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<br />48 <br /> <br /> <br />20.2 Optional Provisions Added <br /> <br />Optional Public Agency Provisions under the Public Employees' Retirement System shall <br />also be provided as follows: <br /> <br />1. Effective July 9, 2007, the fourth level of Survivor Benefits as authorized by <br />Government Code Section 21574. <br /> <br />2. Effective March 16, 1989, retirement benefits for employees hired before the date of <br />the City’s 2011 amendment of its contract with CalPERS shall be one (1) year highest <br />compensation as authorized by Government Code Section 20024.2. <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 average of <br />three (3) years of compensation as authorized by Government Code Section 20037. <br /> <br />4. Effective July 9, 2007, Pre-Retirement Optional Settlement 2 Death Benefits as <br />authorized by Section 21548. <br /> <br />At such time as an agreement is adopted with the Redwood City Police Officers <br />Association regarding pension improvements, members of the Redwood City Police <br />Supervisors Association shall, in the same manner, receive these improvements. This <br />section shall not apply to employee pension cost share provided in Section 20.3. <br /> <br />20.3 City and Employee Contributions to Retirement System <br /> <br />The City shall pay the rate prescribed by the Public Employees' Retirement System for <br />employer contributions to the Public Employees' Retirement System in accordance with <br />the rules and regulations governing such employer contributions, minus the employee cost <br />share reflected herein. <br /> <br />Employees enrolled in Tier 1 (3% @ 50) and Tier 2 (3% @ 55) are required to contribute <br />nine percent (9%) of pensionable compensation as the employee member contribution, plus <br />an additional seven percent (7%) of pensionable compensation toward the City’s pe nsion <br />contribution in accordance with California Government Code Section 20516, for a total of <br />sixteen percent (16%) of pensionable compensation. Effective following ratification and <br />approval of a successor MOU in 2021, and as soon as administratively feasible thereafter, <br />the City will amend its contract with CalPERS to provide that each Tier 1 (3%@50) and <br />Tier 2 (3%@55) employee represented by the Association will pay the seven percent (7%) <br />additional cost share listed above as cost sharing in accordance with Section 20516(a) of <br />the California Government Code. Pending approval of the Section 20516(a) cost share, the <br />seven percent (7%) cost share will continue to be paid toward the employer cost of <br />retirement in accordance with Section 20516(f) of the Government Code. <br /> <br />Employees in Tier 3 (2.7% @ 57) are required to contribute one-half of the normal <br />contribution for pension as determined by CalPERS in accordance with California <br />Government Code Section 7522.30, plus an additional seven percent (7%) of pensionable <br />compensation toward the City’s pension contribution in accordance with California <br />Government Code Section 20516. The total employee pension contribution for employees <br />in Tier 3 shall not exceed a total of sixteen percent (16%) of pensionable compensation <br />6.H. - Page 56 of 72 <br />398