2007-040 - Amend Resolution No. 82-110

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Section 2. Subsection N. Parkinq shall be replaced with a new Subsection "N "which shall read as follows: "N. 2.7% at 55 Retirement Benefit for CalPERS Miscellaneous Members. Effective January 1,2009, the City shall amend its retirement contract with CalPERS to provide miscellaneous employees with the 2.7% at 55 retirement benefit. Pursuant to CalPERS regulations, this new formula will apply to employees that are in active status on the date this amendment takes effect. This new formula will apply to each year of eligible service credited with the City of Santa Ana. Effective July 1, 2007, CalPERS miscellaneous employees shall contribute two percent (2%) of their salary toward the 2.7% at 55 retirement benefit. To the extent permitted by CalPERS and Internal Revenue Service regulations, this additional 2% contribution shall be implemented through payroll deduction on a pre-tax basis. Effective July 1, 2008, CalPERS miscellaneous employees shall contribute an additional two percent (2%) of their salary, for a total of four percent (4%), toward the 2.7% at 55 retirement benefit. To the extent permitted by CalPERS and Internal Revenue Service regulations, this additional 2% contribution shall be implemented through payroll deduction on a pre-tax basis. Effective July 1, 2009, CalPERS miscellaneous employees shall contribute an additional two and three tenths percent (2.3%) of their salary, for a total of six and three tenths percent (6.3%), toward the 2.7% at 55 retirement benefit. To the extent permitted by CalPERS and Internal Revenue Service regulations, this additional 2.3% contribution shall be implemented through payroll deduction on a pre-tax basis." Section 3: That except as amended by this Resolution, all other provisions of Resolution No. 82-110, as amended, shall remain in full force and effect. Section 4: That this Resolution shall be operative, unless specified otherwise above, from and after July 1, 2007. ADOPTED this 7th day of May. 2007.