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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 Classic Miscellaneous Members. The City agrees <br />to continue to provide Classic Miscellaneous employees covered by this Agreement who are <br />defined as Classic Members under the California Public Employees' Pension Reform Act <br />(PEPRA) of 2013 with the 2.7% at 55 Service Retirement benefit. <br />Payment of 2.7% at 55 Service Retirement Benefit. Classic Miscellaneous employees <br />covered by this Agreement shall pay eight percent (8 %) of CalPERS reportable <br />compensation toward the employer cost of the 2.7% at 55 enhanced retirement formula. This <br />payment shall be implemented as cost - sharing pursuant to Government Code section <br />20516(f). <br />Pre - Taxable Benefit. To the extent permitted by CalPERS and Internal Revenue Service <br />regulations, this eight percent (8 %) employee contribution shall be implemented through <br />payroll deductions on a pre -tax basis. <br />2% at 62 Retirement Benefit for New Miscellaneous Members The City agrees to provide <br />Miscellaneous employees covered by this Agreement who are defined as New Members under <br />PEPRA, with the 2% at 62 Service Retirement benefit. <br />The PEPRA went into effect on January 1, 2013. The parties agree that if there is any other <br />clean up or other retirement legislation which goes into effect during this MOU and if there <br />are provisions of that legislation which, by law, automatically goes into effect, either party <br />may request to negotiate over the legislation, including over the impact. <br />Final compensation for New Miscellaneous Members will be based on the highest annual <br />average compensation earnable during the 36 consecutive months immediately preceding the <br />effective date of his or her retirement, or some other 36 consecutive month period designated <br />by the member. <br />Effective July 1, 2013, employees covered under the 2% at 62 retirement formula for <br />Miscellaneous shall pay one half of the normal cost rate, as established by CalPERS. <br />14.6 3% at 50 Service Retirement Benefit for Classic Safety Members. The City agrees to <br />continue to provide Classic Safety employees covered by this Agreement who are defined as <br />Classic Members under the California Public Employees' Pension Reform Act (PEPRA) <br />with the 3% at 50 Service Retirement benefit. <br />Payment of 3% at 50 Service Retirement Benefit Classic Safety employees covered by this <br />Agreement shall pay nine percent (9 %) of CalPERS reportable compensation toward the <br />39 <br />