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Payment of 2,7% at 55 Service Retirement Benefit. Classic Miscellaneous employees <br />covered by this MOU shall pay eight percent (8 %) of CalPERS reportable compensation <br />toward the employer cost of the 2.7% at 55 enhanced retirement formula. This payment shall <br />be implemented as cost - sharing pursuant to Government Code section 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 MOU who are defined as New Members tinder <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 any 36 consecutive months preceding the effective <br />date of his or her retirement,. <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 MOU 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 />Paymentof3 %at50 Service Retirement Benefit. Classic Safety employees coveredbythis <br />MOU shall pay nine percent (9 %) of CalPERS reportable compensation toward the employer <br />cost of the 3% at 50 enhanced, retirement formula. This payment shall be implemented as <br />cost - sharing pursuant to Government Code Section 20516(£), <br />Pre - Taxable Benefit. To the extent permitted by CalPERS and Internal Revenue Service <br />regulations this nine percent (9 %) employee contribution shall be implemented through <br />payroll deduction on a pre -tax basis. <br />2.7% 2 57 Retirement Benefit for New Safety Members. The City agrees to provide Safety <br />employees covered by this MOU who are defined as New Members guider PEPRA with the <br />2.7% @ 57 Service Retirement benefit. <br />39 <br />