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CITY OF REDWOOD CITY <br />SEIU MOU <br />Appendix C <br />PENSION TIERS AND EMPLOYEE CONTRIBUTIONS <br />*Tier 3 PEPRA Member Contribution rates based on assumption of 50% of normal cost currently at 5.75%. Normal <br />cost subject to change based on CaIPERS Actuarial Valuation. <br />Employee Contribution <br />Tier <br />Hire Date <br />Formula <br />Member <br />Cost -Share <br />Total <br />Contribution <br />Contribution <br />1 <br />Prior to 10/24/11 <br />2.7% @55 <br />8% <br />5% <br />13% <br />2 <br />10/24/11 or later, and <br />not a "new member" <br />2%@60 <br />7% <br />5% <br />12% <br />under PEPRA <br />3 <br />1/1/13 or later, and a <br />new member" under <br />2%@62 <br />5.75%* <br />5% <br />10.75%* <br />PEPRA <br />*Tier 3 PEPRA Member Contribution rates based on assumption of 50% of normal cost currently at 5.75%. Normal <br />cost subject to change based on CaIPERS Actuarial Valuation. <br />