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6.13. -Page 20 IVE AGREEMENT BETWEEN THE CITY OF REDWOOD CITY <br />AND REDWOOD CITY POLICE SERGEANTS ASSOCIATION (PSA) <br />SECTION 19. RETIREMENT <br />19.1 Retirement Plan <br />Retirement benefits for employees shall be those established by the Public Employees' <br />Retirement System (PERS) for Local Safety Members Three Percent (3 %) at Age Fifty (50) <br />Formula. <br />Retirement benefits for employees hired on or after the date of the City's amendment of its <br />contract with CaIPERS will be those established by CalPERS for Local Safety Members. <br />Three Percent (3 %) at Age Fifty -Five (55) Formula. <br />19.2 Optional Provisions Added <br />Optional Public Agency Provisions under the Public Employees' Retirement System shall <br />also be provided as follows: <br />1. <br />The fourth level of <br />Survivor Benefits as authorized by Section 21574 of the Government Code. <br />2. Effective March 16, 1989, retirement benefits for employees hired before the date of <br />the City's amendment of its contract with CalPERS shall be one (1) year highest <br />compensation as authorized by Section 20024.2 of the Government Code. <br />Retirement benefits for employees hired on or after the date of the City's amendment <br />of its contract with CalPERS will be calculated based on the average of three years <br />compensation as authorized by Section 20037 of the Government Code. <br />At such time as an agreement is adopted with the Police Officers Association regarding <br />pension improvements, members of the Police Sergeants Association shall, in the same <br />manner, receive these improvements. <br />June 3, 2011 —City <br />Page 9 <br />