55A - RESO - AMEND COMP - Laserfiche WebLink

Home Browse Search

(EM) employees defined in 6.D. (above) will contribute at least 50% of normal cost of the 2.0% at 62 retirement benefit. Pre - Taxably Benefi#. To the extent permitted by CsIPERS and Internal Revenue Service regulations, the City will make the above employee deductions pre -tax contributions. F, 3% at 50 Service RetLrp„mq oSa�ty o Members, The City agrees to provide Executive Management (EM) employees covered by this Resolution, and who are defined as Classic Safety Members under the California Public Employees' Pension Reform Act (PEPRA) of 2013 (AB340), with the 3% at 50 Service Retirement benefit, & Pavment of 3.0% at 50 Service Rot re a t Benefit. Classic Safety Executive Management (EM) employees covered by this Resolution will contribute nine percent (9 %) of CaIPER8 reportable compensation toward the employer cost of the 3.0% at 50 enhanced retirement formula. This payment will be implemented as cost - sharing pursuant to government Code Section 20516(f). Pre -Ta b e Be r oft. To the extent permitted by CaIPERS and internal Revenue Service regulations, this nine percent (9%) employee contribution will be Implemented through payroll deduction on a pre -tax basis, provide Executive Management (EM) employees covered by this Resolution who were appointed to their classification on or after January 1, 2013, and who are defined as new members under the California Public Employees' Pension Reform Act (PEPRA) of 2013 (AB340), with the 2.7° /0C7a 57 Service Retirement benefit. 1. pavmenj_,g( 2.7% at 57 Service Retirement Benefit. Executive Management (EM) employees defined In 6.K (above) will contribute at least 50% of normal cost of the 2.7% at 57 retirement benefit. Pie - Taxable Benefit. To the extent permitled by CaiPERS and Internal Revenue Sarvlce regulations, the City will make the above employee deductions pre -tax contributions, J. final Cnmponsation for Pension Calculation. Final compensation for Classic Safety and Classic Miscellaneous Members will be based on the highest annual average compensation earnable during the 12 consecutive months Immediately preoeding the effective date of his or her retirement, or some other 12 consecutive month period designated by the member, Final compensation for Safety and Miscellaneous Members who are defined as New Members under PEPRA 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. K. Militar. Service Credit as Public SpLyige, An Executive Management (EM) employee covered by this Re-,solution will be permitted to purchase up to four (4) years of service credit for any continuous active military or morchant madna service prior to 55A -24