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<br />46 <br /> <br />14.1 Retirement Plan <br /> <br />Retirement benefits for employees shall be those established by the Public <br />Employees' Retirement System (CalPERS) for Local Safety Members Two Percent <br />(2%) at Age Fifty (50) Formula. <br /> <br />Effective the first full pay period that includes July 1, 2004, retirement benefits for <br />employees hired prior to October 24, 2011 (Tier 1) shall be those established by <br />CalPERS for Local Safety Members Three Percent (3%) at Age Fifty (50) Formula. <br /> <br />Retirement benefits for employees hired on or after October 24, 2011 who do not <br />qualify as “new members” under Government Code Section 7522.04(f) (Tier 2) <br />shall be those established by CalPERS for Local Safety Members, Three Percent <br />(3%) at Age Fifty-Five (55) Formula. <br /> <br />Retirement benefits for employees hired on or after January 1, 2013, and defined <br />as a “new member” pursuant to California Government Code Section 7522.04(f) <br />(Tier 3) shall be those established by CalPERS for Local Safety Members, Two and <br />Seven Tenths’ Percent (2.7%) at Age Fifty-Seven (57) Formula. <br /> <br /> <br />14.2 Optional Provisions Added <br /> <br />Optional Public Agency Provisions under the Public Employees' Retirement <br />System shall also be provided as 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 Section <br />21380 of the Government Code), which will provide the third tier of benefits. <br />Effective July 9, 2007, 1959 Survivor Allowance as authorized by Section <br />21574 of the Government Code, which will provide the fourth level of survivor <br />benefits. <br /> <br />2. Effective March 16, 1989, retirement benefits for employees hired before the <br />date of the City’s 2011 amendment of its contract with CalPERS will be <br />calculated based on one (1) year highest compensation as authorized by Section <br />20042 of the Government Code. <br /> <br />3. Retirement benefits for employees hired on or after the date of the City’s 2011 <br />amendment of its contract with CalPERS will be calculated based on the <br />average of three years of compensation as authorized by Section 20037 of the <br />Government Code. <br /> <br />4. Effective July 9, 2007, Pre-Retirement Optional Settlement 2 Death Benefits <br />as authorized by Section 21548. <br /> <br />14.3 City and Employee Contributions to Retirement System <br /> <br />6.I. - Page 58 of 84 <br />288