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11/05/2018 1985 (COBRA) to be charged for such coverage at the maximum rate permissible by law (presently 102% of the premium for an active employee). V. RETIREMENT Public Employees' Retirement System (PERS) - Tier 1: For employees hired before October 24, 2011, the City shall provide the Local Miscellaneous Members Section 21354.5 two and seven -tenths percent (2.7%) at age fifty-five (55) retirement formula, and the Public Safety members Section 21362.2 three percent (3%) at age fifty (50) retirement formula. Final compensation is calculated based on the single highest year in accordance with Government Code Section 20042. Tier 2: - Retirement benefits for employees hired on or after October 24, 2011, and do not meet the definition of "new member" as set forth in Government Code Section 7522.02(f), shall be those established by the Public Employees' Retirement System (PERS) for Local Miscellaneous Members two percent (2%) at sixty (60) formula retirement plan in accordance with Government Code Section 21353, and for Safety Members three percent (3%) at Age Fifty -Five (55) formula retirement plan in accordance with Government Code Section 21363.1. Final compensation is calculated based on the average of three years of employment in accordance with Government Code Section 20037. 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 CalPERS 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. Employee Member Contribution Effective October 31, 2016 the employee shall pay the full required employee contribution in accordance with the established plan. The current required contribution rates are as follows: ATTY/RESO.0104/CC RESO AMENDING SALARY & WAGE PLAN FOR EXECUTIVE MANAGEMENT POSITIONS RESO. NO. 15714 REV: 11-01-18 RL MUFF NO. 905 Page 18 of 22