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<br />event that the City receives a ruling on or after July 1 2009 from the <br />Internal Revenue Service that such payments are ordinary income of the <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 fal:l..t-eeft (1~) salary ..ste "sAges <br />(7%), e.. sixteen (16) salary rate ranges (approximately 8'0), after January 1, <br />2009. <br /> <br />For the purpose of reporting an employee's compensation to CaIPERS, the City <br />shall include these payments as if they were a part of the employee's base <br />salary . <br /> <br />12.3 2.7% at 55 Service Retirement Benefit for Miscellaneous Members. <br />Effective January 1, 2009, the City agrees to amend its retirement contract <br />with CalPERS to provide Miscellaneous employees covered by this Agreement <br />with the 2.7'0 at 55 Service Retirement benefit. Pursuant to CalPERS <br />regulations, this new formula will apply to employees that are in active status <br />on the date this amendment takes effect. This new formula will apply to each <br />year of eligible service credited with the City of Santa Ana. <br /> <br />Payment of New 2.7% at 55 Service Retirement Benefit. Effective July 1, <br />2009, Miscellaneous employees covered by this Agreement agree to pay 6.3'0 <br />of CalPERS reportable compensation toward the cost of the 2.7'0 at 55 <br />enhanced retirement formula as set forth in Article IV, Section 4.3J. <br /> <br />Pre- Taxable Benefit. To the extent permitted by CalPERS and Internal <br />Revenue Service regulations, the City shall make the above employee deduction <br />as a pre-tax contribution. <br /> <br />AMENDED ARTICLE XXVIII <br /> <br />28.1 The term of this Agreement shall be from July 1, 20048 through June 30, <br />200810. <br />