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D. PMA members who notify the City, in writing, of their intent to retire within 12 calendar months <br />shall be allowed to cash out any and all eligible leave bank balances, including sick leave, upon <br />request. Employees shall receive payment as soon as practical, and no longer than 30 days after the <br />request has been made. If an employee cashes out his or her eligible leave bank balances prior to <br />retirement and subsequently does not retire from City employment, said employee shall immediately <br />reimburse the City for the value of all cashed out leave. <br />ARTICLE XII - EMPLOYEE INSURANCE <br />12.7E Medical Retirement Subsidy Plan <br />2. Additionally, the contribution recently made by the City in October 2011, totaling one and <br />one-quarter percent (1.25%) of base salary, plus pay additives, shall be deposited in the <br />individual accounts of the PMA members established with plan administrator ICMA-RC. <br />Effective July 1, 2012 or as soon as practicable following Council approval of this <br />Agreement, this one and one-quarter percent (1.25%) of base salary, plus pay additives, <br />shall be deposited each pay period in the individual accounts of PMA members <br />established with plan administrator ICMA-RC. <br />3. The contribution made by employees since October 2011, totaling one half of one percent <br />(.50%) of base salary, plus pay additives, shall be deposited in the individual accounts of <br />the PMA members established with plan administrator ICMA-RC. Effective July 1, 2012 or <br />as soon as practicable following Council approval of this Agreement, this one half of one <br />percent (.50%) of base salary, plus pay additives, shall be deposited each pay period in <br />the individual accounts of PMA members established with plan administrator ICMA-RC. <br />ARTICLE XIV - RETIREMENT <br />14.1 General. The terms of the existing contract between the City and California Public Employees' <br />Retirement System (CaIPERS) governing the City retirement benefits of employees covered by this <br />Agreement are incorporated by reference herein. The City shall continue to make contributions to <br />CaIPERS in accordance with its contract with CaIPERS for employees covered by said contract as <br />amended. <br />14.2 Deferred Retirement. The City will continue to make payment to CaIPERS on behalf of each affected <br />employee, in an amount necessary to pay one hundred percent (100%) of his or her individual <br />employee retirement contribution. Such payments shall be credited to the individual employee's <br />CaIPERS account. <br />A. With respect to "safety-member" employees, the City shall pay an amount equal to nine-ninths <br />(9/9ths) of his or her individual employee retirement contribution. <br />B. With respect to "miscellaneous-member" employees covered by this Agreement, the City shall pay <br />an amount equal to eight-eighths (8/8ths) of his or her individual employee retirement <br />contribution. <br />PMA 2010-14 Contract Extension Page 4