Agmt11 Redwood City Police Sergents Association (PSA)

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I TENTATIVE AGREEMENT BETWEEN THE CITY OF REDWOOD CITY AND REDWOOD CITY POLICE SERGEANTS ASSOCIATION (PSA) The "Preamble of the MOU shall be amended as follows: This Memorandum of Understanding (hereinafter MOU) is entered into pursuant to the provisions of Section 3500 et. seq. of the Government Code of the State of California. The parties have met and conferred in good faith regarding wages, hours and other terms and conditions of employment for the employees in said representation unit, and have freely exchanged information, opinions and proposals and have reached agreement on all matters relating to the employment conditions and employer-employee relations of such employees. This MOU shall be presented to the City Council of the City of Redwood City as the joint recommendation of the undersigned parties for salary and employee benefit adjustments for the period commencing September 1, 2�9962011, and ending August 31, 2015�9. New Section 19.6 EIP Exit Incentive Plan (EIP): An employee who retires with a Service' Retirement from the City before June 30, 2015, will be eligible to receive a payment under the City's EIP, equivalent to the cost of purchasing one year of additional service credit from CaIPERS. Such payment will be made by the City into an account for the retiree within the City Council approved tax deferred IRC Section 401(a) Plan. I EIP's are only offered to those who retire on a service retirement. If an employee has a pe�iFlg disability retirement application pending with CaIPERS at the time of service retirement, the employee is not eligible for the EIP but remains eligible for the industrial disability retirement. An employee who elects to participate must notify the City in writing between July 1 and August 30 and retire in the same fiscal year. Participation eligibility shall be limited to three people per fiscal year, based on seniority in the unit. The details of that Plan are set forth in the Plan Document dated January 1, 2004. The City may amend said Plan from time to time to conform to law and provide for the general administration of the Plan. The employee will sign a release agreement stating they agree with these terms and conditions of the EIP before receiving the benefit. June 3, 2011 — City Page 2