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6.B. - Page 194 of 366 <br />14.1 Retirement Plan <br />Retirement benefits for employees shall be those established by the Public <br />Employees' Retirement System (CalPERS) for Local Safety Members Two <br />Percent (2%) at Age Fifty (50) Formula. <br />Effective the first full pay period that includes July 1, 2004,7 retirement benefits <br />for employees hired prior to October 24, 2011 (Tier 1): shall be those established <br />by CalPERS for Local Safety Members Three Percent (3%) at Age Fifty (50) <br />Formula. <br />Retirement benefits for employees hired on or after October 24, 2011 who do not <br />qualify as "new members" under Government Code Section 7522.04(fl (Tier 2)-, <br />shall be those established by CalPERS for Local Safety Members, Three Percent <br />(3%) at Age Fifty -Five (55) Formula. <br />Retirement benefits for employees hired on or after January 1, 2013, and defined <br />as a "new member" pursuant to California Government Code Section 7522.04(f) <br />(Tier 3) shall be those established by CalPERS for Local Safety Members, Two <br />Viand Seven Tenths' Percent (2.7%) at Age Fifty -Seven (57) Formula. <br />14.2 Optional Provisions Added <br />Optional Public Agency Provisions under the Public Employees' Retirement <br />System shall also be provided as follows: <br />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 <br />Section 21380 of the Government Code), which will provide the third tier of <br />benefits. Effective July 9, 2007, 1959 Survivor Allowance as authorized by <br />Section 21574 of the Government Code, which will provide the fourth level of <br />survivor benefits. <br />2. Effective March 16, 1989, retirement benefits for employees hired before the <br />date of the City's 2011 amendment of its contract with CalPERS will be <br />calculated based on one (1) year highest compensation as authorized by <br />Section 20042 of the Government Code. <br />3. Retirement benefits for employees hired on or after the date of the City's 2011 <br />amendment of its contract with CalPERS will be calculated based on the <br />average of three years of compensation as authorized by Section 20037 of the <br />Government Code. <br />4. Effective July 9, 2007, Pre -Retirement Optional Settlement 2 Death Benefits <br />as authorized by Section 21548. <br />213 <br />