AgdaPkt 2011-07-11 - Laserfiche WebLink

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6.1.F. - Page 7 IVE AGREEMENT BETWEEN THE CITY OF REDWOOD CITY AND REDWOOD CITY MANAGEMENT EMPLOYEES ASSOCIATION 15.2 Tier 2 For employees hired on or after the date of amendment of the City's contract with CalPERS to establish a second tier for pension, the City will provide the CalPERS two percent (2 %) at age sixty (60) formula retirement plan in accordance with Government Code Section 21353, based on the average of three years of employment, in accordance with Government Code Section 20037. For employees hired on or after the date of the amendment of the City's contract with 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 Govemment 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 CalPERS and shall not be reimbursed to the contributor by the City at any time for any reason. June 22, 2011- City Page 5 shall be added to the eligible compensation for establishing special compensation under the CalPERS rules Section 20636 (C) (4) in accordance with the rules and regulations governing such contributions.