Laserfiche WebLink
B. 2.7% at 55 Service Retirement Benefit for Classic Miscellaneous Members. The <br />City agrees to provide Executive Management (EM) employees covered by this <br />Resolution, and who are defined as Classic Miscellaneous Members under the <br />California Public Employees' Pension Reform Act (PEPRA) of 2013 (AB340), with the <br />2.7% at 55 Service Retirement benefit. <br />C. Payment of 2.7% at 55 Service Retirement Benefit. Classic Miscellaneous <br />Executive Management (EM) employees covered by this Resolution will contribute eight <br />percent (8%) of CalPERS reportable compensation toward the employer cost of the <br />2.7% at 55 enhanced retirement formula. This payment will be Implemented as cost - <br />sharing pursuant to Government Code Section 20516(f). <br />Pre -Taxable Benefit. To the extent permitted by CaIPERS and Internal Revenue Service <br />regulations, this eight percent (8%) employee contribution will be implemented through <br />payroll deductions on a pre-tax basis. <br />D. 2.0% at 62 Service Retirement Benefit for New Miscellaneous Members. The <br />City agrees to provide Executive Management (EM) employees covered by this <br />Resolution who were appointed to their classification on or after January 1, 2013, and <br />who are defined as new members under the California Public Employees' Pension <br />Reform Act (PEPRA) of 2013 (AB340), with the 2.0% at 62 Service Retirement benefit. <br />E. Payment of 2.0% at 62 Service Retirement Benefit. Executive Management <br />(EM) employees defined in 6.D. (above) will contribute at least 50% of normal cost of <br />the 2.0% at 62 retirement benefit. <br />Pre -Taxable Benefit. To the extent permitted by CalPERS and Internal Revenue Service <br />regulations, the City will make the above employee deductions pre-tax contributions. <br />F. 3% at 50 Service Retirement Benefit for Classic Safety Members. The City <br />agrees to provide Executive Management (EM) employees covered by this Resolution, <br />and who are defined as Classic Safety Members under the California Public Employees' <br />Pension Reform Act (PEPRA) of 2013 (AB340), with 'the 3% at 50 Service Retirement <br />benefit. <br />G. Payment of 3.0% at 50 Service Retirement Benefit. Classic Safety Executive <br />Management (EM) employees covered by this Resolution will contribute nine percent <br />(9%) of CalPERS reportable compensation toward the employer cost of the 3.0% at 50 <br />enhanced retirement formula. This payment will be implemented as cost -sharing <br />pursuant to Government Code Section 20516(f). <br />Pre -Taxable Benefit. To the extent permitted by CalPERS and Internal Revenue Service <br />regulations, this nine percent (9%) employee contribution will be implemented through <br />payroll deduction on a pre-tax basis. <br />H. 2 7% —) 57 Retirement Benefit for New Safety Members. The City agrees to <br />provide Executive Management (EM) employees covered by this Resolution who were <br />Resolution No. 2015-001 <br />Page 8 of 15 <br />