Res07 14801 - Laserfiche WebLink

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08/28/2007 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 shali be added to the eiigible compensation for establishing special compensation under California Public Employees Retirement System rules (PERS section 20023(c) (4). Effective with the PERS contract amendment to provide the Local Miscellaneous Members Section 21354.5, two and seven-tenths percent (2.7%) at age fifty-five (55) retirement formula on July 10, 2006, the City shall continue to contribute on behalf of members of the Executive fvlanagement group the seven percent (7%) member contribution to the retirement pian in addition to the established employer contribution and the employee will contribute the additional one percent (1%) member contribution on a pre-tax basis. The seven percent (7%) contribution shall be added to the eligible compensation for establishing special compensation under the California Public Employees Retirement System rules (PERS Section 20636@(4) in accordance with the rules and regulations governing such contributions. Please refer to the appropriate Public Employees' Retirement booklet for details of the 2% at 50, 2% at 55, 2.7% @ 55 or 3% @ 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. VI. 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 enroiiment 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 1417 of 19 14801 Muff #905