Agda Pkt 2025.03.10 Joint SA PFA

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CITY OF REDWOOD CITY SUMMARY OF COMPENSATION AND TERMS OF EMPLOYMENT FOR THE CONFIDENTIAL EMPLOYEE GROUP Page 24 of 34 10. Pro-ration for Part-Time Employees: City contributions to benefits and leave accruals will be pro-rated for regular, part-time employees covered by this Summary. V. RETIREMENT BENEFITS A. Pension Plan 1. Tier 1: Effective July 10, 2006, the City shall provide the Local Miscellaneous Members Section 21354.5 two and seven-tenths percent (2.7%) at age fifty- five (55) retirement formula for employees hired before October 24, 2011. Final compensation is calculated based on the single highest year in accordance with Government Code Section 20042. 2. Tier 2: For employees hired on or after October 24, 2011, and do not meet the definition of “new member” as set forth in Government Code Section 7522.04(f), the City will provide the CalPERS two percent (2%) at age sixty (60) formula retirement plan in accordance with Government Code Section 21353, based on the average of three (3) years of employment, in accordance with Government Code Section 20037. 3. Tier 3: For employees hired on or after January 1, 2013 and who meet the definition of “new member” as set forth in Government Code Section 7522.04(f) the City will provide the CalPERS two percent (2%) at age sixty-two (62) formula retirement plan in accordance with Government Code Section 7522.20, based on the average of three (3) years of employment, in accordance with Government Code Section 7522.32. B. Employee and Employer Contributions to the Retirement System 1. Tier 1: Employees enrolled in Tier 1 (2.7% at 55) will contribute the full member contribution of eight percent (8%) of pensionable compensation as the employee member contribution, plus an additional seven percent (7%) of pensionable compensation toward the City’s pension contribution in accordance with California Government Code Section 20516, for a total of fifteen percent (15%) of pensionable compensation. • Effective the first full pay period following City Council approval of this Summary, the additional pension cost share of seven percent (7%) for pension tier 1 will be reduced to five and one quarter percent (5.25%). • Effective the first full pay period following October 1, 2025, the additional pension cost share of five and one quarter percent (5.25%) for pension tier 1 will be reduced to four percent (4%). • Effective the first full pay period following October 1, 2026, the additional pension cost share of four percent (4%) for pension tier 1 6.I. - Page 88 of 119 502