Benefits & Salary
The City of Lakeport provides its employees with an excellent and comprehensive benefit program. Listed below is a summary of City of Lakeport benefits for full time employees.Employee Benefits:
- Medical insurance - employees pay a small percentage of the medical premium
- Dental insurance
- Vision insurance
- Life insurance
- Disability Insurance
- Section 125 pre-taxed premiums
- Paid Vacation: vacation leave starts at 80 hours annually increasing to 200 hours based on time in service
- Paid Sick Leave: Sick leave accrual of 12 days per year
- Paid holidays (13)
- Paid Bereavement Leave
- Retirement plan through CalPERS
- Employee Assistance Plan (EAP)
- Job Training
- Certification Incentive Program for eligible positions
- Uniform allowance for sworn personnal
- P.O.S.T Certification Pay; 2.5 % certificate pay for Intermediate Certificate and 2.5% for Advanced Certificate
Employee Funded Supplemental Employee Benefits:
- ID Shield
- Legal Shield
- Valic 457 Deferred Compensation / Retirement Plan
- Nation Wide 457 Deferred Compensation / Retirement Plan
- Reach Air Lift
- Redwood Credit Union
California Public Employees Retirement System (CalPERS) Summary
The City of Lakeport eligible employees are members of CalPers Retirement System which provides generous retirement benefits. The California Public Employees Retirement System (CalPERS) is a defined benefit plan where retirement benefits are based on a formula, rather than contributions and earnings to a savings plan. Retirement benefits are calculated based on a member's years of service credit, age at retirement, and final compensation (average salary for a defined period of employment).
CalPERS Eligibility and Funding
Your eligibility is based on part time or intermittent employment of 1,000 hours of service within a fiscal year. Membership is mandatory for those all employees who are eligible. CalPERS Vesting is 5 years.
CalPERS retirement benefits are funded from three difference sources:
1. Employer contributions
2. Employee contributions
3. Earnings from investment of these funds
Retirement Benefit Classifications and Formulas
While there are many variables in figuring your service retirement benefits, the basic formula is: Credit (years worked) x Benefit Factor (percent per year) x Final Compensation (monthly, dollars) = pension amount.
- Classic Miscellaneous Member: 2.5% @ 55; which means you can retire at 55 and receive 2.5% x (years of service) x (avg of highest 3 years' salary).
- PEPRA Miscellaneous Member: 2% at 62; which means you can retire at 62 and receive 2% x (years ofservice) x (avg of highest 3 years' salary).
- Safety Classic Member: 3% at 55; which means you can retire at 55 and receive 3% x (years of service) x (avg of highest 3 years' salary).
- Safety PEPRA Member: 2.7% @ 57; which means you can retire at 57 and receive 2.7% x (years of service) x (avg of highest 3 years' salary).