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Tier 3 : - For employees hired on or after January 1, 2013 and meet the definition of <br /> "new member" as set forth in Government Code Section 7522.02(f) the City will provide <br /> the CaIPERS two percent (2%) at age sixty-two (62) formula retirement plan for Local <br /> Miscellaneous Members, and two and seven-tenths percent (2.7%) at age fifty-five (55) <br /> formula retirement plan for Local Safety members in accordance with Government Code <br /> 1 Section 7522.20. Final compensation is calculated based on the average of three years <br /> of employment, in accordance with Government Code Section 7522.32. <br /> The City shall pay the rate prescribed by the Public Employees' Retirement System for <br /> employer contributions to the Public Employees' Retirement System in accordance with <br /> the rules and regulations governing such employer contributions, which consists of one- <br /> half of the total normal costs for pension. New members shall be subject to the provisions <br /> of the Public Employee Pension Reform Act (PEPRA), including provisions governing <br /> reportable compensation . <br /> Employee Member Contribution <br /> Effective October 31, 2016 the employee shall pay the full required employee contribution <br /> in accordance with the established plan . The current required contribution rates are as <br /> follows : <br /> Miscellaneous Members Public Safety Members <br /> Tier 1 8% 9% <br /> Tier 2 7% 9% <br /> Tier 3* 5.75% 12% <br /> *The mandatory contribution for Tier 3 Members is 50% of the normal cost of the benefit, <br /> subject to change each fiscal year. <br /> Employee Contribution to Employer Share of Pension - The City shall pay the rate <br /> prescribed by the Public Employees' Retirement System for employer contributions to the <br /> Public Employees' Retirement System in accordance with the rules and regulations <br /> governing such employer contributions. <br /> Effective October 31, 2016 in accordance with Section 20516(f) of the Government Code, <br /> employees in Tier 1 and Tier 2 retirement formula plans shall pay a total of nine percent <br /> (9%) of salary toward the employer cost of retirement, and employees in the Tier 3 <br /> retirement formula plan shall continue to pay a total of two percent (2%) of salary toward <br /> the employer cost of retirement. The current contribution rates are as follows: <br /> ATTY/RESO.0096/CC RESO FOR EXECUTIVE MANAGEMENT SALARY & SUMMURY OF BENEFITS EXHIBIT B <br /> REV: 10-14-16 RL <br /> Page 12 of 18 <br />