S.A. POLICE OFFICERS ASSOC 2 - 2013

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13 .3 13 .4 13 .5 13.6 CalPERS Fourth Level of 1959 Survivors Benefits. Effective November 7, 2002, the City will provide CalPERS fourth level of 1959 Survivors Benefit to all eligible employees in the unit. CalPERS Pre-Retirement Optional Settlement 2 Death Benefit. Effective July 5, 2000, the City shall provide the CalPERS Pre-Retirement Optional Settlement 2 Death Benefit to all employees covered by this Agreement. 3% at 50 Service Retirement Benefit for Safety Members. The City agrees to amend its contract with CalPERS to provide Safety employees represented by this bargaining unit with the 3% at 50 Service Retirement benefit effective July 1, 2001. Payment of 3% at 50 Service Retirement Benefit. The actual cost for the benefit shall be determined upon receipt of the annual actuarial valuation setting forth employer rates for the 2001-02 fiscal year and every subsequent year thereafter. In order to provide this benefit to its current safety members, the City and Association agree that eligible employees will pay 50% of the total additional normal cost to provide this benefit, not to exceed 1.42% of safety payroll, at such time as the City of Santa Ana incurs such cost. Yearly Actuarial Valuation Fluctuations. CalPERS provides the City with a yearly actuarial valuation informing it of its new employer contribution rate to be in effect July 1st of each year. The City and Association agree that the City's employer contribution rate will fluctuate from year to year based on the investment returns earned by the retirement system. The City agrees that current eligible safety employees paying to receive this benefit should also benefit from this yearly fluctuation in the City's annual actuarial valuation. As such, current eligible Safety employees will contribute 50% of any yearly City employer contribution rate to a maximum of 1.42%. Due to excessive employer contribution rates, effective July 1, 2004 and during the term of this Agreement, the agreed upon employer contribution rate shall be 1.42%. Military Service Credit as Publ ic Service . Effective January 2, 2001, Safety employees, and April 5, 2002, Miscellaneous employees, respectively, may elect to purchase up to four (4) years of service credit for any continuous active military or merchant marine service prior to employment. The employee must contribute an amount equal to the contribution for current and prior service that the employee and the employer would have made with respect to that period of service. The City agrees that, as soon as practicable following Council approval of 57