Authorizes public agencies contracting with PERS to offer an alternative retirement formula for miscellaneous, nonsafety employees hired after January 1, 2017, if agreed to in a memorandum of understanding and adopted by resolution or ordinance.

Establishes a new benefit formula for eligible employees with retirement eligibility at age 55 (instead of age 52) after five years of service, with pension percentages ranging from 1.000% at age 55 to 2.500% at age 70.

Requires miscellaneous, nonsafety employees who are not "new members" and work for agencies that did not contract with PERS before December 31, 2012, to be covered by the default PEPRA benefit formula in Section 7522.20.

Defines pensionable compensation for alternative formula calculations using the same limitations as existing PERS compensation rules under Section 7522.10.