Item 18 - Resolution Amending the Classification and Compensation Plan for Classifications of Unrepresented Executive Management

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E. 2.0% at 62 Service Retirement Benefit for New Miscellaneous Members. The City agrees to provide Executive Management (EM) employees covered by this Resolution who were appointed to their classification on or after January 1, 2013, and who are defined as new members under the California Public Employees' Pension Reform Act (PEPRA) of 2013 (AB340), with the 2.0% at 62 Service Retirement benefit. F. Payment of 2.0% at 62 Service Retirement Benefit. Executive Management (EM) employees defined in 6.E. (above) will contribute 50% of normal cost of the 2.0% at 62 retirement benefit. This amount is determined annually by CalPERS. Pre -Taxable Benefit. To the extent permitted by CalPERS and Internal Revenue Service regulations, the City will make the above employee deductions pre-tax contributions. G. 3% at 50 Service Retirement Benefit for Classic Safety Members. The City agrees to provide Executive Management (EM) employees covered by this Resolution, and who are defined as Classic Safety Members under the California Public Employees' Pension Reform Act (PEPRA) of 2013, with the 3% at 50 Service Retirement benefit. H. Payment of 3.0% at 50 Service Retirement Benefit. Classic Safety Executive Management (EM) employees defined in 6.G. (above) will contribute nine percent (9%) of CalPERS reportable compensation earnable toward the employer cost of the 3.0% at 50 enhanced retirement formula. This payment will be implemented as cost -sharing pursuant to Government Code § 20516(f). Pre -Taxable Benefit. To the extent permitted by CalPERS and Internal Revenue Service regulations, this nine percent (9%) employee contribution will be implemented through payroll deduction on a pre-tax basis. I. 2.7% 57 Retirement Benefit for New Safety Members. The City agrees to provide Executive Management (EM) employees covered by this Resolution who were appointed to their classification on or after January 1, 2013, and who are defined as new members under the California Public Employees' Pension Reform Act (PEPRA) of 2013, with the 2.7% @ 57 Service Retirement benefit. J. Payment of 2.7% at 57 Service Retirement Benefit. Executive Management (EM) employees defined in 6.1. (above) will contribute 50% of normal cost of the 2.7% at 57 retirement benefit. This amount is determined annually by CalPERS. Pre -Taxable Benefit. To the extent permitted by CalPERS and Internal Revenue Service regulations, the City will make the above employee deductions pre-tax contributions. K. Final Compensation for Pension Calculation. Final compensation for Classic Safety and Classic Miscellaneous Members will be based on the highest annual average compensation earnable during the 12 consecutive months immediately preceding the effective date of their retirement, or some other 12 consecutive month period designated by the member.