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(PERS) for Local Safety Members Three Percent (3%) at Age Fifty -Five (55) <br />Formula. <br />Tier Three: For employees hired on or after January 1, 2013 and who meet the <br />definition of "new member" as set forth in Government Code Section 7522.04(f) <br />the City will provide the CalPERS two percent (2%) at age 50 increasing to two <br />and seven -tenths percent (2.7%) at age 57 retirement formula in accordance <br />with Government Code Section 7522.25(d), based on the average of three years <br />of employment, in accordance with Government Code Section 7522.32. <br />17.2 Optional Provisions Added <br />Optional Public Agency Provisions under CalPERS shall also be provided as <br />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 <br />of benefits. <br />2. Effective March 16, 1989, one (1) year highest compensation as authorized <br />by Section 20024.2 of the Government Code for employees enrolled in Tier <br />One retirement benefits. All other Tiers are at three (3) years average. <br />Effective July 1, 2003, Pre -Retirement Optional Settlement 2 Death Benefits <br />as authorized by Section 21548. <br />3. 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 the <br />PERS in accordance with the rules and regulations governing such employer <br />contributions, minus the employee cost share reflected herein. <br />Employees in Tier 1 (3% (P- 50) and Tier 2 (3% (§ 55) are required to contribute <br />nine percent (90/6) of pensionable compensation as the employee member <br />contribution. Such employees shall contribute an additional seven percent (7%) <br />of pensionable compensation toward the City's pension contribution in <br />accordance with California Government Code Section 20516, for a total of <br />sixteen percent (16%) of pensionable compensation. Three percent (3%) of the <br />total seven percent (7%) listed above shall be cost sharing in accordance with <br />Section 20516(a) of the California Government Code. The remaining four <br />percent (40/6) of the total seven percent (7%) listed above shall be cost sharing <br />in accordance with Section 20516(f) of the Government Code. <br />Employees in Tier 3 (2.7% @ 57) are required to contribute fifty percent (50%) <br />of the normal contribution for pension as determined by CaIPERS in accordance <br />with California Government Code Section 7522.30. <br />32 <br />