Res15 15460 - Laserfiche WebLink

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Tier 3: - For employees hired on or after January 1, 2013 and meet the definition of "new member" as set forth in Government Code Section 7522.02(f� the City will provide the CaIPERS two percent (2%) at age sixty-two (62) formula retirement plan for Local Miscellaneous Members, and two and seven-tenths percent (2.7%) at age fifty-five (55) formula retirement plan for Local Safety members in accordance with Government Code Section 7522.20. Final compensation is calculated based on the average of three years of employment, in accordance with Government Code Section 7522.32. 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, which consists of one- half of the total normal costs for pension. New members shall be subject to the provisions of the Public Employee Pension Reform Act (PEPRA), including provisions governing reportable compensation. Employer-Paid Member Contribution - The following provisions apply to employees in tier 1 and tier 2 retirement formula plans: The City shall contribute on behalf of Executive Management members, seven percent (7%) of the member contribution to the retirement plan until October 5, 2014. The seven percent (7%) contribution shall be added to the eligible compensation for establishing special compensation under Section 20636(C)(4) in accordance with the rules and regulations governing such contributions. The employee shall pay the remaining employee contribution in accordance with the established plan. Effective October 6, 2014, the City shall contribute on behalf of Executive Management members, in addition to the established employer contribution, five percent (5%) of the member contribution to the retirement plan. The employee shall pay the remaining employee contribution in accordance with the established plan. Effective October 12, 2015 the City shall contribute on behalf of Executive Management members, in addition to the established employer contribution, three percent (3%) of the member contribution to the retirement plan. The employee shall pay the remaining employee contribution in accordance with the established plan. Employee Contribution to Employer Share of Pension - 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(� of the Government Code, the following provisions apply to employees in tier 1 and tier 2 retirement formula plans: ATTY/RES0.3159/CC RESO AMENDING EXECUTIVE MANAGEMENT SUMMARY REV:11-24-15 RS Page 15 of 19