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<br />45 <br /> <br />concerning the accuracy of the posted list, the grievance procedure may be <br />utilized. <br /> <br />SECTION 17 - RETIREMENT <br /> <br />17.1 Retirement Plan <br /> <br />Tier One: For employees hired prior to October 24, 2011, retirement benefits <br />shall be those established by the Public Employees' Retirement System (PERS) <br />for Local Safety Members Three Percent (3%) at Age Fifty (50) Formula. <br /> <br />Tier Two: For employees hired on or after October 24, 2011, who do not qualify <br />as “new members” under Government Code Section 7522.04(f), retirement <br />benefits shall be those established by the Public Employees’ Retirement System <br />(PERS) for Local Safety Members Three Percent (3%) at Age Fifty-Five (55) <br />Formula. <br /> <br />Tier Three: For employees hired on or after January 1, 2013 and who meet the <br />definition of “new member” as set forth in Government Code Section 7522.04(f) <br />the City will provide the CalPERS two percent (2%) at age 50 increasing to two <br />and seven-tenths percent (2.7%) at age 57 retirement formula in accordance <br />with Government Code Section 7522.25(d), based on the average of three years <br />of employment, in accordance with Government Code Section 7522.32. <br /> <br />17.2 Optional Provisions Added <br /> <br />Optional Public Agency Provisions under CalPERS shall also be provided as <br />follows: <br /> <br />1. Effective April 1, 1969, 1959 Survivor Allowance as set forth in Article 6 of <br />Chapter 9 of the Public Employees' Retirement Law (commencing with <br />Section 21380 of the Government Code), which will provide the third tier <br />of benefits. <br /> <br />2. Effective March 16, 1989, one (1) year highest compensation as authorized <br />by Section 20024.2 of the Government Code for employees enrolled in Tier <br />One retirement benefits. All other Tiers are at three (3) years average. <br />Effective July 1, 2003, Pre-Retirement Optional Settlement 2 Death <br />Benefits as authorized by Section 21548. <br /> <br />3. Fourth Level of 1959 Survivor Benefits as authorized in Section 21574. <br /> <br />17.3 Employee and Employer Contribution to Pension <br /> <br />6.A. - Page 56 of 99 <br />63