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6.4.A. - Page 12 <br /> Cal(fomla Publlc Employees' Ratlrement System <br /> Actuariat Qffice <br /> P.O. Box 1494 <br /> Sacramento, CA 95812-1494 <br /> �� ITY: (978) 795-3240 <br /> (��� (888) 225-7377 phone • (916) 795-2744 f�c <br /> www.calpers.ca.gov <br /> ]une 09, 2011 <br /> Employer Number. 0008 <br /> Employer Name: CiTY OF REDWOOD C1TY <br /> Rabe Pfan: MISCELLANEOUS PLAN <br /> Re: New 29�0 (� 6Q and 3°yr FAC Secand Tier for taat Miscellaneais Pfan members witfitn a Non-poofed Plan <br /> {Seriion 20475: Dtfferent Level of 8enefits Provided for New Employees) <br /> D�r Requ�t�nr: <br /> As reque�ed, emplo�yer contribution rate infortnatlon on }rour proposed second tler follows. <br /> ityou are aware of others interested in this Intom�ation (f.e. payroli staff, aounty wurt employees, <br /> port distrlctr, ebo.). Please inform them. <br /> The tnPormatlon is based on the June 30, 2009 annual vat�tlon. <br /> There wiq be no immedlabe employer aonMbutlon rate Impad from thi5 amendment Uitlmabely, howe�er, your <br /> empioyer normal oost will decrease. If ti�e mix of active member �try ages were the same for both the ar�t <br /> oontlnu(ng first tier �npioyees and tfie new second tier em�oyees, tne decrease In tf�e employer rate would be <br /> 3.8°�f,. <br /> The emptoyer rate reductlon wiif oaur gradually, beginning on �uly 1, Z013, If tf�ere are second tler employees hired <br /> on or befor�e June 30, 2011. For fiscal years 2013/2014 and beyond, tf�e pro�ecbed cumulative amourrt of rabe <br /> reductlon you can expect from introduGng a seoond tler Is equai bo ti�e ratlo of your second tler payroli to yourfiotai <br /> plan payrdt two and a haif years earqer. For example lf 1/10 of your Misoelianeous Ptan members were In seoond <br /> tier on )une 30, 2011 a� the u/dmate exp�d nama/ c� dea�as�e was 3.8'Yo, the amutative rabe redudion you <br /> can expest by the 2013/2014 fiscal year would be 1/10 x 3.896 = 0.38%. <br /> To ini�ate an amendment to the aontract, please complete the attached electlon form and mail or FAX (9i6) 795- <br /> 3005 the form wftfi a letter to the Contracts Niaintenanae UnR, lndqting your wi5h to contrad for Secdon 20475 <br /> (D'rfferent Level of Benetits) and ideMifying tf�e group(s) bo whld� tf�e ber�efit reducdon appnes. <br /> In sectlons 20463 (b) and (c), tf�e Califomia Pubpc Empioyee5' Retlrement Law requires ti�e goveming body oF a <br /> pul�ic agency within flve days of reaeipt of the tontract amendment wst anatys(s, bo provide each employee <br /> organizatlon wltl� a oopy of tfie analysls. If this oost analysls was requested by an employee organizat�n, the <br /> empioyee organtntlon is also required wrifiin ftve days of reoe(pt of tfie analysis, to provide a aopy of t�fie analysls to <br /> the pubUc agency. <br /> If yo�f have Quesdons, ptease caU (888) (;aIPERS (225-737�. <br /> . �Ph/ <br /> " f�-�,' G�--- <br /> „� ' navid nueois, �►, r�ann <br /> Senior Pension Actuary, Ca1PERS <br />