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7.2.A. - Page 25 TENTATIVE AGREEMENT BETWEEN <br /> CITY OF REDWOOD CITY AND <br /> SAN MATEO COUNTY FIRE IAFF LOCAL 2400 <br /> RE: SUCCESSOR MOU <br /> 17.1 Retirement Plan <br /> Tier One: For employees hired prior to the date the Memorandum of Understanding is <br /> ratified and signed by both particsOctober 24, 2011, retirement benefits shall be those <br /> established by the Public Employees' Retirement System (PERS) for Local Safety Members <br /> Three Percent (3 %) at Age Fifty (50) Formula. <br /> Tier Two: For employees hired on or after the date the Memorandum of Understanding <br /> the CityOctober 24,2011, retirement benefits shall be those established by the Public <br /> Employees' Retirement System (PERS) for Local Safety Members Three Percent (3 %) at Age <br /> Fifty -Five (55) Formula. <br /> Tier Three: For employees hired on or after January 1, 2013 and who meet the definition of <br /> "new member" as set forth in Government Code Section 7522.02(f) the City will provide the <br /> Ca1PERS two percent (2 %) at age 50 increasing to two and seven- tenths percent (2.7 %) at <br /> age 57 retirement formula in accordance with Government Code Section 7522.25(d), based <br /> on the average of three ears of em to meat in accordance with Government Code Section <br /> 7522.32. <br /> The employee shall pay the rate prescribed by the Public Employees' Retirement System for <br /> member contributions to the Public Employees' Retirement System in accordance with the <br /> rules and re! ulations • overnin• such member contributions, which consists of one -half of <br /> the total normal costs for pension, in addition to any cost -share requirement described in <br /> this MOU. New members shall be subject to the provisions of the Public Employee Pension <br /> Reform Act (PEPRA), including provisions governing reportable compensation. <br /> 17.2 Optional Provisions Added <br /> Optional Public Agency Provisions under the Public Employees' Retirement System shall <br /> also be provided as follows: <br /> 1. Effective April 1, 1969, 1959 Survivor Allowance as set forth in Article 6 of Chapter <br /> 9 of the Public Employees' Retirement Law (commencing with Section 21380 of the <br /> Government Code), which will provide the third tier of benefits. <br /> 2. Effective March 16, 1989, one (1) year highest compensation as authorized by <br /> Section 20024.2 of the Government Code for employees enrolled in Tier One retirement <br /> benefits. All other Tiers are at the three (3) year average. <br /> 3. Effective July 1, 2003, Pre- Retirement Optional Settlement 2 Death Benefits as <br /> authorized by Section 21548. <br /> 4. Effective within six (6) months upon ratification and Council approval of an <br /> agreement, Fourth Level of 1959 Survivor Benefits as authorized in Section 21574. <br /> Page 21 of 21 <br />