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this agreement, will pay the full cost of the basic rate (basic rates provides for up to a $3,000 maximum <br /> monthly payout). A buy-up option will be included to offer the worker the opportunity to increase their <br /> coverage, at his/her own expense, up to an additional $3,000 monthly payout. The total maximum monthly <br /> payout available will be$6,000. <br /> ARTICLE 23-RETIREMENT <br /> 23.1 Retirement Plan <br /> Tier 1: For workers hired prior to October 24, 2011, retirement benefits for workers shall be those <br /> established by the Public Employees' Retirement System (PERS) for Local Miscellaneous Members two <br /> and seven-tenths percent (2.7%) at age fifty-five (55) formula. For such workers, the City has contracted <br /> with PERS to provide the one(1)year highest compensation PERS retirement benefit. <br /> Tier 2: For workers hired on or after October 24, 2011, and who do not meet the definition of"new member" <br /> as set forth in Government Code Section 7522.02(f) retirement benefits shall be those established by the <br /> Public Employees' Retirement System (PERS)for Local Miscellaneous Members Two Percent(2%) at Sixty <br /> (60) Formula. <br /> For such workers, the PERS retirement benefit will be calculated based on the last three years of <br /> compensation. <br /> Tier 3: For employees hired on or after January 1, 2013 and who meet the definition of"new member" as <br /> set forth in Government Code Section 7522.02(f) the City will provide the CALPERS two percent (2%) at <br /> age sixty-two(62) formula retirement plan in accordance with Government Code Section 7522.20, based on <br /> the average of three years of employment, in accordance with Government Code section 7522.32. <br /> 23.2 Employee and Employer(Cost Share Provision)Contribution <br /> Tier 1 employees effective with the PERS contract amendment to provide the Local Miscellaneous Members <br /> two and seven-tenths (2.7) at age fifty-five (55) retirement formula on July 10, 2006, each worker hired <br /> before the establishment of a second pension tier (2% at 60) will pay the worker's eight percent (8%) <br /> contribution to the Public Employees' Retirement System in accordance with the rules and regulations <br /> governing such contributions. <br /> Tier 2 each worker hired on or after the establishment of a second pension tier (2% at 60) will pay the <br /> worker's seven percent (7%) contribution to the Public Employees' Retirement System in accordance with <br /> the rules and regulations governing such contributions <br /> Tier 3 employees shall pay the rate prescribed by the Public Employees' Retirement System for member <br /> contributions to the Public Employees' Retirement System in accordance with the rules and regulations <br /> governing such member contributions, which consists of one-half of the total normal costs for pension in <br /> addition to any cost-share requirement. New members shall be subject to the provisions of the Public <br /> Employee Pension Reform Act(PEPRA), including provisions governing reportable compensation. <br /> The City shall pay the rate prescribed by the Public Employees' Retirement System for employer <br /> contributions to the Public Employees' Retirement System in accordance with the rules and regulations <br /> governing such employer contributions, less any cost-share amount as described in this section. <br /> 39 <br />