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SECTION 19. RETIREMENT <br />19.1 Retirement Plan <br />Retirement benefits for employees shall be those established by the Public <br />Employees' Retirement System (PERS) for Local Safety Members Two Percent <br />(2%) at Age Fifty (50) Formula. <br />19.2 Optional Provisions Added <br />Optional Public Agency Provisions under the Public Employees' Retirement <br />System shall also be provided as follows: <br />1. Effective April 1, 1969, 1959 Survivor Allowance as set forth in Article 6 of <br />Chapter 9 of the Public Employees' Retirement Law (commencing with Section <br />21380 of the 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. <br />19.3 Citv's Contribution to Retirement Svstem <br />The City shall pay the rate prescribed by the Public Employees' Retirement <br />system for employer contributions to the Public Employees' Retirement System in <br />accordance with the rules and regulations governing such employer contributions. <br />19.4 Emplovee's Contribution to Retirement Svstem <br />Effective the first full pay period on or after September 1, 2001, each employee <br />will pay the Employee's Contribution to the Public Employee's Retirement <br />System in accordance with the rules and regulations governing such contributions. <br />19.5 414(h)(2) Internal Revenue Service Code <br />Effective the first full pay period on or after September 1, 2001, the City shall <br />implement the provisions of 414(h)(2) for the term of this MOU., so long as those <br />provisions [414 (h)92)] remain substantially the same, and so long as there is no <br />additional cost to the employer for this 414 (h)(2) participation. In the event of <br />such additional cost to the employer, the parties will meet and confer regarding <br />alternative provisions. <br />35 <br />