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<br />15.3 2'10 at 55 for CalPERS "Miscellaneous" Members. CalPERS designated <br />"miscellaneous" employees represented by the Association shall be covered <br />by the 2% at 55 retirement benefit. Effective beginning January 1, 2009, <br />miscellaneous employees covered by this Agreement shall be covered by <br />the 2.7% at 55 retirement benefit, as specified in section 15.11 below. <br /> <br />15.6 Yearly Actuarial Valuation Fluctuations. CalPERS provides the City with a <br />yearly actuarial valuation informing it of its new employer contribution rate <br />to be in effect July 1st of each year. The City and Association agree that <br />the City's employer contribution rate will fluctuate from year to year based <br />on the investment returns earned by the retirement system. The City <br />agrees that current eligible safety employees paying to receive this benefit <br />should also benefit from this yearly fluctuation in the City's annual actuarial <br />valuation. As such, current eligible Safety employees will contribute 50% of <br />any yearly City employer contribution rate to a maximum of .93'10 during the <br />term of this Agreement. <br /> <br />A. Pre - Taxable Benefit . To the extent permitted by CalPERS and <br />Internal Revenue Service regulations, the City shall make the above <br />employee deduction as a pre-tax contribution. <br /> <br />15.10 Retirement Reopener. If, during the term of this Agreement, CalPERS <br />adopts a new retirement formula or modifies an existing formula for eitkcr <br />safety er l'tlisE:ellsfleel:ls members, the City and Association agree to reopen <br />this provision of the Agreement. Additionally, the City and Association <br />agree to discuss the feasibility of and costs associated with converting <br />civilian paramedic service time from a 2'10 at 55 formula to 3'10 at 50 <br />formula. <br /> <br />15.11 2. 7'~o at 55 Service Retirement Benefit for Miscellaneous Members. <br />The City agrees to amend its retirement contract with CalPERS to <br />provide Miscellaneous employees covered by this Agreement with the <br />2.7% at 55 Service Retirement benefit to be effective January 1, <br />2009. Pursuant to CalPERS regulations, this new formula will apply to <br />all miscellaneous members covered by this Agreement that are in active <br />status on the date this amendment takes effect. This new formula will <br />apply to each year of eligible service credited with the City of Santa <br />Ana. <br />