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Page 4 of 13 <br />City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.org <br />• Effective the first full pay period following October 1, 2026, the additional pension cost share of <br />4% for pension Tier 1 will be reduced to 2.75%%. At such time, employees in the Tier 1 pension <br />plan will contribute 2.75% plus the full member contribution of 8% of pensionable compensation <br />as the employee member contribution to CalPERS. <br />Currently, employees in the Tier 2 pension plan (2% @ 60 formula) are required to contribute the full <br />member contribution of 7% of pensionable compensation as the employee member contribution to <br />CalPERS, plus an additional 7% of pensionable compensation towards the City’s pension contribution to <br />CalPERS in accordance with California Government Code Section 20516(f), for a total of 14% of <br />pensionable compensation. <br />• Effective the first full pay period following City Council approval of a successor MOU in 2025, the <br />additional pension cost share of 7% for pension Tier 2 will be reduced to 5.25%. <br />• Effective the first full pay period following October 1, 2025, the additional pension cost share of <br />5.25% for pension Tier 2 will be reduced to 4%. <br />• Effective the first full pay period following October 1, 2026, the additional pension cost share of <br />4% for pension Tier 2 will be reduced to 2.75%. At such time, employees in the Tier 2 pension plan <br />will contribute 2.75% plus the full member contribution of 7% of pensionable compensation as <br />the employee member contribution to CalPERS. <br />Currently, employees in the Tier 3 pension plan (PEPRA 2% @ 62 formula) are required to pay the rate <br />prescribed by CalPERS for member contributions to CalPERS in accordance with California Government <br />Code section 7522.30 (one-half (1/2) of the total normal cost for pension), plus an additional 7% of <br />pensionable compensation towards the City’s pension contribution in accordance with California <br />Government Code section 20516(f). New members are subject to the provisions of the PEPRA, including <br />provisions governing reportable compensation. <br />• Effective the first full pay period following City Council approval of a successor MOU in 2025, the <br />additional pension cost share of 7% for pension Tier 3 will be reduced to 5.25%. <br />• Effective the first full pay period following October 1, 2025, the additional pension cost share of <br />5.25% for pension Tier 3 will be reduced to 4%. <br />• Effective the first full pay period following October 1, 2026, the additional pension cost share of <br />4% for pension Tier 3 will be reduced to 2.75%. At such time, employees in the Tier 3 (PEPRA) <br />pension plan will contribute 2.75% plus the full member contribution of one-half (1/2) of the total <br />normal cost for pension as the employee member contribution to CalPERS. <br />MANAGEMENT LEAVE <br />The Tentative Agreement discontinues the look back process for exempt employees in the bargaining unit <br />to receive a portion of management leave frontloaded at the beginning of each calendar year. Effective <br />January 1, 2025; January 1, 2026; and January 1, 2027, employees in the following classifications shall be <br />credited with forty (40) hours of management leave effective January 1st of each calendar year: <br />Capital Improvement Program Manager <br />Custodial Services Supervisor <br />Environmental Initiatives Coordinator <br />Fleet Supervisor <br />Housing Leadership Manager <br />Landscape Architect <br />Library Division Manager <br />6.I. - Page 4 of 119 <br />418