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12.4 2% @ 62 Service Retirement Benefit for "New Member' Miscellaneous employees. <br />The City agrees to provide Miscellaneous employees covered by this MOU who are <br />defined as "New Members" within the meaning of the California Public Employees' <br />Pension Reform Act (PEPRA) of 2013 with the 2% Q 62 Service Retirement benefit. <br />PEPRA went into effect on January 1, 2013. The parties agree that if there is any <br />other clean up or other retirement legislation which goes into effect during this <br />MOU and if there are provisions of that legislation which, by law, automatically <br />goes into effect, either party may request to negotiate over the legislation, <br />including over the impact. <br />Final compensation will be based on the highest annual average compensation <br />earnable during the 36 consecutive months immediately preceding the effective <br />date of his or her retirement, or some other 36 consecutive month period <br />designated by the member. <br />Employees covered under the 2% ® 62 retirement formula shall pay one half of the <br />normal cost rate as established by Ca1PERS. <br />Pre -Taxable Benefit. To the extent permitted by CalPERS and Internal Revenue <br />Service regulations, the City shall make the above employee deductions pre-tax <br />contributions. <br />12.5 Credit for Unused Sick Leave. An employee covered by this Agreement can have <br />unused, accumulated sick leave at the time of retirement converted to additional <br />service credit at the rate of 0.004 years of service credit for each eight (8) hours of <br />unused sick leave. Alternatively, employees can opt to direct their sick leave <br />balance into their RHS account per Section 12.7 below. <br />12.6 Military Service Credit as Public Service. An employee covered by this Agreement <br />may elect to purchase up to four (4) years of service credit for any continuous <br />active military, Reserve Forces, National Guard or merchant marine service prior <br />to employment. The employee must contribute an amount equal to the <br />contribution for current and prior service that the employee and the employer <br />would have made with respect to that period of service. <br />12.7 The Medical Retirement Subsidy Plan was dissolved by agreement between the <br />parties during the 2015-2017 MOU term. <br />33 <br />25K-37 <br />