25E - AGMT - POA MOU - Laserfiche WebLink

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Pre - Taxable Benefit. To the extent permitted by COPERS and Internal Revenue Service regulations, the City shall make the above employee deductions pre -tax contributions. 13.8 2.7% at 55 Service Retirement Benefit for Miscellaneous employees. The City contracts with CalPERS to provide Miscellaneous employees who do not qualify as "New Members" under PEPRA with the 2.7% at 55 Service Retirement benefit. Effective July 1, 2015, the employee's contribution rate for Miscellaneous employees who do not qualify as "New Members" under PEPRA will be reduced from ten and one half (10.5 %) percent to nine (9 %) percent of their salary. All employee contributions for retirement benefits are paid to the employer portion of the City's CaIPERS contribution. This payment shall be paid in accordance with Government Code section 20516(f). Pre - Taxable Benefit. To the extent permitted by CaIPERS and Internal Revenue Service regulations, the City shall make the above employee deductions pre -tax contributions. During the term of this MOU, should the employee contribution rate for SEIU employees who do not qualify as "New Members" be reduced below 9% of their salary, Miscellaneous employees covered by the MOU who do not qualify as "New Members" under the PEPRA shall receive the same reduction in the employee contribution rate to the date such reduction went into effect for SEIU. 13.9 2% @ 62 Service Retirement Benefit for "New Member" Miscellaneous employees. The City agrees to provide Miscellaneous employees covered by this MOU who are defined as "New Members" within the meaning of the California Public Employees' Pension Reform Act ( PEPRA) of 2013 with the 2% @ 62 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 Lander the 2% @ 62 retirement formula shall pay one half of the normal cost rate as established by CaIPERS. For the fiscal year 15 -16, CalPERS established the rate as 6.75 %. The rate for fiscal year 16 -17 is still to be determined by CalPERS. Pre - Taxable Benefit. To the extent permitted by CaIPERS and Internal Revenue Service regulations, the City shall make the above employee deductions pre -tax contributions. 54 25E -56