Laserfiche WebLink
48 <br />13.6 3% at 50 Service Retirement Benefit for Safety employees. The City contracts with <br />CalPERS to provide Safety employees who do not qualify as “New Members” under <br />PEPRA with the 3% at 50 Service Retirement benefit. <br /> <br />All Safety employees who do not qualify as “New Members” under PEPRA shall pay twelve <br />percent (12%) compensation earnable to pay for the employer portion of the City’s CalPERS <br />contribution. This payment shall be paid in accordance with Government Code Section <br />20516(f). If, at any time in the future, the Association informs the City that it no longer <br />agrees to this cost sharing agreement, effective on the date of the elimination of the cost <br />sharing (which would need to coincide with the expiration date of the MOU) these <br />employees’ base salary would be reduced by twelve percent (12%). <br /> <br />Pre-Taxable Benefit. To the extent permitted by CalPERS and Internal Revenue Service <br />regulations, the City shall make the above employee deductions pre-tax contributions. <br /> <br />13.7 2.7% @ 57 Service Retirement Benefit for “New Member” Safety employees. The City <br />agrees to provide Safety employees who are defined as “New Members” within the meaning <br />of the California Public Employees’ Pension Reform Act (PEPRA) of 2013 with the 2.7% <br />@ 57 Service Retirement benefit. <br /> <br />Final compensation will be based on the highest annual average compensation earnable <br />during the 36 consecutive months immediately preceding the effective date of their <br />retirement, or some other 36 consecutive month period designated by the member. <br /> <br />Employees covered under the 2.7% @ 57 retirement formula shall pay one half of the <br />normal cost rate as established each year by CalPERS. <br /> <br />Pre-Taxable Benefit. To the extent permitted by CalPERS and Internal Revenue Service <br />regulations, the City shall make the above employee deductions pre-tax contributions. <br /> <br />13.8 2.7% at 55 Service Retirement Benefit for Miscellaneous employees. The City contracts <br />with CalPERS to provide Miscellaneous employees who do not qualify as “New Members” <br />under PEPRA with the 2.7% at 55 Service Retirement benefit. <br /> <br />The employee’s contribution rate for Miscellaneous employees who do not qualify as <br />“New Members” under PEPRA is eight (8%) percent compensation earnable. All <br />employee contributions for retirement benefits are paid to the employer portion of the <br />City’s CalPERS contribution. This payment shall be paid in accordance with Government <br />Code section 20516(f). If, at any time in the future, the Association informs the City that <br />it no longer agrees to this cost sharing agreement, effective on the date of the elimination <br />of the cost sharing (which would need to coincide with the expiration date of the MOU) <br />these employees’ base salary would be reduced by eight percent (8%). <br /> <br />Pre-Taxable Benefit. To the extent permitted by CalPERS and Internal Revenue Service <br />regulations, the City shall make the above employee deductions pre-tax contributions. <br />