55A - RESO - PMA MOU - Laserfiche WebLink

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Payment of 2.7% at 55 Service Retirement Benefit. Classic Miscellaneous employees covered by this MOU shall pay eight percent (8%) of CalPERS reportable compensation toward the employer cost of the 2.7% at 55 enhanced retirement formula. This payment shall be implemented as cost -sharing pursuant to Government Code section 20516(f). Pre -Taxable Benefit. To the extent permitted by CalPERS and Internal Revenue Service regulations, this eight percent (8%) employee contribution shall be implemented through payroll deductions on a pre-tax basis. 2% at 62 Retirement Benefit for New Miscellaneous Members. The City agrees to provide Miscellaneous employees covered by this MOU who are defined as New Members under PEPRA, with the 2% at 62 Service Retirement benefit. The California Public Employees' Pension Reform Act (PEPRA) went into effect on January 1, 2013. The parties agree that if there is any other clean up or other retirement legislation which goes into effect during this MOU and if there are provisions of that legislation which, by law, automatically goes into effect, either party may request to negotiate over the legislation, including over the impact. Final compensation for New Miscellaneous Members will be based on the highest annual average compensation eamable during a period of at least thirty-six (36) consecutive months preceding the effective date of his or her retirement per Government Code Section 7522.32. Effective July 1, 2013, employees covered under the 2% at 62 retirement formula for - Miscellaneous shall pay one half of the normal cost rate, as established by CalPERS. 14.6 3% at 50 Service Retirement Benefit for Classic Safety Members. The City agrees to continue to provide Classic Safety employees covered by this MOU who are defined as Classic Members under the California Public Employees' Pension Reform Act (PEPRA) with the 3% at 50 Service Retirement benefit. Payment of 3% at 50 Service Retirement Benefit. Effective January 1, 2018, Classic Safety employees covered by this MOU shall pay twelve percent (12%) of CalPERS reportable compensation toward the employer cost of the 3% at 50 enhanced retirement formula. This payment shall be implemented as cost -sharing pursuant to Government Code Section 20516(f). Pre -Taxable Benefit. To the extent permitted by CalPERS and Internal Revenue Service regulations this twelve -percent (12%) employee contribution shall be implemented through payroll deduction on a pre-tax basis. 2.7% (cry, 57 Retirement Benefit for New Safety Members. The City agrees to provide Safety 40 55A-50