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7.2.D. - Page 17 <br /> V. RETIREMENT <br /> Public Employees' Retirement System (PERS) - <br /> Tier 1: For employees hired before October 24, 2011, the City shall provide the Local <br /> Miscellaneous Members Section 21354.5 two and seven - tenths percent (2.7 %) at age <br /> fifty -five (55) retirement formula, and the Public Safety members Section 21362.2 three <br /> percent (3 %) at age fifty (50) retirement formula. Final compensation is calculated <br /> based on the single highest year in accordance with Government Code Section 20042. <br /> Tier 2: - Retirement benefits for employees hired on or after October 24, 2011, and do <br /> not meet the definition of "new member" as set forth in Government Code Section <br /> 7522.02(f), shall be those established by the Public Employees' Retirement System <br /> (PERS) for Local Miscellaneous Members two percent (2 %) at sixty (60) formula <br /> retirement plan in accordance with Government Code Section 21353, and for Safety <br /> Members three percent (3 %) at Age Fifty -Five (55) formula retirement plan in <br /> accordance with Government Code Section 21363.1. Final compensation is calculated <br /> based on the average of three years of employment in accordance with Government <br /> Code Section 20037. <br /> Tier 3: - For employees hired on or after January 1, 2013 and who meet the definition <br /> of "new member" as set forth in Government Code Section 7522.02(f) the City will <br /> provide the CaIPERS two percent (2 %) at age sixty -two (62) formula retirement plan for <br /> Local Miscellaneous Members, and two and seven - tenths percent (2.7 %) at age fifty - <br /> five (55) formula retirement plan for Local Safety members in accordance with <br /> Government Code Section 7522.20. Final compensation is calculated based on the <br /> average of three years of employment, in accordance with Government Code Section <br /> 7522.32. <br /> The employee shall pay the rate prescribed by the Public Employees' Retirement System <br /> for employer contributions to the Public Employees' Retirement System in accordance <br /> with the rules and regulations governing such employer contributions, which consists of <br /> one -half of the total normal costs for pension. New members shall be subject to the <br /> provisions of the Public Employee Pension Reform Act (PEPRA), including provisions <br /> governing reportable compensation. <br /> Employer -Paid Member Contribution <br /> The following provisions apply to employees in Tier 1 and Tier 2 retirement formula <br /> plans: <br /> The City shall contribute on behalf of Executive Management members, seven percent <br /> (7 %) of the member contribution to the retirement plan until Council resolution as soon <br /> as administratively feasible in early 2014 to reduce and eliminate the employer -paid <br /> member contribution (EPMC). The seven percent (7 %) contribution shall be added to <br /> 13 <br />