Laserfiche WebLink
<br />rate ranges (8.0'0) for "miscellaneous-member" employees covered by <br />this Agreement. <br /> <br />For the purpose of reporting an employee's compensation to CaIPERS, the <br />City shall include these payments as if they were a part of the employee's <br />base salary. <br /> <br />14.4 2CYo at 55 for CalPERS "Miscellaneous" Members. CalPERS designated <br />"miscellaneous" employees represented by the Association shall be covered <br />by the 2CYo at 55 retirement benefit. Prier te this A~reemeAt, emJ3leyees <br />desigAated as CalPERS "miscellsAeeus" v;ere required te ceAtribute aAe <br />J3erceAt (1%) af their salar'; tewards the 2% at 55 retiremeAt beAefit b'f <br />tal(iAg S aeeh:letisA iA J3ay sf twe (2) salary rate raA~es. Effective beginning <br />January 1, 2009. miscellaneous employees covered by this Agreement <br />shall be covered by the 2.7'0 at 55 retirement benefit. as specified in <br />section 14.14 below. <br /> <br />The City aAd ft.ssaciatiaA agreed, effective Ns',ember 1, 2001, te e1imiAate <br />the eAe J3erceAt (1%) J3G'f deductisA tswards the 2% at 55 retiremeAt <br />beAefit. <br /> <br />14.14 2.7'0 at 55 Service Retirement Benefit for Miscellaneous Members. <br />The City agrees to amend its retirement contract with CalPERS to <br />provide Miscellaneous employees covered by this Agreement with the <br />2.7'0 at 55 Service Retirement benefit to be effective January 1. <br />2009. Pursuant to CalPERS regulations. this new formula will apply to <br />all miscellaneous members covered by this Agreement that are in active <br />status on the date this amendment takes effect. This new formula will <br />apply to each year of eligible service credited with the City of Santa <br />Ana. <br /> <br />Payment of New 2.7% at 55 Service Retirement Benefit. Miscellaneous <br />employees covered by this Agreement agree to pay 6.3'0 of CalPERS <br />reportable compensation toward the cost of the 2.7'0 at 55 enhanced <br />retirement formula in the following manner: <br /> <br />1. Effective July 1. 2007, the City shall deduct from each <br />miscellaneous employee covered by this Agreement two percent <br />(2%) of CalPERS reportable compensation to pay toward the cost <br />of the new enhanced retirement formula. <br />