AgdaPkt 2016-12-12 Closed and Joint SA PFA

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6.3.E. - Page 33 percent (2%) at age sixty (60) formula retirement pian in accordance with Government Code Section 21353, based on the average of three years of employment, in accordance with Government Code Section 20037. Tier 3: For employees hired on or after January 1, 2013 and who meet the definition of "new member" as set forth in Government Code Section 7522.02(f) the City will provide the CalPERS two percent (2%) at age sixty-two (62) formula retirement plan in accordance with Government Code Section 7522.20, based on the average of three years of employment, in accordance with Government Code Section 7522.32. 15.2 Employee and Employer Contribution and Elimination of Employer Paid Member GnntrlhlftlAn !C Tier 1 and Tier 2 Fimpleyeas; The City shall contribute on behalf of empleyees the 88veR P8FGORt 70 bor oontribij!i3n to the Fetirement plaR in additieR te the established empieyeF oontribution, and Tier 4 employees will nontribute the additional nor Perron+ (!%) momhor oontrib Ytitl The seven amnerrGont (7% Employ --r ❑vgirrok4emhn�r (EPMG) fpr Tier 1 and Tier 2 emnleyeas shall he added to the eligible rnmpensatinn fprccN3 ohirg ' fl CalPERS rale s Tier 3 employees shell nay the rate presGrlbed by tho slifc�-nb Public Employees' Retirement Cystem (CO]PS-RJ f49F eMplOyee GOntFibutions to !PERS in a"nprrdanne With the poles anrd regulations governing SUO�h Omplay members shall ,be subjeot to the nrnyisinns of the PUblir Cmnl0,�Joo Panoinn RefeFm AGtr(RIEERPA) inalydin.`g rye nrnlylsiORS gnrning reportable nmmpnnsatinn 1 Effective the first full pay period on of after lerl y 1 291 "I, or Upon the 2014 amendment of the City's nnntrant (' _ •(SEDC` ede ire Employer Paid Member (�n ntrihu#inn IE�I\'IC , 4�rhinheyer is later, the City shall ,.eel ".., to r•��—�,,,1�G,��n��.�F�r,--t� ) eliminate hyo percent (2%) of +ho EPW for Tiar 1 and Tior 2 emPloyees. he Litt shall�enziRWO to GE)R#11961te OR behalf of T-lep 1 and Tier 2 employees five percent fl ) of the M&M-h8F GGRtFqb tie.n. We the fetifomont plan. €aoh Tior 1 and Tier 2 emnlayee will nnptribiite the remaining member rent ibution (three ° or 1 ompin„ers and +yen nernen# (2%) for Tier, 2 emplaye), in AditieR to cos, ehcMg describe herein Effective the first full nay period OR er a#er J6ly 1 2014, nr t enon # o 2k91 1 smendmont of the rity'vrc] Ts. vvnrrifaet w4h-J&P-SRS to ref SPMC, whiohe yr as later, the salary schedule for all nlassifiGatinns renrosen#ed by A Will bo .creased by two percent 170/ Effeoti the irot full paY period on or after jul 1, 2J1 b, 0P 449 2M 6 Gsmendmont of the City's Gentrunt{ with GalPERS ivT na DPAQ, 1.A.4hronever IF lalep, the City shall e4n#nato an aditiviaVtwc por93nt tho GPM- f9r Tier I a;Add Tiep 2 employees. The City shall GGflt*RUe to rentfibute 9R behalf qf Tier 1 aW Tie 2 employees three perne,nt�(3%�) member nontriibgtinn to the retinremoxit plJn. E f"'.h Tier 1 and Tier 7 emnleyee will nnn#ribu#e the member eentrcbutinn (five peeper+ 0 ar 1 employees and frier person# GII IFJrOTGG v9lee pgllTllgqr�Ce� .��e�GTll q'C-il�p�TiT[9lailrgn�nY4-�3[-il o'G rF� � � ®r T�v (1%J, for Tier 2 employees) in addition to at sharing desnriberd herein Effontiye the filet fi ill neer nrnried on gr after I else 1, 2016, or upon the 2015- arTlendmapt of the City's ren#roe# RCMEA will ho innroased by Karn norron# (2% Effective the first full pay period on or after July 1, 2016, or upon the 2016 amendment of the City's contract with CalPERS to reduce EPMC, whichever is later, the City shall eliminate the final three percent (3%) of the EPMC for Tier 1 and Tier 2 employees. Effective October 31, 2016, €each Tier 1 and Tier 2 employees will 10