Alternate Death Benefit for Local. Fire Members Credited with 20 or More Years of Service Represented members covered by Alternate Death Benefit for Local Fire Members Credited with 20 or More Years of Service (Section 21547.7) have agreed to pay the full cost of this contract option which is funded over a 20- year amortization period. It is understood by the parties that there is no cost to the City for this contract amendment. It is the understanding that the members are responsible for the cost of this amendment option. The cost remains the obligation of the employee unless and until changed by the parties through the meet and confers process. As of November 2014, XxxXXXX describes this benefit in the Optional Benefits Listing Handbook as follows: The surviving spouse, domestic partner, or eligible children of a deceased firefighter member who is credited with 20 or more years of CalPERS-covered service and whose death occurs while in the employ of a local agency contracting for this benefit may elect to receive the Alternate Death Benefit in lieu of the lump sum Basic Death Benefit or the 1957 Survivor Benefit. If the member had not attained minimum retirement age at the time of death, the Alternate Death Benefit is calculated based on the member’s total service credit with all employers (including the service credit earned while in the employ of the agency contracting for this benefit) as though the member had retired at age 50 and elected Option 2W. Option 2W provides the highest monthly allowance to a beneficiary. If the member had attained minimum retirement age at the time of death, the benefit is calculated as though the member retired on the date of death (from the employing agency and all previous CalPERS-covered employers) and elected Option 2W. If the deceased Firefighter had not attained the minimum retirement age at death and had service credit with previous CalPERS agencies, the cost of the Alternate Death Benefit will be the liability of the employing agency, except for a partial offset of costs resulting from a transfer of the member’s contributions from all previous employers to the employing agency. The increase in liability not offset by this transfer will be paid by the agency contracting for this benefit and employing the member on the date of his/her death. If the deceased firefighter had attained minimum retirement age at death, the increased cost of the benefit (regardless of whether the member has service credit with another CalPERS employer) is the liability of...
Alternate Death Benefit for Local. Fire Members Credited with 20 or More Years of Service (Section 21547.7) City and Union agree to request from XxxXXXX an actuarial estimate for the Alternate Death Benefit for Local Fire Members option with the understanding that the City and IAFF will share equally in the cost of the actuarial study. The City and IAFF will execute a side letter of understanding addressing the steps to be taken upon receipt of the actuarial study. Based on the actuarial report, IAFF has agreed to pay the full cost of this contract option which is funded over a 20-year amortization period. It is understood by the parties that there is no cost to the City for this contract amendment. It is the understanding that the members are responsible for the cost of this amendment option. The cost remains the obligation of the employee unless and until changed by the parties through the meet and confers process.
