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D. Longevity and Vacation Pay Option. Once per fiscal year, Executive Management (EM) employees will be given the option to receive cash compensation, computed on a straight time basis, in lieu of up to five (5) working days of earned, unused vacation benefits set forth in Section B. E. Sick Leave Credits for New Hires. The City Manager is authorized to grant a newly appointed Executive Management (EM) employee sick leave credits up to an amount equal to any earned but unused sick leave credits available to such appointee at the time of his or her separation from his or her most recent previous employer. F. Payment for Unused Sick Leave. Executive Management (EM) employees will be granted payment for unused sick leave on the same basis as provided to Santa Ana Management Association (SAMA) represented employees of the City. G. Paid or unpaid Administrative Leave Policy. The City Manager is authorized to grant, at his or her discretion, paid or unpaid leave for Executive Management (EM) employees. Section 6, Retirement Plan Contributions. A. The terms of the existing contract between the City and California Public Employees' Retirement System (CaIPERS) governing the City retirement benefits of Executive Management (EM) employees covered by this Resolution are incorporated by reference herein. The City will make contributions to CaIPERS in accordance with its contract with CaIPERS for employees covered by said contract as amended. B. 2.7% at 55 Service Retirement Benefit for Classic Miscellaneous Members. The City agrees to provide Executive Management (EM) employees covered by this Resolution, and who are defined as Classic Miscellaneous Members under the California Public Employees' Pension Reform Act (PEPRA) of 2013 (AB340), with the 2.7% at 55 Service Retirement benefit, C. Payment of 2.7% at 55 Service Retirement Benefit. Classic Miscellaneous Executive Management (EM) employees covered by this Resolution will contribute eight percent (8 %) of CaIPERS reportable compensation toward the employer cost of the 2.7% at 55 enhanced retirement formula. This payment will be implemented as cost - sharing pursuant to Government Code Section 20516(f). Pre - Taxable Benefit. To the extent permitted by CaIPERS and Internal Revenue Service regulations, this eight percent (8 %) employee contribution will be implemented through payroll deductions on a pre -tax basis. D. 2.0% at 62 Service Retirement Benefit for New Miscellaneous Members. The City agrees to provide Executive Management (EM) employees covered by this Resolution who were appointed to their classification on or after January 1, 2013, and who are defined as new members under the California Public Employees' Pension Reform Act (PEPRA) of 2013 (AB340), with the 2.0% at 62 Service Retirement benefit. E. Payment of 2.0% at 62 Service Retirement Benefit. Executive Management 75A -1 -20