Laserfiche WebLink
<br /> <br />reference herein. The City will make contributions to CalPERS in accordance with its <br />contract with CalPERS for employees covered by said contract as amended. <br /> <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 CalPERS. <br /> <br />C. 2.7% at 55 Service Retirement Benefit for Classic Miscellaneous Members. The <br />City agrees to provide Executive Management (EM) employees covered by this <br />Resolution, and who are defined as Classic Miscellaneous Members under the California <br />Public Employees’ Pension Reform Act (PEPRA) of 2013 (AB340), with the 2.7% at 55 <br />Service Retirement benefit. <br /> <br />D. Payment of 2.7% at 55 Service Retirement Benefit. Classic Miscellaneous <br />Executive Management (EM) employees covered by this Resolution will contribute eight <br />percent (8%) of CalPERS reportable compensation toward the employer cost of the 2.7% <br />at 55 enhanced retirement formula. This payment will be implemented as cost-sharing <br />pursuant to Government Code Section 20516(f). <br /> <br /> 1. Pre-Taxable Benefit. To the extent permitted by CalPERS 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 /> <br />E. 2.0% at 62 Service Retirement Benefit for New Miscellaneous Members. The City <br />agrees to provide Executive Management (EM) employees covered by this Resolution <br />who were appointed to their classification on or after January 1, 2013, and who are <br />defined as new members under the California Public Employees’ Pension Reform Act <br />(PEPRA) of 2013 (AB340), with the 2.0% at 62 Service Retirement benefit. <br /> <br />F. Payment of 2.0% at 62 Service Retirement Benefit. Executive Management (EM) <br />employees defined in 6.E. (above) will contribute at least 50% of normal cost of the 2.0% <br />at 62 retirement benefit. <br /> <br /> 1. Pre-Taxable Benefit. To the extent permitted by CalPERS and Internal <br />Revenue Service regulations, the City will make the above employee deductions pre-tax <br />contributions. <br /> <br />G. 3% at 50 Service Retirement Benefit for Classic Safety Members. The City agrees <br />to provide Executive Management (EM) employees covered by this Resolution, and who <br />are defined as Classic Safety Members under the California Public Employees’ Pension <br />Reform Act (PEPRA) of 2013 (AB340), with the 3% at 50 Service Retirement benefit. <br /> <br />H. Payment of 3.0% at 50 Service Retirement Benefit. Classic Safety Executive <br />Management (EM) employees defined in 6.G. (above) will contribute nine percent (9%) <br />of CalPERS reportable compensation toward the employer cost of the 3.0% at 50 <br />enhanced retirement formula. This payment will be implemented as cost-sharing pursuant <br />to Government Code Section 20516(f). <br />