25A - AGMT - SEIU MOU FULL TIME - Laserfiche WebLink

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12.4 Military Service Credit as Public Service. Employees covered by this MOU 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. 12.5 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 contribution rate for Miscellaneous employees who do not qualify as "New Members" under PEPRA shall be reduced from nine (9 %) percent to eight (8 %) of CalPERS reportable compensation. All employee contributions for retirement benefits are paid to 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 CaIPBRS and Internal Revenue Service regulations, the City shall make the above employee deductions pre -tax contributions. 12.6 2% 9 62 Service Retirement Benefit for "New Member" Miscellaneous em lovees 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 retirerent 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 eaniable 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% @ 62 retirement formula shall pay one half of the normal cost rate as established by CaIPERS. Pre - Taxable Benefit. To the extent penmitted by CalPERS and Internal Revenue Service regulations, the City shall make the above employee deductions pre -tax contributions. 53 25A -57