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43 <br /> <br />toward the employer cost of the 2.7% at 55 enhanced retirement formula. This payment shall <br />be implemented as cost-sharing pursuant to Government Code section 20516(f). <br /> <br /> Pre-Taxable Benefit. To the extent permitted by CalPERS and Internal Revenue Service <br />regulations, this eight percent (8%) employee contribution shall be implemented through <br />payroll deductions on a pre-tax basis. <br /> <br />2% at 62 Retirement Benefit for New Miscellaneous Members. The City agrees to provide <br />Miscellaneous employees who are defined as New Members under PEPRA, with the 2% at 62 <br />Service Retirement benefit. <br /> <br />The California Public Employees’ Pension Reform Act (PEPRA) went into effect on January <br />1, 2013. The parties agree that if there is any other clean up or other retirement legislation <br />which goes into effect during this MOU and if there are provisions of that legislation which, <br />by law, automatically goes into effect, either party may request to negotiate over the <br />legislation, including over the impact. <br /> <br />Final compensation for New Miscellaneous Members will be based on the highest annual <br />average compensation earnable during a period of at least thirty-six (36) consecutive months <br />preceding the effective date of his or her retirement per Government Code Section 7522.32. <br /> <br />Effective July 1, 2013, employees covered under the 2% at 62 retirement formula for <br />Miscellaneous shall pay one half of the normal cost rate, as established by CalPERS. <br /> <br />14.6 3% at 50 Service Retirement Benefit for Classic Safety Members. The City agrees to <br />continue to provide Classic Safety employees who are defined as Classic Members under the <br />California Public Employees’ Pension Reform Act (PEPRA) with the 3% at 50 Service <br />Retirement benefit. <br /> <br />Payment of 3% at 50 Service Retirement Benefit. Classic Safety employees covered by this <br />MOU shall pay twelve percent (12%) of CalPERS reportable compensation toward the <br />employer cost of the 3% at 50 enhanced retirement formula. This payment shall be <br />implemented as cost-sharing pursuant to Government Code Section 20516(f). <br /> <br />Pre-Taxable Benefit. To the extent permitted by CalPERS and Internal Revenue Service <br />regulations this twelve -percent (12%) employee contribution shall be implemented through <br />payroll deduction on a pre-tax basis. <br /> <br />2.7% @ 57 Retirement Benefit for New Safety Members. The City agrees to provide Safety <br />employees covered by this MOU who are defined as New Members under PEPRA with the <br />2.7% @ 57 Service Retirement benefit. <br /> <br />The California Public Employee’s Pension Reform Act (PEPRA) went into effect on January <br />  <br />  <br />City Council 25 – 45 12/2/2025