AgdaPkt 2011-07-11 - Laserfiche WebLink

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TENTATIVE AGREEMENT BETWEEN THE CITY OF REDWOOD CIT56.1.F. - Page 6 AND REDWOOD CITY MANAGEMENT EMPLOYEES ASSOCIATION ARTICLE 15 RETIREMENT 15.1 Tier 1. Effective July 10. 2006 the City shall provide the Local Miscellaneous Members Section 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 goveming such employer contributions. In accordance with Section 20516(f) of the Government Code: Effective the first full pay period beginning on or after January 1, 2012, each unit member shall pay two and one half percent (2.5 %) toward the employer cost of retirement. Effective the first full pay period beginning on or after January 1. 2013, each unit member shall pay an additional two and one half percent (2.5 %) for a total of five percent (5 %) toward the employer cost of retirement. The five percent (5 %) employee cost sharing of the employer cost of retirement identified above shall continue through the final full pay period in September 2013. The City and RCMEA shall discuss the possible continuation of the employee cost sharing of the employer cost of retirement in future negotiations. All such employee contributions toward employer cost of retirement will be made on a pre -tax basis in accordance with Section 414(h) (2) of the Internal Revenue Code. The contributions shall not be credited to the employee account at CaiPERS and shall not be reimbursed to the contributor by the City at any time for any reason. June 22, 2011- City Page 4 single highest year in accordance with Government Code Section 22042. addition to the established employer contribution, and the employee will contribute the goveming such contributions.