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Employee contribution for Retirement Benefit. Effective October 1, 2010 miscellaneous employees covered by this Agreement agree to pay 8.0% of the employer contribution to CaIPERS for their retirement benefits as cost sharing pursuant to Government Code section 20516(f). Effective July 1, 2012, the employee contribution shall be increased by 2.5% (for a total of 10.5%). Effective January 1, 2013, the employee contribution shall be increased by 2.5% (for a total of 13.0%). All employee contributions for retirement benefits are paid to the employer cost (i.e., employer contribution) in accordance with Government Code section 20516(f). If there are any statutory or regulatory changes or case law which modifies the current law between January 1, 2012 and June 30, 2013 which address (including increases) the employees' required contribution, application or characterization of contributions to PERS retirement (either cost sharing or Employer Paid Member contribution), either side shall have the right to reopen the parties' MOLD regarding this section 12.6 on the subject of employees paying retirement contributions. Pre-Taxable Benefit. To the extent permitted by CaIPERS and Internal Revenue Service regulations, the City shall make the above employee deductions pre-tax contributions. 12.7 Early Retirement Incentive The parties agree to a special early retirement/voluntary separation incentive for all union members who are currently eligible for retirement or who will become eligible for retirement prior to April 30, 2012. The incentive will be equal to $400 per each full year (the term "full year" will be determined by the City using the same calculation used by the City to determine seniority) of full-time employment service to the City, up to 25 years of service. The payment will be made as a lump sum to each employee on the date of their final paycheck at the time of retirement or voluntary separation. The City will implement this program between December 1, 2011 and April 30, 2012 for Union employees who separate or declare to the City a valid separation date by January 31, 2012. Such employees must be 50 years of age or older or must attain 50 years of age before April 30, 2012 and must separate from the City no later than April 30, 2012. The parties agree that immediately upon submittal of the declaration of intent to retire or resign received no later than January 31, 2012, the City shall be deemed to have accepted the offer of retirement or resignation, thus making it irrevocable. SEW agrees after the early retirement incentives are accepted, the City shall have the right to transfer up to the same number of employees who took the early retirement incentive (from positions which are either partly or fully funded by 25B-26