Laserfiche WebLink
14.4 Pre-Retirement Optional Settlement 2 Death Benefit. Effective July 5, 2000, the City shall <br />provide the Pre-Retirement Optional Settlement 2 Death Benefit to all employees covered by <br />this Agreement. <br />14.5 2.7% at 55 Service Retirement Benefit for Miscellaneous Members. Effective January 1, <br />2009, the City amended its retirement contract with Ca1PERS to provide "miscellaneous" <br />employees covered by this Agreement with the 2.7% at 55 Service Retirement benefit. <br />Pursuant to Ca1PERS regulations, this new formula applies to employees that are in active <br />status on the date this amendment takes effect. This new formula applies to each year of <br />eligible service credited with the City of Santa Ana. <br />Payment of 2.7% at 55 Service Retirement Benefit Effective July 1, 2012, all <br />"miscellaneous" employees covered by this Agreement shall begin paying an additional 1.7% <br />of their salary to pay for the employer portion of the City's PERS contribution. This <br />contribution shall be paid in accordance with Government Code section 20516(f). This <br />additional 1.7% contribution added to the 6.3% contribution already being paid equals a total <br />contribution of 8% for "miscellaneous" employees covered by this Agreement. <br />Pre-Taxable Benefit. To the extent permitted by CaIPERS and Internal Revenue Service <br />regulations, the City shall make the above employee deductions pre-tax contributions. <br />14.6 3% at 50 Service Retirement Benefit for Safety Members. The City amended its contract <br />with CaIPERS to provide "safety" employees represented by this bargaining unit with the 3% <br />at 50 Service Retirement benefit, effective July 1, 2001. <br />Payment of 3% at 50 Service Retirement Benefit. The actual cost for the benefit shall be <br />determined upon receipt of the annual actuarial valuation setting forth employer rates for the <br />2001-02 fiscal year and every subsequent year thereafter. Safety employees covered by this <br />Agreement agree to pay 1.42% of Ca1PERS reportable compensation toward the cost of the <br />3% at 50 enhanced retirement formula. <br />Effective July 1, 2011, "safety" members shall contribute an additional one percent (1 %) of <br />payroll to Ca1PERS to pay for the employer portion of the City's PERS contribution. This <br />contribution shall be paid in accordance with Government Code Section 20516(f). With this <br />additional 1 % for cost sharing., safety employees shall pay a total of 2.42% of their salary to <br />pay for the employer portion of the City's PERS contribution in accordance with <br />Government Code Section 20516(f). This additional 1 % contribution shall be implemented <br />through payroll deduction on a pre-tax. basis. Effective July 1, 2012, "safety" members shall <br />contribute an additional 5.5% (for a total of 7.92%) of safety payroll. This additional <br />contribution shall be implemented through payroll deduction on a pre-tax basis. <br />Effective July 1, 2013, "safety" members shall contribute an additional 1.08% (for a total of <br />9.0%) of payroll to CaIPERS to pay for the employer portion of the City's PERS <br />41 <br />