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, t-espeetiyely, the City she" eenti-ibute one and three quarter percent (1.75%) of the bargaining unit's salary base, including assignment pays to the fund. a fund for the purpose of providing premium reduction assistance. This program is for premium reduction only and is provided for bargaining unit employees retiring after July 1, 1989. The SAFBA shall be entitled to inspect/audit the financial affairs and status of the fund. The SAFBA agrees to defer the City's annual FBA Retiree Health Insurance Fund (Fund 84) October 2009 deposit to a date no later than March 31, 2010. Interest shall continue to accrue during this deferral period as stipulated by the Fund 84 Policy. The Association agrees to a loan of $700,000 from Fund 84 (FBA Retiree Health Insurance Fund) to Fund 11 (General Fund), effective November 1, 1996. The loan is to be for an indefinite term at an annual interest rate of 5.65%, and will be repaid when necessary, based on the fiscal condition of the FBA Retiree Health Insurance Fund. The City shall provide the Association an annual report on the status of Fund 84 and the status of the loan from Fund 84. As of July 1, 2010, the parties acknowledge that the entire $700, 000 loan is outstanding. The City and Association agree to form a joint labor-management committee for the purpose of formulating a plan by which the Association will take over the administration of this fund during the term of this Agreement. Once the Association accepts responsibility for the administration of the plan, the FBA will provide an independent actuarial valuation to the City on an annual basis. AMENDED ARTICLE XV - (new language in bold italics) 15.5 Payment of 3% at 50 Service Retirement Benefit. The eetue' st fei. the benefit shell be The City and Association agree that eligible employees will pay , met to eeed .93% of sefety pery~eal the City's employer contribution. Effective January 1, 2011, this employee contribution shall be increased to 1.43%. 15.6 Yearly Actuarial Valuation Fluctuations. CalPER5 provides the City with a yearly actuarial valuation informing it of its new employer contribution rate to be in effect July 1St of each year. The City and Association agree that the City's employer contribution rate will fluctuate from year to year based on this investment returns earned by the retirement system. The City agrees that current eligible safety employees paying to receive this benefit should also benefit from this yearly fluctuation in the City's annual actuarial valuation. ° FBA Contract Extension: 2010-2014 25D Page 7 -9