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D. Longevity and Vacation Pay Option. Once per fiscal year, Executive <br />Management (EM) employees will be given the option to receive cash compensation, <br />computed on a straight time basis, in lieu of up to five (5) working days of earned, <br />unused vacation benefits set forth in Section B. <br />E. Sick Leave Credits for New Hires. The City Manager is authorized to grant a <br />newly appointed Executive Management (EM) employee sick leave credits up to an <br />amount equal to any earned but unused sick leave credits available to such appointee <br />at the time of his or her separation from his or her most recent previous employer. <br />F. Payment for Unused Sick Leave. Executive Management (EM) employees will <br />be granted payment for unused sick leave on the same basis as provided to Santa Ana <br />Management Association (SAMA) represented employees of the City. <br />G. Paid or unpaid Administrative Leave Policy. The City Manager is authorized to <br />grant, at his or her discretion, paid or unpaid leave for Executive Management (EM) <br />employees. <br />Section 6, Retirement Plan Contributions. <br />A. The terms of the existing contract between the City and California Public <br />Employees' Retirement System (CaIPERS) governing the City retirement benefits of <br />Executive Management (EM) employees covered by this Resolution are incorporated by <br />reference herein. The City will make contributions to CaIPERS in accordance with its <br />contract with CaIPERS for employees covered by said contract as amended. <br />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 CaIPERS 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 />