Agmt11 Redwood City Management Employees Association (RCMEA)

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TENTATIVE AGREEMENT BETWEEN THE CITY OF REDWOOD CITY AND REDWOOD CITY MANAGEMENT EMPLOYEES ASSOCIATION 15.2 Tier 2 For emplovees hired on or after the date of amendment of the Citv's contract with CaIPERS to establish a second tier for aension, the Citv will provide the CaIPERS two percent (2%) at aae sixtv (60) formula retirement plan in accordance with Government Code Section 21353, based on the averaae of three vears of emplovment in accordance with Government Code Section 20037. For emqlovees hired on or after 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 emplovees the seven oercent (7%1 member contribution to the retirement plan in addition to the established emolover contribution. The seven qercent (7%) contribution shall be added to the eli4ible compensation for establishinq special compensation under the CaIPERS rules Section 20636 (Cl (4) in accordance with the rules and reaulations aoverninq such contributions. The Citv shall qav the rate prescribed bv the Public Emolovees' Retirement Svstem for emqlover contributions to the Public Emplovees' Retirement Svstem in accordance with the rules and reaulations aoverninq such emplover contributions. In accordance with Section 20516(� of the Government Code: Effective the first full pav period bepinninq on or after Januarv 1, 2012, each unit member shall aav two and one half percent (2.5%1 toward the emqlover cost of retirement. Effective the first full pav period beqinninq on or after Januarv 1, 2013, each unit member shall pav an additional two and one half percent (2.5%1 for a total of five percent (5%) toward the emplover cost of retirement. The five qercent (5%) emplovee cost sharinct of the emalover cost of retirement identified above shall continue throuqh the final full pav period in Seatember 2013. The Citv and RCMEA shall discuss the qossible continuation of the emplovee cost sharinq of the emqlover cost of retirement in future neaotiations. All such emolovee contributions toward emplover 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 emqlovee account at CaIPERS and shall not be reimbursed to the contributor bv the Citv at anv time for anv reason. 0 0 June 22, 2011- City Page 5