Laserfiche WebLink
(EM) employees defined in 6.D. (above) will contribute at least 60% of normal cost of <br />the 2.0% at 62 retirement benefit, <br />Pre - Taxable Benefit. To the extent permitted by CaIPERS and Internal Revenue Service <br />regulations, the City will make the above employee deductions pre-tax contributions. <br />F. 3% at 60 Service Retirement Benefit for Classic Safety Members, The City <br />agrees to provide Executive Management (EM) employees covered by this Resolution, <br />and who are defined as Classic Safety Members under the California Public Employees' <br />Pension Reform Act (PEPRA) of 2013 (AB340), with the 3% at 50 Service Retirement <br />benefit. <br />G. Payment of 3.0% at 50 Service Retirement Benefit, Classic Safety Executive <br />Management (EM) employees covered by this Resolution will contribute nine percent <br />(9 %) of CaIPERS reportable compensation toward the employer cost of the 3.0% at 50 <br />enhanced retirement formula. This payment will be implemented as cost - sharing <br />pursuant to Government Code Section 20516(f), <br />Pre - Taxable Benefit. To the extent permitted by CalPERS and Internal Revenue Service <br />regulations, this nine percent (9 %) employee contribution will be implemented through <br />payroll deduction on a pre -tax basis, <br />provide Executive Management (EM) employees covered by this Resolution who were <br />appointed to their classification on or after January 1, 2013, and who are defined as <br />new members under the California Public Employees' Pension Reform Act (PEPRA) of <br />2013 (AB340), with the 2.7% @ 57 Service Retirement benefit. <br />I. Payment of 2.7% at 57 Service Retirement Benefit. Executive Management <br />(EM) employees defined in 6.1-1. (above) will contribute at least 50% of normal cost of <br />the 2.7% at 57 retirement benefit, <br />Pre - Taxable Benefit. To the extent permitted by CaIPERS and Internal Revenue Service <br />regulations, the City will make the above employee deductions pre -tax contributions. <br />J. Final Compensation for Pension Calculation. Final compensation for Classic <br />Safety and Classic Miscellaneous Members will be based on the highest annual <br />average compensation earnable during the 12 consecutive months immediately <br />preceding the effective date of his or her retirement, or some other 12 consecutive <br />month period designated by the member. <br />Final compensation for Safety and Miscellaneous Members who are defined as New <br />Members under PEPRA will be based on the highest annual average compensation <br />earnable during the 36 consecutive months immediately preceding the effective date of <br />his or her retirement, or some other 36 consecutive month period designated by the <br />member. <br />K. Military Service Credit as Public Service, An Executive Management (EM) <br />employee covered by this Resolution will be permitted to purchase up to four (4) years of <br />service credit for any continuous active mllitary or merchant marine service prior to <br />