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<br />Payment of New 2.7% at 55 Service Retirement Benefit. Miscellaneous <br />employees covered by this Agreement agree to pay 6.3% of CalPERS <br />reportable compensation toward the cost of the 2.7% at 55 enhanced <br />retirement formula in the following manner: <br /> <br />1. Effective July 1, 2007, the City shall deduct from each <br />miscellaneous employee covered by this Agreement two percent (2%) <br />of CalPERS reportable compensation to pay toward the cost of the <br />new enhanced retirement formula. <br /> <br />2. Effective July 1, 2008, the City shall deduct from each <br />miscellaneous employee covered by this Agreement an additional two <br />percent (2%) of CalPERS reportable compensation (4"0 total) to pay <br />toward the cost of the new enhanced retirement formula. <br /> <br />3. Effective July 1, 2009, the City shall deduct from each <br />miscellaneous employee covered by this Agreement an additional two <br />point three percent (2.3%) of CalPERS reportable compensation <br />(6.3% total) to pay toward the cost of the new enhanced retirement <br />formula. <br /> <br />Pre- Taxable Benefit. To the extent permitted by CalPERS and <br />Internal Revenue Service regulations, the City shall make the above <br />employee deductions pre-tax contributions. <br /> <br />AMENDED ARTICLE XXVI <br /> <br />Article 26 - Term of Agreement <br /> <br />26.1 The term of this Agreement shall be from July 1, 2004 through June 30, <br />2Qgg10. <br />