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employment, The cost to purchase this service credit is subject to CaiPERS Regulations <br />and calculated using a present value method. <br />L„ Deferred „f3allrnfn,Q (Mgr Classic Safety prid Classy iscellaneort Memel e�@ as <br />do fined in Section B and F (above), The City will continue to make payments to <br />CaIPERS on behalf of each eligible affected employee in an amount necessary to pay <br />one hundred percent (100 %) of his or her individual retirement contribution which is <br />equal to eight percent (8 %) of reportable compensation for Classic Miscellaneous <br />Members and nine percent (9 %) for Classic Safety Members. Such payments will be <br />credited to the individual employee's CalPERS account, <br />Such payments are not an Increase in base salary and no salary rate range applicable <br />to any of the employees covered by this Resolution will be changed or deemed to have <br />been changed by reason thereof. As a result, the City will not treat these payments as <br />ordinary income and thus will not withhold federal or state income tax from said <br />payments. The City previously received a ruling from the Internal Revenue Service <br />confirming that such payments are deferred compensation and not ordinary income. In <br />the event that the City receives a new ruling from the Internal Revenue Service that <br />such payments are ordinary Income of the employees Instead of deferred <br />compensation, the City's obligation to make such payments will discontinue and in place <br />thereof the reportable compensation of each Classic Miscellaneous Member eligible for <br />the 2,7% at 66 Benefits Formula will be increased by eight percent (8 %) and each <br />Classic Safety Member eligible for the 3% at 60 Benefits Formula will be Increased by <br />nine percent (9 %). <br />For the purpose of reporting an employee's compensation to CalPERS, the City will <br />Include these payments as If they were a part of the employee's reportable <br />compensation. <br />Section 7 Tuition RelrnbursemenL Executive Management (EM) employees are <br />eligible to padicipate in the Training and Education Assistance Program provided for all <br />regular, full -time employees of the City. Reimbursement will be based on the cost of <br />tuition, required enrollment/reglstration fees, miscellaneous fees (health, parking, <br />student union fees, etc.) and all required texts, eBooks and related material for each <br />course. Maximum tuition reimbursement will be paid in the highest amount as available <br />to other represented employees. <br />Section £i, Medical Retiromolpk Sub�id Plan, <br />A. The City's current annual contribution towards the Medical Retirement Subsidy <br />Plan for Executive Management (EM) employees covered under this Resolution is <br />116% of the base salary, which is based on the first payroll period in October and <br />deposited no later than October 31't of each year. <br />B. The plan will be administered by the City, at no cast to Executive Management <br />(EM) employees pursuant to the written directives of Executiva Management (EM) <br />employees. The funds contributed by the City will be maintained in such a mannor as to <br />ensure that the finds are Invested In a reasonably secure plan that boars a reasonable <br />rate of interast/growth given current financial markets, For purposes of this Resolution, <br />