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TENTATIVE AGREEMENT BETWEEN 7.1.A. - Page 60 <br /> REDWOOD CITY AND <br /> SERVICE EMPLOYEES INTERNATIONAL UNION LOCAL 521 <br /> RE: SUCCESSOR MOU <br /> 23-523.4 Each worker hired on or after the establishment of a second pension tier (2% at 60) will pay <br /> the worker's seven percent (7%) contribution to the Public Employees' Retirement System in <br /> ■L_ <br /> 24623.5 The City shall maintain the implementation of the provisions of 414(h)(2) for the term of <br /> this M.O.U., so long as those provisions of (414(h)(2)) remain substantially the same, and so long <br /> as there is no additional cost the employer for this 414(h)(2) participation. In the event of such <br /> additional cost to the employer, the parties will meet and confer regarding alternative provisions. <br /> 23.7 The Fire Prevention Officer classification, which was included in the City's PERS Miscellaneous <br /> Members Retirement Plan, became a member of the City's PERS Fire Safety Members Retirement <br /> Plan effective May 6, 2002. <br /> • • !! • • • - -• '.• e ' • • .• • • • •- E ••.••••-• a •- <br /> contract with CaIPERS will be eligible for PERS Fire Safety Members Retirement formula three <br /> as •• Q •- 9 ' . r -• '.. i . •' - . - • • a <br /> amendment of the City's contract with CaIPERS will be eligible for the PERS Fire Safety Members <br /> Retirement formula of three percent (3%) at age fifty five (55). <br /> w ■- • •• .• • • e • e..•- •- ••- .'•• .•..-• <br /> PERS retirement benefit as authorized by Section 20021.2 of the Gobcrnmcnt code, For-Fire <br /> Prevention Officers hired on or after the date of the 2011 amendment of the City's contract with <br /> CaIPERS, the PERS retirement benefit will be calculated aced on the last three years of <br /> compensation as authorized by Section 20037 of the Government Code. <br /> 23.8 Employee Contribution to Employer Share of Pension <br /> Effective the first full pay period beginning on or after February 1, 2012, each worker will pay two <br /> -• 0, . . •- '••. . :• .. 'on for pension, in accordance with California <br /> Government Code Section 20516(f). <br /> Effective the first full pay period beginning on or after February 1, 2013, each worker will pay an <br /> '.. .•- . .• .• • •. • 10 . • .. • • •0 <br /> the employer contribution for pension, in accordance with California Government Code Section <br /> 20516(f). This contribution of 3.8% ends the pay period including January 31, 2011. SEE <br /> ADDITIONAL COST SHARE PROVISION ABOVE. <br /> Page 14 of 20 <br />