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<br />providing CalPERS 2% at 55 retirement benefit to these employees. Employees agreed to <br />pay one percent (1 %) of the total cost of 3.266% for the 2% at 55 retirement benefit by <br />authorizing a one percent (1 %) deduction from their salary (two [2] salary rate ranges) <br />effective July 1,1997. Effective November 1, 2001, this one percent (1%) deduction was <br />eliminated. <br /> <br />Effective July 1,2006, the City and Association agree to reopen Article){N, Retirement, for <br />the purpose of discussing the feasibility of an enhanced retirement formula for Local <br />Miscellaneous Members. <br /> <br />14.6 3% at 50 Service Retirement Benefit for SafelY Members. The City agrees to amend its <br />contract with CalPERS to provide Safety employees represented by this bargaining unit with <br />the 3% at 50 Service Retirement benefit, effective July 1, 2001. <br /> <br />Payment of 3% at 50 Service Retirement Benefit. The actual cost for the benefit shall be <br />determined upon receipt of the annual actuarial valuation setting forth employer rates for the <br />2001-02 fiscal year and every subsequent year thereafter. In order to provide this benefit to <br />its current safety members, the City and Association agree that eligible employees will pay <br />50% ofthe total additional normal cost to provide this benefit, not to exceed 1.42% of safety <br />payroll. <br /> <br />Yearly Actuarial Valuation Fluctuations. CalPERS provides the City with a yearly actuarial <br />valuation informing it of its new employer contribution rate to be in effect July 1 ,t of each <br />year. The City and Association agree that the City's employer contribution rate will fluctuate <br />from year to year based on the investment returns earned by the retirement system. The City <br />agrees that current eligible safety employees paying to receive this benefit should also benefit <br />from this yearly fluctuation in the City's annual actuarial valuation. As such, current eligible <br />Safety employees will contribute 50% of any yearly City employer contribution rate to a <br />maximum of 1.42% during the term ofthis Agreement. If, however, during the term of the <br />Agreement, the City's employer contribution rate drops below 1.42%, then the City and <br />Association agree to reopen this Article. <br /> <br />14.7 Military Service Credit as Public Service. Effective March 8, 2001, Safety employees and <br />effective AprilS, 2002, Miscellaneous employees, respectively, may elect to purchase up to <br />four (4) years of service credit for any continuous active military or merchant marine service <br />prior to employment. The employee must contribute an amount equal to the contribution for <br />current and prior service that the employee and the employer would have made with respect <br />to that period of service. <br /> <br />14.8 Deferred Retirement Option Plan (DROP). Ifthe Deferred Retirement Option Plan (DROP) <br />is enacted by the State of Cali fomi a during the term of this Agreement, the City and PMA <br />agree to reopen this Agreement to meet and confer regarding this option. <br /> <br />36 <br />