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TENTATIVE AGREEMENT BETWEEN THE CITY OF REDWOOD CITY <br /> AND REDWOOD CITY POLICE SERGEANTS ASSOCIATION (PSA) <br /> SECTION 79. RETIREMENT ' <br /> 19.1 Retirement Plan <br /> Retirement benefits for employees:'shall be those established by the Public Employees' <br /> Retirement System (PERS) for Local Safety Members Three Percent (3%) at Age Fifty (50) <br /> Formula. <br /> Retirement benefits for emalovees hired on or after the date of the Citv's amendment of its <br /> I contract with CaIPERS will be those established bv CaIPERS for Local Safetv Members. <br /> Three Percent (3%) at Aae Fiftv-Five (55) Formula. <br /> 19.2 Ootional Provisions Added <br /> Optional Public Agency Provisions under the Public Employees' Retirement System shall <br /> also be provided as follows: ' <br /> li <br /> 1. ' . <br /> . The fourth level of <br /> Survivor Benefits as authorized bv Section 21574 of the Government Code. <br /> 2. Effective March 16, 1989, retirement benefits for emolovees hired before the date of <br /> the Citv's amendment of its�contract with CaIPERS shall be one (1) year highest <br /> compensation as authorized tiy Section 20024.2 of the Government Code. <br /> Retirement benefits for emolovees hired on or after the date of the Citv's amendment <br /> of its contract with CaIPERS will be calculated based on the averaae of three vears of <br /> comaensation as authorized bv Section 20037 of the Government Code. <br /> At such time as an agreement is adopted with the Police Officers Association regarding <br /> pension improvements, members of the Police Sergeants Association shall, in the same <br /> manner, receive these improvements. <br /> � <br /> June 3, 2011.— City <br /> Page 9 ! <br />