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Page 9 of 13 <br />City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.org <br />Association (RCMEA), effective on the same date as the increase provided to employees represented <br />by RCMEA. <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 this Summary, the additional <br />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 5.25% <br />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 4% <br />for pension Tier 2 will be reduced to 2.75%. At such time, employees in the Tier 2 pension plan will <br />contribute 2.75% plus the full member contribution of 7% of pensionable compensation as the <br />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 this Summary, the additional <br />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 5.25% <br />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 4% <br />for pension Tier 3 will be reduced to 2.75%. At such time, employees in the Tier 3 (PEPRA) pension <br />plan will contribute 2.75% plus the full member contribution of one-half (1/2) of the total normal cost <br />for pension as the employee member contribution to CalPERS. <br />MANAGEMENT LEAVE <br />The Summary discontinues the look back process for exempt confidential employees to receive a portion <br />of management leave frontloaded at the beginning of each calendar year. Effective January 1, 2025; <br />January 1, 2026; and January 1, 2027, employees in the following classifications shall be credited with <br />forty (40) hours of frontloaded management leave: <br />Business Manager – Police Department (Confidential) <br />Management Analyst II (Confidential) <br />Principal Analyst (Confidential) <br />Senior Human Resources Analyst (Confidential) <br />6.I. - Page 9 of 119 <br />423