SANTA ANA FIRE MANAGEMENT ASSOCIATION (FMA)

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adjustment amount equal to the highest such amount granted other represented employees of the City. 13.4 2% at 55 for CalPERS "Miscellaneous" Members. CalPERS designated "miscellaneous" employees represented by the Association shall be covered by the 2% at 55 retirement benefit. Prior to this Agreement, employees designated as CalPERS "miscellaneous" were required to contribute one percent (1%) of their salary towards the 21 at 55 retirement benefit by taking a deduction in pay of two (2) salary rate ranges. The City and Association agree to eliminate the one percent (1%) pay deduction towards the 2% at 55 retirement benefit. 13.5 3 % at 50 Service Retirement Benefit for CalPERS "Safety" Members. The City agrees to amend its contract with CalPERS to provide "safety" employees represented by this bargaining unit with the new 30-o at 50 Service Retirement benefit effective July 1, 2001. 13.6 Payment of New 3% at 50 Service Retirement Benefit, The City has received an actuarial valuation dated March 3, 2000 from CalPERS informing the parties that a cost analysis to amend the City' s contrast to provide this benefit to current employees will increase the City's normal cost by 1.864% of its total yearly "safety" payroll for this unit. In order to provide this benefit to its current"safety" members, the City and Association agree that eligible employees will pay 50% of the total additional normal cost to provide this benefit, not to exceed .93%. 13.7 Yearly Actuarial Valuation Fluctuations. CalPERS provides the City with a yearly actuarial valuation informing it of its new employer contribution rate to be in effect July lst of each year. The City and Association agree that current excess assets have reduced the City's current employer contribution rate for its "safety" plans to 0 %, and that the City's employer contribution rate will fluctuate from year to year based on the investment returns earned by the retirement system. The City agrees that current eligible "safety" employees paying to receive this benefit should also benefit from this yearly fluctuation In -the City's annual actuarial valuation. As such, current eligible "safety" employees will contribute 50% of any yearly City employer contribution rate to a maximum of .930-.. The City will notify the Association of the eligible employees' required yearly contribution rate prior to July 1st of each year. 13.8 CalPERS Third Level 1959 Survivor Benefits. Effective January 1, 1995, the City will provide Ca1PERS third level of 1959 Survivors' Benefits to all eligible employees in the unit.