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CITY OF REDWOOD CITY <br />SEIU MOU <br />Appendix C <br /> <br />Page 66 of 104 <br /> <br /> <br />PENSION TIERS AND EMPLOYEE CONTRIBUTIONS <br /> <br /> <br /> <br />Employee Contribution <br />Tier Hire Date Formula Member <br />Contribution <br />Cost-Share Total <br />Contribution <br />1 Prior to 10/24/11 <br />2.7% @55 <br /> <br /> <br />8% <br /> <br /> <br />5% <br /> <br />13% <br />2 10/24/11 or later, and <br />not a “new member” <br />under PEPRA <br /> <br />2%@60 <br /> <br />7% <br /> <br />5% <br /> <br />12% <br />3 1/1/13 or later, and a <br />“new member” under <br />PEPRA <br /> <br />2%@62 <br />½ of normal <br />cost <br />6.25* <br /> <br />5% <br />½ of normal <br />cost plus 5% <br />11.25* <br /> <br />*Tier 3 PEPRA Member Contribution rates based on assumption of 50% of normal cost. Normal cost subject to change <br />based on CalPERS Actuarial Valuation <br />6.G. - Page 113 of 151 <br />304