Laserfiche WebLink
event that the City receives a ruling on or after July 1 2009 from the <br />Internal Revenue Service thot such payments are ordinary income of~~iL~'it A <br />employees instead of deferred compensation, the City's obligation to make <br />such payments shall discontinue, and in place thereof, the base salary of each <br />said employee shall forthwith be increased by <br />~-6P sixteen (16) salary rate ranges (approximately 89'0), after January 1, <br />2009. <br />For the purpose of reporting an employee's compensation to CaIPERS, the City <br />shall include these payments ns if they were a part of the employee's base <br />salary. <br />12.3 2.790 at 55 Service Retirement Benefit for Miscellaneous Members. <br />Effective January 1, 2009, the City agrees to amend its retirement contract <br />with Ca1PER5 to provide Miscellaneous employees covered by this Agreement <br />with the 2.79:0 at 55 Service Retirement benefit. Pursuant to CaIPERS <br />regulations, this new formula will apply to employees that are in active status <br />on the dote this amendment takes effect. This new formula will apply to each <br />year of eligible service credited with the City of Santa Ana. <br />Pmrment of New 2.79:a at 55 Service Retirement Benefit. Effective July 1, <br />2009, Miscellaneous employees covered by this Agreement agree to pay 6.39:0 <br />of CaIPERS reportable compensation toward the cost of the 2.79'o at 55 <br />enhanced retirement formula as set forth in Article IV, Section 4.3J. <br />Pre-Taxable Benefit. To the extent permitted by CaIPERS and Internal <br />Revenue Service regulations, the City shall make the above employee deduction <br />as a pre-tax contribution. <br />AMENDED ARTICLE XXVIII <br />28.1 The term of this Agreement shall be from July 1, 20048 through June 30, <br />208810. <br />250-5 <br />