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2022-2025 MOU City of Santa Ana & SEIU Full-Time Employees Unit Page 65 <br />ARTICLE XII <br />12.0 RETIREMENT BENEFITS <br />12.1 CalPERS Retirement Plans <br />A. The terms of the existing miscellaneous plan contract between the City and <br />CalPERS govern retirement benefits for employees are incorporated by reference <br />herein. <br />B. The California Public Employees’ Pension Reform Act (PEPRA) went into effect on <br />January 1, 2013. Based on consideration of various eligibility factors, PEPRA <br />defines each employee as either a “classic” or “new” member of CalPERS. <br />1. “Classic” Members <br />An employee who qualifies as a “classic” member receives a retirement benefit <br />formula of 2.7% @ 55, with no social security coverage. <br />The final average compensation period for a “classic” member is the single <br />highest consecutive twelve (12) months (Government Code §20042). <br />2. “New” Members <br />An employee defined as a “new” member (Government Code §7522.20a) <br />receives a retirement benefit formula of 2% @ 62. <br />The final average compensation period for a “new” member is the highest <br />average compensation earned during any consecutive thirty-six (36) month <br />period (Government Code §7522.32a). <br />12.2 Contributions <br />The City shall continue to make contributions to CalPERS on behalf of each individual <br />employee as follows: <br />A. City Contributions <br />1. “Classic” Members <br />The City shall continue to pay each employee’s member contribution and report <br />it to CalPERS as compensation earnable [Government Code §20636(C)(4)]. <br />This contribution is known as the Employer Paid Member Contribution <br />(EPMC), which is equal to eight percent (8.0%) of compensation earnable.