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CITY OF REDWOOD CITY <br /> SEIU MOU <br /> Appendix C <br /> Pension Tiers and Employee Contributions <br /> Figures include required employee share and 2.5% cost-share effective 8/1/15, and 5% total cost share effective <br /> 8/1/16. <br /> Total Employee Contribution <br /> Tier Hire Date Formula 2/1/14 811/15 8/1116 <br /> 1 <br /> Prior to 10/24/11 2.7%@55 8% 10.5% 13% <br /> 2 10/24/11 or later, and <br /> not a"new member" 2%@60 7% 9.5% 12% <br /> under PEPRA <br /> 3 1/1/13 or later, and a <br /> "new member' under 2%@62 6.25% 8.75%* 11.25%* <br /> PEPRA <br /> Tier 3: Employee Share rates based on assumption of 50% of normal cost at 6.25%. Subject to change if normal <br /> cost for tier 3 changes. <br /> 70 <br />