Res01 14403 - Laserfiche WebLink

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Public Emolovees' Retirement Svstem IPERS1 - The City shall provide the Public Employees' Retirement System 2% at 55 formula retirement plan to all Executive Management employees in the miscellaneous employee categories. Retirement allowance shall be based on the single highest year of employment. Retirement vesting occurs with five years of service in PERS. For the Public Safety employees, the City shall provide the 2% at 50 formula retirement plan with the retirement allowance based on the employee's highest single year. The City shall contribute on behalf of members of the Executive Management seven percent (7 %) towards the employee's contribution to the Public Employees Retirement System. The 7% contribution shall be added to the eligible compensation for establishing special compensation under California Public Employees Retirement System rules (PERS section 20023(c)(4). Please refer to the appropriate Public Employees' Retirement booklet for details of the 2% at 55 or 2% at 50 formula retirement plan benefits. 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. V. REIMBURSEMENTS /ALLOWANCES a. Educational Exoense 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. An Executive Management employee shall be eligible to receive reimbursement not to exceed six hundred -fifty dollars ($650.00) per fiscal year, provided that the courses of instruction require attendance at an accredited community college or university, are part of a curriculum leading to a degree or given by an accredited institution of learning, are approved in advance of enrollment by the Human Resources Director, and the employee successfully completes such course submitted for reimbursement with a grade of "C" or better. The Educational Expense Reimbursement Program may be used for professional development workshops or seminars. 11 144V3 1 4401