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7.1.A. - Page 59 TENTATIVE AGREEMENT BETWEEN <br /> REDWOOD CITY AND <br /> SERVICE EMPLOYEES INTERNATIONAL UNION LOCAL 521 <br /> RE: SUCCESSOR MOU <br /> CaIPERS, the City has contracted with PERS to provide the one (1) year highest compensation <br /> PERS retirement benefit. <br /> 234 Effective with the PERS contract amendment to provide the Local Miscellaneous Members <br /> two and seven-tenths (2.7%) at age fifty-five (55) retirement formula on July 10, 2006, each worker <br /> hired before the establishment of a second pension tier (2% at 60) will pay the worker's eight <br /> percent (8%) contribution to the Public Employees' Retirement System in accordance with the rules <br /> and regulations governing such contributions. <br /> 23.2 Tier 2: For workers hired on or after the date of the 2011 amendment of the City's contract with <br /> CaIPERS, retirement benefits shall be those established by the Public Employees' Retirement <br /> System (PERS) for Local Miscellaneous Members Two Percent (2%) at Sixty (60) Formula. <br /> - •• I a •• . , ' . • <br /> contracted with PERS to provide the one (1) year highest compensation PERS re-tirement benefit, <br /> For workers hired on or after the date of the 2011 amendment of the City's contract with CaIPERS, <br /> the PERS retirement benefit will be calculated based on the last three years of compensation. <br /> Each worker hired on or after the establishment of a second pension tier (2% at 60) will pay the <br /> worker's seven percent (7%) contribution to the Public Employees' Retirement System in <br /> accordance with the rules and regulations governing such contributions. <br /> 3 Tier 3 <br /> For employees hired on or after January 1, 2013 and who meet the definition of "new member" as <br /> set forth in Government Code Section 7522,02(f) the City will provide the CaIPERS two percent <br /> (2%) at age sixty-two (62) formula retirement plan in accordance with Government Code Section <br /> 7522.20, based on the average of three years of employment, in accordance with Government <br /> Code Section 7522.32. <br /> Employees shall pay the rate prescribed by the Public Employees' Retirement System for member <br /> contributions to the Public Employees' Retirement System in accordance with the rules and <br /> regulations governing such member contributions, which consists of one-half of the total normal <br /> costs for pension in addition to any cost-share requirement. New members shall be subject to the <br /> provisions of the Public Employee Pension Reform Act (PEPRA), including provisions governing <br /> reportable compensation. <br /> 23,4g The City shall pay the rate prescribed by the Public Employees' Retirement System for employer <br /> contributions to the Public Employees' Retirement System in accordance with the rules and <br /> regulations governing such employer contributions. SEE COST SHARING PROVISION ABOVE. <br /> Page 13 of 20 <br />