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<br />15.5 Payment of 3% at 50 Service Retirement Benefit. The <br />actual cost for the benefit shall be determined upon <br />receipt of the annual actuarial valuation setting forth <br />employer rates for the 2001-02 fiscal year and every <br />subsequent year thereafter. In order to provide this <br />benefit to its current safety members, the City and <br />Association agree that eligible employees will pay 50% of <br />the total additional normal cost to provide this benefit, <br />not to exceed .93% of safety payroll. <br /> <br />15.6 15.6 Yearly Actuarial Valuation Fluctuations. CalPERS <br />provides the City with a yearly actuarial valuation <br />informing it of its new employer contribution rate to be <br /> <br />in effect July 1st of each year. The City and Association <br />agree that the City's employer contribution rate will <br />fluctuate from year to year based on the investment <br />returns earned by the retirement system. The City agrees <br />that current eligible safety employees paying to receive <br />this benefit should also benefit from this yearly <br />fluctuation in the City's annual actuarial valuation. As <br />such, current eligible Safety employees will contribute <br />50% of any yearly City employer contribution rate to a <br />maximum of .93% during the term of this Agreement. <br /> <br />15.7 CalPERS Pre-Retirement Optional Settlement 2 Death <br />Benefit. Effective July 5, 2000, the City will provide the <br />CalPERS Pre-Retirement Optional Settlement 2 Death Benefit <br />to all eligible employees in this bargaining unit. <br /> <br />15.8 Uniform Reporting Allowance. The CalPERS reporting <br />allowance shall be $20 per month per eligible member. <br /> <br />15.9 CalPERS Fourth Level of 1959 Survivors Benefits. Effective <br />December 7, 2002, the City will provide CalPERS fourth <br />level of 1959 Survivor Benefits to all eligible employees <br />in this bargaining unit. <br /> <br />15.10 Retirement Reopener. If, during the term of this Agreement, <br />CalPERS adopts a new retirement formula or modifies an <br />existing formula for either safety or miscellaneous <br />members, the City and Association agree to reopen this <br />provision of the Agreement. Additionally, the City and <br />Association agree to discuss the feasibility of and costs <br />associated with converting civilian paramedic service time <br />from a 2% at 55 formula to 3% at 50 formula. <br /> <br />70 <br />