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CalPERS designated "miscellaneous" employees represented by the Association shall be <br />covered by the 2% at 55 retirement benefit. Effective July 1, 1997, the City agreed to pay <br />2.266% of the cost providing CalPERS 2% at 55 retirement benefit to these employees. <br />Employees agreed to pay one percent (1%) of the total cost of 3.266% for the 2% at 55 <br />retirement benefit by authorizing a one percent (1%) deduction from their salary (two (2) <br />salary rate ranges) effective July 1, 1997. Effective November 1,2001, this one percent (1%) <br />deduction was eliminated. <br /> <br />13.3 <br /> <br />Pre-Retirement Optional Settlement 2 Death Benefit. As soon as practicable after the signing <br />of this Agreement, the City shall take whatever action is necessary to implement the <br />provisions of California Government Code Section 21548, to provide that Safety employees <br />of this bargaining unit will be eligible to receive the Pre-Retirement Optional Settlement 2 <br />Death Benefit in lieu of the lump sum Basic Death Benefit. This benefit is a monthly <br />allowance equal to the amount the member would have received if he/she had retired from <br />service on the date of death and elected Optional Settlement 2, the highest monthly <br />allowance a member can leave a spouse. <br /> <br />This benefit will cease upon remarriage. <br /> <br />13.4 <br /> <br />3% at 50 Service Retirement Benefit for Safety Members. The City agrees to amend its <br />contract with CalPERS to provide Safety employees represented by this bargaining unit with <br />the new 3% at 50 Service Retirement benefit, effective July 1,200 I. <br /> <br />Payment of New 3% at 50 Service Retirement Benefit. The actual cost for the benefit shall <br />be determined upon receipt of the annual actuarial valuation setting forth employer rates for <br />the 2001-02 fiscal year and every subsequent year thereafter. In order to provide this benefit <br />to its current safety members, the City and Association agree that eligible employees will pay <br />50% of the total additional normal cost to provide this benefit, not to exceed 1.42% of safety <br />payroll at such time as the City of Santa Ana incurs such cost. <br /> <br />Yearly Actuarial Valuation Fluctuations. CalPERS provides the City with a yearly actuarial <br />valuation informing it of its new employer contribution rate to be in effect July 1st of each <br />year. The City and Association agree that current excess assets have reduced the City's <br />current employer contribution rate for its Safety Plans to 0% and that the City's employer <br />contribution rate will fluctuate from year to year based on the investment returns earned by <br />the retirement system. The City agrees that current eligible safety employees paying to <br />receive this benefit should also benefit fi'om this yearly fluctuation in the City's annual <br />actuarial valuation. As such, current eligible Safety employees will contribute 50% of any <br />yearly City employer contribution rate to a maximum of 1.42%. For example, if in year two, <br />the City's employer contribution rate is 2.5%, then employees covered by this Agreement <br />will pay 1.25%. However, if the City's rate increases to 3.50% in the subsequent year, the <br />employees covered by this Agreement will pay 1.42%. <br /> <br />33 <br /> <br /> <br />