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6.K. - Page 53 of 190 <br />17.2 Optional Provisions Added <br />Optional Public Agency Provisions underR,e <br />SysteffiCaIPERS 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 <br />Section 21380 of the Government Code), which will provide the third tier <br />of benefits. <br />2. Effective March 16, 1989, one (1) year highest compensation as <br />authorized by Section 20024.2 of the Government Code for employees <br />enrolled in Tier One retirement benefits. All other Tiers are at three (3) <br />years average. <br />r.Effective July 1, 2003, Pre -Retirement Optional Settlement 2 Death <br />Benefits as authorized by Section 21548. <br />W, _ __Fourth Level of 1959 Survivor Benefits as authorized in Section 21574. <br />17.3 Employee and Employer Contribution to Pension <br />The City_ shall pay the rate prescribed by PERS for employer contributions to <br />the PERS in accordance with the rules and regulations __qoverning such <br />employer contributions minus the employee cost share reflected herein. <br />Employees in Tier 1 3% 50 and Tier 2 3% 55 are required to <br />contribute nine percent 9% of pensionable compensation as the em to ee <br />member contribution. Such employees shall contribute an additional _ seven <br />percent (7%) of pensionable compensation toward the City's pension <br />contribution in accordance with California Government Code Section 20516 for <br />a total of sixteen percent (16%) of pensionable compensation. Three percent <br />(3%) of the total seven percent (7%) listed above shall be cost sharing in <br />accordance with Section 20516(a) of the California Government Code. The <br />remaining four percent 4% of the total seven Dercent 7% listed above shall <br />be cost sharing in accordance with Section 20516(f) of the Government Code. <br />Employees in Tier 3 (2.7% t_ 57) are required to contribute fifty percent (50%) <br />of the normal contribution for pension as determined by CaIPERS in <br />accordance with California Government Code Section 7522.30. <br />- - <br />mw A <br />�;1: 111 fi7 .11Y"t��ra ��%.-•-i�.��• <br />• Y ` — <br />FEE—.� — <br />y r w <br />!. 29iT.. M121= <br />t <br />42 <br />296 <br />