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12.4 Military-Service Credit as Public Service. Employees covered by this MOU may elect to <br />purchase up to four (4) years of service credit for any continuous active military or <br />merchant marine service prior to employment, The employee must contributo an amount <br />equal to the contribution for ourrent and prior service that the employee and the employer <br />would have made with respect to that period of service, <br />12.5 2.7° /n at 55 Service Retirement Benefit for Miscellancous 2 — lloyces. The City contracts <br />with CaIPERS to provide Miscellaneous employees who do not qualify as "New <br />Members" under PEPRA, with the 17% at 55 Service Retirement benefit, <br />Effective July 1, 2015, the employee contribution rate for Miscellaneous employees who <br />do not qualify as "New Members" raider PEPR.A shall be reduced from nine (9 %) percent <br />to eight (S %) of CaIPERS reportable compensation, All employee contributions for <br />retirement benefits are paid to the employer portion of the City's CaIPERS <br />contribution. This payment shall be paid in accordance with Government Code section <br />20516({). <br />Pre - Taxable Benefit. To the extent permitted by CalPERS and Internal Revenue Service <br />regulations, the City shall make the above employee deductions pre -tax contributions. <br />12.6 2% @ 62 Service Reiirernent Benefit for 'Neww Member•" Miscellaneous em to ees. The <br />City agrees to provide Miscellaneous employees covered by this M OU who are defined as <br />"New Members" within the meaning of the California, Public Employees' Pension Reform <br />Act ( PEPRA) of 2013 with the 21/o © 62 Service Retirement benefit. <br />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 MOD and if <br />there are provisions of that legislation which, by law, automatically goes into effect, <br />either party may request to negotiate over the legislation, including over the impact. <br />Final compensation will be based on the highest annual average compensation earnable <br />during the 36 consecutive months immediately preceding the effective date of his or liar <br />retirement, or some other 36 consecutive month period designated by the member, <br />Employees covered under the 2% @r 62 retirement formula shall pay one half of the <br />normal cost rate as established by CaIPERS, <br />Pro - Taxable Benofrt. To the extent permitted by CaIPERS and Internal Revenue Service <br />regulations, the City shall make the above employee deductions pre -tax contributions, <br />53 <br />25A -57 <br />