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8.3.B. - Page 40 <br /> V. RETIREMENT <br /> Public Employees' Retirement System (PERS) - <br /> Tier 1: For employees hired before October 24, 2011, the City shall provide the Local <br /> Miscellaneous Members Section 21354.5 two and seven-tenths percent (2.7%) at age <br /> fifty-five (55) retirement formula, and the Public Safety members Section 21362.2 three <br /> percent (3%) at age fifty (50) retirement formula. Final compensation is calculated <br /> based on the single highest year in accordance with Government Code Section 20042. <br /> Tier 2: - Retirement benefits for employees hired on or after October 24, 2011, and do <br /> not meet the definition of "new member" as set forth in Government Code Section <br /> 7522.02(f), shall be those established by the Public Employees' Retirement System <br /> (PERS) for Local Miscellaneous Members two percent (2%) at sixty (60) formula <br /> retirement plan in accordance with Government Code Section 21353, and for Safety <br /> Members three percent (3%) at Age Fifty-Five (55) formula retirement plan in <br /> accordance with Government Code Section 21363.1. Final compensation is calculated <br /> based on the average of three years of employment in accordance with Government <br /> Code Section 20037. <br /> Tier 3: - For employees hired on or after January 1, 2013 and meeting the definition of <br /> "new member" as set forth in Government Code Section 7522.02(f) the City will provide <br /> the CaIPERS two percent (2%) at age sixty-two (62) formula retirement plan for Local <br /> Miscellaneous Members, and two and seven-tenths percent (2.7%) at age fifty-five (55) <br /> formula retirement plan for Local Safety members in accordance with Government Code <br /> Section 7522.20. Final compensation is calculated based on the average of three years <br /> of employment, in accordance with Government Code Section 7522.32. <br /> The City shall pay the rate prescribed by the Public Employees' Retirement System for <br /> employer contributions to the Public Employees' Retirement System in accordance with <br /> the rules and regulations governing such employer contributions, which consists of one- <br /> half of the total normal costs for pension. New members shall be subject to the <br /> provisions of the Public Employee Pension Reform Act (PEPRA), including provisions <br /> governing reportable compensation. <br /> Employee Member Contribution <br /> Effective October 31, 2016 the employee shall pay the full required employee <br /> contribution in accordance with the established plan. The current required contribution <br /> rates are as follows: <br /> Miscellaneous Members Public Safety Members <br /> Tier 1 8% 9% <br /> Page 12 of 18 <br />