Item 22 - Resolution Amending the City's Basic Classification and Compensation Plan

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5 | Page management vacation, bereavement leave, military leave, jury duty, witness leave, catastrophic, and industrial/workers compensation leave. Section 7. Retirement Plan Contributions. A. The terms of the existing contract between the City and California Public Employees’ Retirement System (CalPERS) governing the City retirement benefits of Unrepresented Confidential Management employees covered by this Resolution are incorporated by reference herein. The City will make contributions to CalPERS in accordance with its contract with CalPERS for employees covered by said contract as amended. B. The California Public Employees’ Pension Reform Act (PEPRA) went into effect on January 1, 2013. Based on consideration of various eligibility factors, PEPRA defines each employee as either a “classic” or “new” member of CalPERS. C. 2.7% at 55 Service Retirement Benefit for Classic Miscellaneous Members. The City agrees to provide CMM and CAM employees covered by this Resolution, and who are defined as Classic Miscellaneous Members under the California Public Employees’ Pension Reform Act (PEPRA) of 2013 (AB340), with the 2.7% at 55 Service Retirement benefit. D. Payment of 2.7% at 55 Service Retirement Benefit. Classic Miscellaneous CMM and CAM employees covered by this Resolution will contribute eight percent (8%) of CalPERS reportable compensation toward the employer cost of the 2.7% at 55 enhanced retirement formula. This payment will be implemented as cost-sharing pursuant to Government Code Section 20516(f). 1. Pre-Taxable Benefit. To the extent permitted by CalPERS and Internal Revenue Service regulations, this eight percent (8%) employee contribution will be implemented through payroll deductions on a pre-tax basis. E. 2.0% at 62 Service Retirement Benefit for New Miscellaneous Members. The City agrees to provide CMM and CAM employees covered by this Resolution who were appointed to their classification on or after January 1, 2013, and who are defined as new members under the California Public Employees’ Pension Reform Act (PEPRA) of 2013 (AB340), with the 2.0% at 62 Service Retirement benefit. F. Payment of 2.0% at 62 Service Retirement Benefit. CMM and CAM employees defined in 7.E. (above) will contribute at least 50% of normal cost of the 2.0% at 62 retirement benefit. 1. Pre-Taxable Benefit. To the extent permitted by CalPERS and Internal Revenue Service regulations, the City will make the above employee deductions pre-tax contributions.