Most of the changes to CalPERS associated with the passage of AB 340 do not affect current employees. One change that does affect current employees regards Additional Retirement Service Credit (ARSC), more commonly known as “Air Time.”
According to the CalPERS website:
Effective January 1, 2013, Additional Retirement Service Credit (ARSC) is being eliminated as a service credit purchase option, due to the Public Employees’ Pension Reform Act of 2013. Only ARSC requests received in a CalPERS office on or before December 31, 2012, will be processed.
All UAPD members who participate in CalPERS are encouraged to go to the ARSC section of the CalPERS website to find out if purchasing Air Time service credit makes sense for them. Those who might be interested in buying Air Time service credit must file their request with CalPERS before the end of 2012.