AgdaPkt 2018-11-05 Joint SA PFA - Laserfiche WebLink

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6.B. - Page 195 of 366 14.3 City's Contribution to Retirement System The City shall pay the rate prescribed by the Public Employees' Retirement system for employer contributions to the Public Employees' Retirement System in accordance with the rules and regulations governing such employer contributions. In accordance with Section 20516(f) of the Government Code: Effective the first full pay period beginning on or after the date of Council approval of this tentative agreement (anticipated to be February 8, 2016, to be included in the check issued on February 26, 2016), each unit member in the Tier 1 (3%@50) and Tier 2 (3%@55) retirement plans shall pay seven percent (7%) toward the employer cost of retirement. Effective as soon as administratively feasible after the date of the Council resolution to amend the contract with Ca1PERS, but no later than four (4) months following ratification and approval of this agreement, each Tier 1 (3%@50) and Tier 2 (3%@55) unit member shall pay three percent (3%) of the total seven percent (7%) listed above as cost sharing in accordance with Section 20516(a) of the California Government Code. The remaining four percent (4%) being paid toward the employer cost of retirement will continue in accordance with Section 20516(f) of the Government Code. All such employee contributions toward employer cost of retirement will be made on a pre-tax basis. The contributions shall not be credited to the employee account at Ca1PERS and shall not be reimbursed to the contributor by the City at any time for any reason. The four percent (4%) cost-sharing in accordance with Section 20516(f) of the Government Code shall resume on October 29, 2018 and end no later than August 29, 2021. -the first full pay period be'after August 25,-1, 2019. If beginning on or after the first full pay period of September 1, 2013, the employer cost of retirement for the bargaining unit falls below thirty-seven percent (37%) at any time, the employee contribution toward the employer cost of retirement will be reduced by one percent (1%) for each full one percent reduction in the employer rate below 37%. 14.4 Employee's Contribution to Retirement S stem Effective September 1, 1999, each employee (Tier 1 and Tier 2) shall pay the Employee's Contribution currently set at nine percent (9%) of pensionable income to CalPERS in accordance with the rules and regulations governing such contributions. Effective January 1, 2013, employees subject to the Tier 3 (2.7% at 57 Formula) level benefits, shall contribute an amount equivalent to half the normal costs established by Ca1PERS, currently established as twelve percent (12%) of 214