AgdaPkt 2014-01-13 Interview, Closed and Regular

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7.2.D. - Page 39 Tier 1: For employees hired before - : - . - - -- - _ _ contract with Calf ERS to establish a second tier for pcnsionOctober 24, 2011, the City shall provide the Local Miscellaneous Members Section 21354.5 two and seven- tenths percent (2.7 %) at age fifty -five (55) retirement formula, and the Public Safety members Section 21362.2 three percent (3 %) at age fifty (50) retirement formula. Final compensation is calculated based on the single highest year in accordance with Government Code Section 20042. For employees hired before the date of the 2011 amendment of thc City's contract with CAPERS-te establish a second tier for pension, the City shall contribute on behalf of Executive Management members, in addition to the established employer contribution, thc scvcn percent (7 %) mcmbcr contribution to the retirement plan, and the employee members or two percent (2 %) mcmbcr contribution for safety members. The scvcn percent (7 %) contribution shall be added to the eligible compensation for establishing special compensation under Section 20636(C)('I) in accorda - • - - - - - regulations governing such contributions. Tier 2: - Retirement benefits for employees hired on or after the date of thc 2011 or after October 24, 2011, and do not meet the definition of "new member" as set forth in Government Code Section 7522.02(f). shall be those established by the Public Employees' Retirement System (PERS) for Local Miscellaneous Members two percent (2 %) at sixty (60) formula retirement plan in accordance with Government Code Section 21353, and for Safety Members three percent (3 %) at Age Fifty -Five (55) formula retirement plan in accordance with Government Code Section 21363.1. Final compensation is calculated based on the average of three years of employment in accordance with Government Code Section 20037. Tier 3: - For employees hired on or after January 1, 2013 and who meet the definition of "new member" as set forth in Government Code Section 7522.02(f) the City will provide the CaIPERS two percent (2 %) at acie sixty -two (62) formula retirement plan for Local Miscellaneous Members, and two and seven - tenths percent (17 %) at age fifty - five (55) formula retirement plan for Local Safety members in accordance with Government Code Section 7522.20. Final compensation is calculated based on the average of three years of employment, in accordance with Government Code Section 7522.32. The employee shall pay the rate prescribed by the Public Employees' Retirement System for em.lo er contributions to the Public Em.lo ees' Retirement S stem in accordance with the rules and re•ulations .overnin• such em .lo er contributions which consists of one -half of the total normal costs for pension. New members shall be subject to the 15