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CITY OF REDWOOD CITY <br />SEIU MOU <br />Appendix C <br /> <br />68 <br /> <br />Pension Tiers and Employee Contributions <br /> <br />Figures include required employee share and 2.5% cost-share effective 8/1/15, and 5% total cost <br />share effective 8/1/16. <br /> <br /> <br /> <br />Total Employee Contribution <br />Effective 8/1/16 <br /> <br />Tier Hire Date Formula Member <br />Contribution <br />Cost-Share Total <br />Contribution <br />1 <br />Prior to 10/24/11 <br /> <br />2.7% @55 <br /> <br />8% <br /> <br />5% <br />13% <br />2 10/24/11 or later, and <br />not a “new member” <br />under PEPRA <br /> <br />2%@60 <br /> <br />7% <br />5% <br />12% <br />3 1/1/13 or later, and a <br />“new member” under <br />PEPRA <br /> <br />2%@62 <br /> <br />5.75%* <br />5% <br />10.75%* <br /> <br />Tier 3: Employee Share rates based on assumption of 50% of normal cost at 5.75%%. Subject to change if normal <br />cost for tier 3 changes. <br /> <br />6.3.B. - Page 73