Res18 15714 - Laserfiche WebLink

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11/0512018 *The mandatory contribution for Tier 3 Members is 50% of the normal cost of the benefit, subject to change each fiscal year. 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. Effective July 10, 2017 in accordance with Section 20516(f) of the Government Code, Miscellaneous Member employees in Tier 1 and Tier 2 retirement formula plans shall pay a total of seven percent (7%) of salary toward the employer cost of retirement. Public Safety Member employees in Tier 1 and Tier 2 retirement formula plans shall continue to pay a total of nine percent (9%) of salary toward the employer cost of retirement. All employees in the Tier 3 retirement formula plans shall continue to pay a total of two percent (2%) of salary toward the employer cost of retirement. The current contribution rates are as follows: Miscellaneous Members Public Safety Members Tier 1 8% 9% Tier 2 7% 9% Tier 3* 5.75% 12% *The mandatory contribution for Tier 3 Members is 50% of the normal cost of the benefit, subject to change each fiscal year. 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. Effective July 10, 2017 in accordance with Section 20516(f) of the Government Code, Miscellaneous Member employees in Tier 1 and Tier 2 retirement formula plans shall pay a total of seven percent (7%) of salary toward the employer cost of retirement. Public Safety Member employees in Tier 1 and Tier 2 retirement formula plans shall continue to pay a total of nine percent (9%) of salary toward the employer cost of retirement. All employees in the Tier 3 retirement formula plans shall continue to pay a total of two percent (2%) of salary toward the employer cost of retirement. The current contribution rates are as follows: The contributions to the employer share of pension shall not be credited to the employee account at CalPERS and shall not be reimbursed to the contributor by the City at any time for any reason. PERS Military Leave Credit Option — Members who are qualified may apply to PERS for up to four- (4) year's military credit. The individual employee would be responsible for payment of all the costs of this benefit except for the contractual option between the City of Redwood City and the Public Employees Retirement System. VI. REIMBURSEMENTS/ALLOWANCES a. Educational Expense Reimbursement - Executive Management employees shall be eligible for reimbursement of costs of tuition, registration fees, books and supplies, and other educational expenses incurred in connection with enrollment in and successful completion of courses of instruction related to the employee's position with the City or a higher position with the City. 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 19 of 22 Miscellaneous Members Public Safety Members Tier 1 7% 9% Tier 2 7% 9% Tier 3* 2% 2% The contributions to the employer share of pension shall not be credited to the employee account at CalPERS and shall not be reimbursed to the contributor by the City at any time for any reason. PERS Military Leave Credit Option — Members who are qualified may apply to PERS for up to four- (4) year's military credit. The individual employee would be responsible for payment of all the costs of this benefit except for the contractual option between the City of Redwood City and the Public Employees Retirement System. VI. REIMBURSEMENTS/ALLOWANCES a. Educational Expense Reimbursement - Executive Management employees shall be eligible for reimbursement of costs of tuition, registration fees, books and supplies, and other educational expenses incurred in connection with enrollment in and successful completion of courses of instruction related to the employee's position with the City or a higher position with the City. 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 19 of 22