CalPERS - 6 Sample Clauses

CalPERS - 6. 2 Subject to concurrence and approval of all affected parties to the following conditions and those listed in Article 3.4, the City agrees to implement procedures to amend the CalPERS Miscellaneous Plan to provide Government Code §21354.4 (2.5@55) retirement benefits to be effective on or about October 1, 2008. Pursuant to CalPERS regulations, this new formula will apply to all employees that are in active status on the date this amendment takes effect. This new formula will apply to each year of eligible service credited with the City of Costa Mesa. Effective concurrent with City Council adoption of a 2013-2015 MOU and actual implementation of necessary CalPERS resolutions by which “classic” CalPERS members can fund their normal member retirement contributions, each affected “classic” unit member shall individually fund 100% of the CalPERS-designated normal member retirement contribution, as it may from time to time exist. Therefore, “compensation earnable” as defined and calculated by CalPERS shall not include any funding by the City of member CalPERS contributions. However, all members shall continue to fund employer cost sharing pursuant to Government Code § 20516, in said amount existing during the MOU expiring in 2013, plus any amounts necessary to cause each unit member (including “new members” as a defined by the PEPRA) to individually fund 10.469% of compensation as and for CalPERS contributions and to additionally fund the fiscal year 2013-2014 employer rate increase in the miscellaneous plan, presently anticipated to be in the amount of 3.11%. Pursuant to the Side Letter of Agreement September 1, 2004 - August 31, 2009, the City has implemented the 2% at 60 retirement formula for classic members hired on and after the date of implementing that CalPERS contract amendment. Said Side Letter of Agreement also provided for provision to classic members of the two year additional service credit optional benefit. Said provisions remain in force and effect.
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