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Public Emolovees' Retirement Svstem IPERS1 - The City shall provide the Public <br />Employees' Retirement System 2% at 55 formula retirement plan to all Executive <br />Management employees in the miscellaneous employee categories. Retirement <br />allowance shall be based on the single highest year of employment. Retirement vesting <br />occurs with five years of service in PERS. <br />For the Public Safety employees, the City shall provide the 2% at 50 formula retirement <br />plan with the retirement allowance based on the employee's highest single year. <br />The City shall contribute on behalf of members of the Executive Management seven <br />percent (7 %) towards the employee's contribution to the Public Employees Retirement <br />System. The 7% contribution shall be added to the eligible compensation for <br />establishing special compensation under California Public Employees Retirement System <br />rules (PERS section 20023(c)(4). <br />Please refer to the appropriate Public Employees' Retirement booklet for details of the <br />2% at 55 or 2% at 50 formula retirement plan benefits. <br />PERS Military Leave Credit Option, — Members who are qualified may apply to PERS <br />for up to four- (4) year's military credit. The individual employee would be responsible <br />for payment of all the costs of this benefit except for the contractual option between <br />the City of Redwood City and the Public Employees Retirement System. <br />V. REIMBURSEMENTS /ALLOWANCES <br />a. Educational Exoense Reimbursement - Executive Management employees <br />shall be eligible for reimbursement of costs of tuition, registration fees, books and <br />supplies, and other educational expenses incurred in connection with enrollment <br />in and successful completion of courses of instruction related to the employee's <br />position with the City or a higher position with the City. <br />An Executive Management employee shall be eligible to receive reimbursement <br />not to exceed six hundred -fifty dollars ($650.00) per fiscal year, provided that the <br />courses of instruction require attendance at an accredited community college or <br />university, are part of a curriculum leading to a degree or given by an accredited <br />institution of learning, are approved in advance of enrollment by the Human <br />Resources Director, and the employee successfully completes such course <br />submitted for reimbursement with a grade of "C" or better. The Educational <br />Expense Reimbursement Program may be used for professional development <br />workshops or seminars. <br />11 <br />144V3 <br />1 4401 <br />