25E - AGMT - POA MOU - Laserfiche WebLink

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13.4 CalPERS Pre- Retirement Optional Settlement 2 Death Benefit. The City shall provide the CalPERS Pre - Retirement Optional Settlement 2 Death Benefit to all employees covered by this MOU. 13.5 Military Service Credit as Public Service. Safety employees, and Miscellaneous employees, respectively, may elect to purchase up to four (4) years of service credit for any continuous active military or merchant marine service prior to employment. The employee must contribute an amount equal to the contribution for current and prior service that the employee and the employer would have made with respect to that period of service. The City agrees that, as soon as practicable following Council approval of this MOU and amendment to the CalPERS contract, employees who elect to purchase service credit may do so on a "pre -tax" basis. 13.6 3% at 50 Service Retirement Benefit for Safety employees, The City contracts with CalPERS to provide Safety employees who do not qualify as "New Members" Under PEPRA with the 3% at 50 Service Retirement benefit. All Safety employees who do not qualify as "New Members" under PEPRA shall pay nine percent (9 %) of their salary to pay for the employer portion of the City's CalPERS contribution. This payment shall be paid in accordance with Government Code Section 20516(f). Pre - Taxable Benefit. To the extent permitted by CalPERS and Internal Revenue Service regulations, the City shall make the above employee deductions pre -tax contributions. 13.7 2.7% A 57 Service Retirement Benefit for "New Member" Safes employees. The Cif agrees to provide Safety employees who are defined as "New Members" within the meaning of the California Public Employees' Pension Reform Act (PEPRA) of 2013 with the 2.7% @ 57 Service Retirement benefit. PEPRA went into effect on January 1, 2013. The parties agree that if there is any other clean up or other retirement legislation which goes into effect during this MOU and if there are provisions of that legislation which, by law, automatically goes into effect, either party may request to negotiate over the legislation, including over the impact. Final compensation will be based on the highest annual average compensation earnable during the 36 consecutive months immediately preceding the effective date of his or her retirement, or some other 36 consecutive month period designated by the member. Employees covered under the 2.7% @ 57 retirement formula shall pay one half of the normal cost rate as established by CalPERS, For the fiscal year 15 -16, CalPERS established that one half of the normal cost rate is 12.25 %. The rate for fiscal year 1.6 -17 is still to be determined by CaIPERS. 53 25E -55