25B - AGMT - POA MOU - Laserfiche WebLink

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to all employees covered by this Agreement. 1.3.5 3% at 50 Service Retirement Benefit for Classic Safety Members. The City contracts with CalPERS to provide Classic Safety employees (classic members as that term is defined by the Public Employees' Pension Reforni Act of 2013) represented by this bargaining unit with the 3% at 50 Service Retirement benefit. Commencing July 1, 2013, all classic member safety employees covered by this Agreement shall pay nine percent (9 %) of their salary to pay for the employer portion of the City's CalPERS contribution. This payment shall be paid in accordance with Government Code Section 20516(f). For "New Members" within the meaning of the California Public Employees' Pension Reform Act ( PEPRA) of 2013. The PEPRA went into effect on January 1, 2013. The parties agree that if there is any other clean up or other retirement legislation which goes into effect during this MOU and if there are provisions of that legislation which, by law, automatically goes into effect, either party may request to negotiate over the legislation, including over the impact. Retirement Formula: Per Government Code Section 7522.25(d), also known as 2.7% @ 57 retirement formula for sworn. Final compensation will be based on the highest annual average compensation earnable during the 36 consecutive months immediately preceding the effective date of his or her retirement, or some other 36 consecutive month period designated by the member. Effective July 1, 2013, employees shall pay one half of the normal cost rate, as established by CaIPERS. 13.6 Military Service Credit as Public Service. Effective January 2, 2001, Safety employees, and April 5, 2002, Miscellaneous employees, respectively, may elect to purchase up to four (4) years of service credit for any continuous active military or merchant marine service prior to employment. The employee must contribute an amount equal to the contribution for current and prior service that the employee and the employer would have made with respect to that period of service. The City agrees that, as soon as practicable following Council approval of this Agreement, and amendment to the CalPERS contract, employees who elect to purchase service credit may do so on a "pre -tax" basis. 13.7 2.7% at 55 Service Retirement Benefit for Classic Miscellaneous Members. Effective July 1, 2009, the City amended its retirement contract with CalPERS to provide Classic Miscellaneous employees covered by this Agreement with the 23% at 55 Service Retirement benefit. Pursuant to CalPERS regulations, this formula applied to employees who were in active status on that date. 54 25B -56