AgdaPkt 2003-07-14 - Laserfiche WebLink

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72--339 SECTION 14. RETIREMENT 14.1 Retirement Plan Retirement benefits for employees shall be those established by the Public Employees' Retirement System (PERS) for Local Safety Members Two Percent (2 %) at Age Fifty (50) Formula. Effective the first full pay period that includes July 1, 2004 retirement benefits for employees shall be those established by the Public Employees' Retirement System (PERS) for Local Safety Members Three Percent (3 %) at Age Fifty (50) Formula. 14.2 Optional Provisions Added Optional Public Agency Provisions under the Public Employees' Retirement System shall also be provided as follows: 1. Effective April 1, 1969, 1959 Survivor Allowance as set forth in Article 6 of Chapter 9 of the Public Employees' Retirement Law (commencing with Section 21380 of the Government Code), which will provide the third tier of benefits. 2. Effective March 16, 1989, one (1) year highest compensation as authorized by Section 20024.2 of the Government Code. 14.3 City's Contribution to Retirement System The City shall pay the rate prescribed by the Public Employees' Retirement system for employer contributions to the Public Employees' Retirement System in accordance with the rules and regulations governing such employer contributions. 14.4 EmDlovee's Contribution to Retirement System Effective September 1, 1999, each employee will pay the Employee's Contribution to the Public Employees' Retirement System in accordance with the rules and regulations governing such contributions. 14.5 414(h)(2) Internal Revenue Service Code Effective September 1, 1999, the City shall implement the provisions of 414(h)(2) for the term of this M.O.U., so long as those provisions [414(h)(2)] remain substantially the same, and so long as there is no additional cost to the employer for this 414(h)(2) participation. In the event of such additional cost 242 29