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12.5 2.7% at 55 Service Retirement Benefit for Miscellaneous employees. The City contracts <br />with CalPERS to provide Miscellaneous employees who do not qualify as "New Members" <br />under PEPRA with the 2.7% at 55 Service Retirement benefit. <br />The employee contribution rate for Miscellaneous employees who do not qualify as "New <br />Members" under PEPRA shall be (8%) percent of CalPERS reportable compensation. All <br />employee contributions for retirement benefits are paid to the employer portion of the <br />City's CalPERS contribution. This payment shall be paid in accordance with Government <br />Code section 20516(f). <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% cr 62 Service Retirement Benefit for "New Member" Miscellaneous employees. The <br />City agrees to provide Miscellaneous employees covered by this MOU who are defined as <br />"New Members" within the meaning of the California Public Employees' Pension Reform <br />Act (PEPRA) of 2013 with the 2% @ 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 MOU and if there <br />are provisions of that legislation which, by law, automatically goes into effect, either party <br />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 her <br />retirement, or some other 36 consecutive month period designated by the member. <br />Employees covered under the 2% @ 62 retirement formula shall pay one half of the normal <br />cost rate as established by CalPERS. <br />Pre -Taxable Benefit. To the extent permitted by Ca1PERS and Internal Revenue Service <br />regulations, the City shall make the above employee deductions pre-tax contributions. <br />E9 <br />25B-51 <br />