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<br />ATTY/RESO.0062/CC RESO AMENDING SALARY PLAN & EXECUTIVE SUMMARY OF BENEFITS – EXHIBIT C <br />REV: 06-16-17 MI <br />Page 14 of 18 <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 accordance <br />with Government Code Section 21363.1. Final compensation is calculated based on the <br />average of three years of employment in accordance with Government Code Section <br />20037. <br /> <br />Tier 3: - For employees hired on or after January 1, 2013 and meet the definition of <br />“new member” as set forth in Government Code Section 7522.02(f) the City will provide <br />the CalPERS 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 /> <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 provisions <br />of the Public Employee Pension Reform Act (PEPRA), including provisions governing <br />reportable compensation. <br /> <br />Employee Member Contribution <br /> <br />Effective October 31, 2016 the employee shall pay the full required employee contribution <br />in accordance with the established plan. The current required contribution rates are as <br />follows: <br /> <br /> Miscellaneous Members Public Safety Members <br />Tier 1 8% 9% <br />Tier 2 7% 9% <br />Tier 3* 5.75% 12% <br /> <br />*The mandatory contribution for Tier 3 Members is 50% of the normal cost of the benefit, <br />subject to change each fiscal year. <br /> <br />Employee Contribution to Employer Share of Pension - The City shall pay the rate <br />prescribed by the Public Employees’ Retirement System for employer contributions to the <br />Public Employees’ Retirement System in accordance with the rules and regulations <br />governing such employer contributions. <br /> <br />8.C. - Page 41