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6.13. - Page 18 of 366 TENTATIVE AGREEMENT BETWEEN REDWOOD CITY AND REDWOOD CITY MANAGEMENT EMPLOYEES ASSOCIATION RE: 2018 SUCCESSOR MOU age sixty (60) formula retirement plan in accordance with Government Code Section 21353, based on the average of three flyears of employment, in accordance with Government Code Section 20037. Tier 3; For employees hired on or after January 1, 2013 and who meet the definition of "new member" as set forth in Government Code Section 7522.04.2(f) the City will provide the CalPERS two percent (2%) at age sixty-two (62) formula retirement plan in accordance with Government Code Section 7522.20, based on the average of threet years of employment, in accordance with Government Code Section 7522,32. 15.2 Employee and Employer Contributions to the Retirement System Effective the first full pay period c)n 9F after july 4, 2016, 9F upen the 2916 amendmeRt Gf the City's GQT)tFaGt 0 , Ern to ees enrolled in Tier 1 27% at 55 and liar 2 emple ees will contribute the full member contribution of(eight percent (8%) of pensionable compensation as the employee member contribution plus an additional seven percent (7%) of pensionable compensation toward the City's pension contribution in accordance with California Government Code Section 20516, for a total of fifteen percent (15%) of pensionable compensation feFTin: 1 emnleyee 0 Employees enrolled in Tier 2 (2% at 60) will contribute the full member contribution of seven percent (7%) of pensionable compensation as the employee member contribution plus an additional seven percent (7%) of Pensionable compensation toward the City's pension contribution in accordance with California Government Code Section 20516, for a total of fourteen percent (14%) of pensionable compensation Employees enrolled in Tier 3 empleyees- 2% at 62 shall pay the rate prescribed by the California Public Employees' Retirement System (CaIPERS) for employee contributions to CaIPERS in accordance with the ,s,les and FegWkfinne g9V8minn s ,nh empk)yee GentributiensCalifornia Government Code Section 7522.30, plus an additional seven percent f7%) of pensionable compensation toward the City's pension contribution in accordance with California Government Code Section 20516 which consists of one half of the tGtai ROFM@l G96tS fee New members shall be subject to the provisions of the Public Employee Pension Reform Act (PEPRA), including provisions governing reportable compensation. Employee cost sharing of employer contributions shall not be credited to the employee account at CaIPERS_ and shall not be reimbursed to the contributor by the City at any time for any reason 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. 15.3 Employee Cost Sharing of Employer Gentiribution to PensooF, 000598!4-1 13 37 ROM ■fir 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. 15.3 Employee Cost Sharing of Employer Gentiribution to PensooF, 000598!4-1 13 37