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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 FiflT (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 Payment of Emolovee's PERS Contribution For the term of this agreement, the City will continue to pay, under Government Code Section 20615, the PERS 7% required employee contribution and will be reported as "special compensation" to PERS as provided under Government Code Section 20023(c)(4). Said contributions shall not apply in the case &temporary or provisional employees. SECTION 15. LAYOFF 15.1 Order of Layoff In the event of a reduction of force, the employee with the least service in the classification effected shall be laid off first. 15.2 Order of Rehire An employee who is laid offshall be placed, for a period of one (1) year from the date of the employee's most recent layoff, on a rehire list. In hiring for a vacant position in a classification, such rehire list shall take precedence over all other 26