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ATTACHMFNT I <br /> 7.1.A. - Page 12 <br /> TENTATIVE AGREEMENT BETWEEN <br /> REDWOOD CITY AND <br /> CHIEF OFFICERS' ASSOCIATION (COA) <br /> RE: SUCCESSOR MOU <br /> 13.3 Retirement benefits for COA unit members hired prior to the 2011 amendment of the <br /> City's amendment of its contract with CaIPERS shall be one (1) year highest <br /> - . - • ---- - -- t <br /> . <br /> 13.3 Tier Three: For em-playeesCOA unit members hired on or after January 1, 2013 and who <br /> fit the definition of"new member" as set forth in Government Code Section 7522.02(f) <br /> the City will provide the CaIPERS two and seven-tenths percent (2.7%) at age fifty seven <br /> (57) formula retirement plan in accordance with Government Code Section 7522.25,. <br /> based on the average of three years of employment, in accordance with Government <br /> Code Section 7522.32. <br /> The employee shall pay the rate prescribed by the Public Employees' Retirement System <br /> for employee contributions to the Public Employees' Retirement System in accordance <br /> with the rules and regulations governing such employee contributions, which consists of <br /> one-half of the total normal costs for pension, in addition to the cost share amounts as <br /> listed in Article 13.4. New members shall be subject to the provisions of the Public <br /> Employee Pension Reform Act (PEPRA), including provisions governing reportable <br /> compensation. <br /> 13.4 In accordance with Section 20516(f)of the Government Code: <br /> Effective the first full pay period beginning on or after January 1, 2.0-12, eaeh unit <br /> member shall pay two and one half percent (2.5%) toward the employer cost of <br /> retirement. <br /> Effective the first full pay period beginning on or after January 1, 2013, each unit <br /> member shall pay an additional two and one half percent (2.5%) for a tetal-ef five percent <br /> (5%)toward the employer cost of retirement. <br /> The five percent(5%) employee cost sharing of the employer cost of retirement identified <br /> above shall continue through the final full pay period in September 2013. The City and <br /> the COA shall discuss the possible continuation of the employee cost sharing of the <br /> employer cost of retirement in future negotiations.SEE ADDITIONAL COST SHARING <br /> LANGUAGE ABOVE. <br /> All such employee contributions toward employer cost of retirement will be made on a <br /> pre-tax basis in accordance with Section 414(h)(2) of the Internal Revenue Code. The <br /> contributions shall not be credited to the employee account at CaIPERS and shall not be <br /> reimbursed to the contributor by the City at any time for any reason. <br /> 13.5 Exit Incentive Plan —DELETE SECTION <br /> Page 8 of 22 <br />