Agmt11 Redwood City Management Employees Association (RCMEA)

Browse Search

TENTATIVE AGREEMENT BETWEEN THE CITY OF REDWOOD CITY AND REDWOOD CITY MANAGEMENT EMPLOYEES ASSOCIATION ARTICLE 15 RETIREMENT 15.1 Tier 1. Effective Julv 10 2006 the Citv shall provide the Local Miscellaneous Members Section 21354.5 lwo and seven-tenths oercent (2.7%) at aqe fiftv-five (55) retirement formula for emplovees hired before the date of amendment of the Citv's contract with CaIPERS to establish a second tier for aension. Final compensation is calculated based on the sinctle hiqhest vear in accordance with Government Code Section 22042. For emalovees hired before the date of the amendment of the Citv's contract with CaIPERS to establish a second tier for pension, the Citv shall contribute on behalf of emolovees the seven percent (7%) member contribution to the retirement olan in addition to the established emplover contribution, and the emqlovee will contribute the additional one percent (1%) member contribution. The seven percent (7%) contribution � shall be added to the eliqible compensation for establishinct special compensation under the CaIPERS rules Section 20636 (C) (4) in accordance with the rules and reaulations qovernina such contributions. The Citv shall pav the rate orescribed bv the Public Emolovees' Retirement Svstem for emplover contributions to the Public Emplovees' Retirement Svstem in accordance with the rules and requlations qoverninq such emplover contributions. In accordance with Section 20516(f) of the Government Code: Effective the first full pav period beqinninq on or after Jan�arv 1, 2012, each unit member shall pav two and one half percent (2.5%) toward the emplover cost of retirement. Effective the first full pav period bepinninq on or after Januarv 1. 2013, each unit member shall pav an additional two and one half percent (2.5%) for a total of five percent (5%) toward the emplover cost of retirement. The five oercent (5%) emalovee cost sharina of the' emqlover cost of retirement identified above shall continue throuqh the final full qav period in Seotember 2013. The C_ity and RCMEA shall discuss the oossible continuation of the emplovee cost sharinq of the emolover cost of retirement in future neqotiations. All such emplovee contributions toward emolover cost of retirement will be made on a pre-tax basis in accordance with Section 414(h) (21 of the Internal Revenue Code. The contributions shall not be credited to the em�lovee account at CaIPERS and shall not be reimbursed to the contributor bv the Citv at anV time for anv reason. June 22, 2011- City Page 4