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CITY OF REDWOOD CITY <br />SUMMARY OF COMPENSATION AND TERMS OF EMPLOYMENT <br />FOR THE CONFIDENTIAL EMPLOYEE GROUP <br /> <br />Page 25 of 34 <br />will be reduced to two and three-quarters’ percent (2.75%). At such <br />time, employees in the Tier 1 pension plan will contribute 2.75% plus <br />the full member contribution of eight percent (8%) of pensionable <br />compensation as the employee member contribution to CalPERS. <br />2. Tier 2: Employees enrolled in Tier 2 (2% at 60) will contribute the full member <br />contribution of seven percent (7%) of pensionable compensation as the <br />employee member contribution, plus an additional seven percent (7%) of <br />pensionable compensation toward the City’s pension contribution in <br />accordance with California Government Code Section 20516, for a total of <br />fourteen percent (14%) of pensionable compensation. <br />• Effective the first full pay period following City Council approval of this <br />Summary, the additional pension cost share of seven percent (7%) for <br />pension tier 2 will be reduced to five and one quarter percent (5.25%). <br />• Effective the first full pay period following October 1, 2025, the additional <br />pension cost share of five and one quarter percent (5.25%) for pension tier <br />2 will be reduced to four percent (4%). <br />• Effective the first full pay period following October 1, 2026, the additional <br />pension cost share of four percent (4%) for pension tier 2 will be reduced <br />to two and three-quarters’ percent (2.75%). At such time, employees in <br />the Tier 2 pension plan will contribute 2.75% plus the full member <br />contribution of seven percent (7%) of pensionable compensation as the <br />employee member contribution to CalPERS. <br /> <br />3. Tier 3: Employees enrolled in Tier 3 (2% at 62) shall pay the rate prescribed by <br />the California Public Employees’ Retirement System (CalPERS) for employee <br />contributions to CalPERS in accordance with California Government Code <br />Section 7522.30, plus an additional seven percent (7%) of pensionable <br />compensation toward the City’s pension contribution in accordance with <br />California Government Code Section 20516. New members shall be subject to <br />the provisions of the Public Employee Pension Reform Act (PEPRA), including <br />provisions governing reportable compensation. <br />• Effective the first full pay period following City Council approval of this <br />Summary, the additional pension cost share of seven percent (7%) for <br />pension tier 3 will be reduced to five and one quarter percent (5.25%). <br />• Effective the first full pay period following October 1, 2025, the additional <br />pension cost share of five and one quarter percent (5.25%) for pension tier <br />3 will be reduced to four percent (4%). <br />• Effective the first full pay period following October 1, 2026, the additional <br />pension cost share of four percent (4%) for pension tier 3 will be reduced <br />6.I. - Page 89 of 119 <br />503