CA SB962

Approves a defined benefit pension formula for the San Diego Unified Port District that deviates from the California Public Employees' Pension Reform Act of 2013 (PEPRA) requirements.

Formula applies to San Diego Unified Port District employees represented by California Teamsters, Public Professional and Medical Employees Local Union 911 in the Service, Maintenance, Operations and Crafts Unit; Supervisory Unit; and Non-Sworn Safety Personnel Unit, as well as eligible unrepresented employees.

Certifies that the approved formula has been determined by the chief actuary and Board of Retirement of the San Diego City Employees' Retirement System to carry no greater risk or cost to the employer than PEPRA-required formulas.

Takes effect immediately as an urgency statute to allow the San Diego Unified Port District to implement negotiated memoranda of understanding with employee representatives as soon as possible.