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Section 7. Retirement Plan Contributions. <br />A. The terms of the existing contract between the City and California Public <br />Employees' Retirement System (CaIPERS) governing the City retirement benefits of <br />UCE employees covered by this Resolution are incorporated by reference herein. The <br />City will make contributions to CaIPERS in accordance with its contract with CaIPERS <br />for employees covered by said contract as amended. <br />B. The California Public Employees' Pension Reform Act (PEPRA) went into effect <br />on January 1, 2013. Based on consideration of various eligibility factors, PEPRA defines <br />each employee as either a "classic" or "new" member of CaIPERS. <br />C. 2.7% at 55 Service Retirement Benefit for Classic Miscellaneous Members. The <br />City agrees to provide UCE employees covered by this Resolution, and who are defined <br />as Classic Miscellaneous Members under the California Public Employees' Pension <br />Reform Act (PEPRA) of 2013 (AB340), with the 2.7% at 55 Service Retirement benefit. <br />D. Payment of 2.7% at 55 Service Retirement Benefit. Classic Miscellaneous UCE <br />employees covered by this Resolution will contribute eight percent (8%) of CaIPERS <br />reportable compensation toward the employer cost of the 2.7% at 55 enhanced <br />retirement formula. This payment will be implemented as cost -sharing pursuant to <br />Government Code Section 20516(f). <br />1. Pre -Taxable Benefit. To the extent permitted by CaIPERS and Internal <br />Revenue Service regulations, this eight percent (8%) employee contribution will be <br />implemented through payroll deductions on a pre-tax basis. <br />E. 2.0% at 62 Service Retirement Benefit for New Miscellaneous Members. The <br />City agrees to provide UCE employees covered by this Resolution who were appointed <br />to their classification on or after January 1, 2013, and who are defined as new members <br />under the California Public Employees' Pension Reform Act (PEPRA) of 2013 (AB340), <br />with the 2.0% at 62 Service Retirement benefit. <br />F. Payment of 2.0% at 62 Service Retirement Benefit. UCE employees defined in <br />6.E. (above) will contribute at least 50% of normal cost of the 2.0% at 62 retirement <br />benefit. <br />1. Pre -Taxable Benefit. To the extent permitted by CaIPERS and Internal <br />Revenue Service regulations, the City will make the above employee deductions pre-tax <br />contributions. <br />K. Final Compensation for Pension Calculation. Final compensation for Classic <br />4 1 P a g e <br />