Common use of CALPERS-RETIREMENT CONTRIBUTION AND CALPERS OPTIONAL BENEFITS Clause in Contracts

CALPERS-RETIREMENT CONTRIBUTION AND CALPERS OPTIONAL BENEFITS. 5.1 CALPERS FORMULA AND CONTRIBUTION: The pension reforms required by the California Public Employees’ Pension Reform Act of 2013 (Article 4 (commencing with Section 7522) of Chapter 21 of Division 7 of Title 1 of the Government Code) (hereinafter “PEPRA”) have been implemented as shall be any amendments thereto or related statutes that are enacted with similar mandatory provisions. Implementation of any pension reforms that are not made mandatory by PEPRA or required by law shall still necessitate that the City and IBEW 1245 representatives meet and confer over such non- mandatory changes before they may be implemented as required by the Xxxxxx-Xxxxxx- Brown Act (Government Code Sections 3500-3511)(hereinafter the “MMBA”). IBEW 1245 represented Unit employees hired by the City prior to November 19, 2011, shall receive the “2.7% at age 55 Full Formula” (Government Code Section 21354.5) retirement benefit. IBEW 1245 represented employees hired prior to November 19, 2011, shall pay their full CalPERS member contributions required by XxxXXXX for participation in the 2.7 @ 55 retirement plan, which is currently 8% of reportable earnings, subject to Section 4.1 above regarding employee pension cost sharing. The City does not and shall not make any Employer Paid Members Contribution (hereinafter “EPMC”) for Union represented employees. Employees shall have the option to have a salary adjustment in the form of a tax deferred income payment for their CalPERS member contribution in accordance with the provisions of Internal Revenue Code Section 414(h)(2). IBEW 1245 represented employees hired on or after November 19, 2011 and prior to January 1, 2013, shall receive the “2% at age 60 Full Formula” (Government Code Section 21353) retirement benefit with final compensation determined based upon the highest average pay rate and qualifying special compensation during any consecutive three year period. These employees pay their full CalPERS member contribution in an amount defined by statute (currently seven percent (7%)), subject to Section 4.1 above regarding employee pension cost sharing, and are not entitled to any City EPMC payments. As defined under the PEPRA, all IBEW 1245 represented employees hired on or after January 1, 2013 and determined by XxxXXXX to be “Non-Classic” CalPERS member employees shall receive the “2% at age 62 formula” retirement benefit with their final compensation calculated based upon the average full-time monthly pay rate for the highest thirty-six (36) consecutive months. In conjunction with this retirement formula, these employees will pay fifty-percent (50%) of the normal cost as determined by XxxXXXX. As defined under the PEPRA and determined by XxxXXXX, all IBEW 1245 represented employees hired on or after January 1, 2013 and determined by CalPERS to be “Classic” CalPERS members, shall receive the CalPERS plan benefit formula that they would have been eligible for had they been hired on December 31, 2012, which means the same formula as those hired on or after November 19, 2011 and prior to January 1, 2013. Thus, Classic CalPERS members shall receive the “2% at age 60 Full Formula” (Government Code Section 21353) retirement benefit with final compensation determined based upon the highest average pay rate and qualifying special compensation during any consecutive three-year period. These employees shall also pay the entire CalPERS employee contribution, currently at seven (7%) percent and have no entitlement to any City EPMC payment.

CALPERS-RETIREMENT CONTRIBUTION AND CALPERS OPTIONAL BENEFITS. 5.1 5-1 CALPERS FORMULA AND CONTRIBUTION: The pension reforms required by the California Public Employees’ Pension Reform Act of 2013 (Article 4 (commencing com- mencing with Section 7522) of Chapter 21 of Division 7 of Title 1 of the Government Govern- ment Code) (hereinafter “PEPRA”) have been shall be implemented as shall be well as any amendments amend- ments thereto or related statutes that are enacted with similar mandatory provisionsprovi- sions. Implementation This does not include implementation of any pension reforms that are not made mandatory by PEPRA or and to the extent required by law shall still necessitate that law, the City and IBEW 1245 representatives will meet and confer in the future over such non- mandatory any other changes resulting from PEPRA or related statutes before they may will be implemented as required by the Xxxxxx-Xxxxxx- Brown Act (Government Code Sections 3500-3511)(hereinafter the “MMBA”)implement- ed. IBEW 1245 represented Unit employees hired by the City prior to November 19, 2011, shall receive the “2.7% at age 55 Full Formula” (Government Code Section 21354.5) retirement benefit. Effective the second full pay period following City Council adoption of this MOU, and adoption of any required CalPERS resolution effecting the changes de- scribed herein, IBEW 1245 represented employees hired prior to November 19, 2011, shall pay their full CalPERS member contributions required by XxxXXXX CalPERS for participation in the 2.7 @ 55 retirement plan, which is currently 8% of reportable reporta- ble earnings, subject to Section 4.1 above regarding employee pension cost sharing. The City does not shall concurrently therewith cease payment of any and shall not make any all Employer Paid Members Contribution (hereinafter “EPMC”), currently at six (6%) for Union represented employeespercent of reportable earnings. Employees shall have the option to have a salary adjustment adjust- ment in the form of a tax deferred income payment for their CalPERS member contribution in accordance with the provisions of Internal Revenue Code Section 414(h)(2). IBEW 1245 represented employees hired on or after November 19, 2011 and prior to January 1, 2013, shall receive the “2% at age 60 Full Formula” (Government Govern- ment Code Section 21353) retirement benefit with final compensation determined based upon the highest average pay rate and qualifying special compensation during any consecutive three year period. These employees pay their full CalPERS member contribution in an amount defined by statute (currently seven percent (7%)), subject to Section 4.1 above regarding employee pension cost sharing, ) and are not entitled to any City EPMC payments. As defined under the PEPRA, all IBEW 1245 represented employees hired on or after January 1, 2013 and determined by XxxXXXX CalPERS to be “Non-Classic” CalPERS member employees shall receive the “2% at age 62 formula” retirement benefit with their final compensation calculated based upon the average full-time monthly month- ly pay rate for the highest thirty-six (36) consecutive months. In conjunction with this retirement formula, these employees will pay fifty-percent (50%) of the normal nor- mal cost as determined by XxxXXXXCalPERS. As defined under the PEPRA and determined by XxxXXXXCalPERS, all IBEW 1245 represented repre- sented employees hired on or after January 1, 2013 and determined by CalPERS to be “Classic” CalPERS members, shall receive the CalPERS plan benefit formula for- mula that they would have been eligible for had they been hired on December 31, 2012, which means the same formula as those hired on or after November 19, 2011 and prior to January 1, 2013. Thus, Classic CalPERS members shall receive the “2% at age 60 Full Formula” (Government Code Section 21353) retirement re- tirement benefit with final compensation determined based upon the highest average av- erage pay rate and qualifying special compensation during any consecutive three-year period. These employees shall also pay the entire CalPERS employee contribution, currently at seven (7%) percent and have no entitlement to any City EPMC payment.

CALPERS-RETIREMENT CONTRIBUTION AND CALPERS OPTIONAL BENEFITS. 5.1 CALPERS FORMULA AND CONTRIBUTION: The pension reforms required by the California Public Employees’ Pension Reform Act of 2013 (Article 4 (commencing with Section 7522) of Chapter 21 of Division 7 of Title 1 of the Government Code) (hereinafter “PEPRA”) have been implemented as shall be any amendments thereto or related statutes that are enacted with similar mandatory provisions. Implementation of any pension reforms that are not made mandatory by PEPRA or required by law shall still necessitate that the City and IBEW 1245 representatives meet and confer over such non- non-mandatory changes before they may be implemented as required by the Xxxxxx-Xxxxxx- Brown Xxxxxx-Xxxxx Act (Government Code Sections 3500-3511)(hereinafter the “MMBA”). IBEW 1245 represented Unit employees hired by the City prior to November 19, 2011, shall receive the “2.7% at age 55 Full Formula” (Government Code Section 21354.5) retirement benefit. IBEW 1245 represented employees hired prior to November 19, 2011, shall pay their full CalPERS member contributions required by XxxXXXX for participation in the 2.7 @ 55 retirement plan, which is currently 8% of reportable earnings, subject to Section 4.1 above regarding employee pension cost sharing. The City does not and shall not make any Employer Paid Members Contribution (hereinafter “EPMC”) for Union represented employees. Employees shall have the option to have a salary adjustment in the form of a tax deferred income payment for their CalPERS member contribution in accordance with the provisions of Internal Revenue Code Section 414(h)(2). IBEW 1245 represented employees hired on or after November 19, 2011 and prior to January 1, 2013, shall receive the “2% at age 60 Full Formula” (Government Code Section 21353) retirement benefit with final compensation determined based upon the highest average pay rate and qualifying special compensation during any consecutive three year period. These employees pay their full CalPERS member contribution in an amount defined by statute (currently seven percent (7%)), subject to Section 4.1 above regarding employee pension cost sharing, ) and are not entitled to any City EPMC payments. As defined under the PEPRA, all IBEW 1245 represented employees hired on or after January 1, 2013 and determined by XxxXXXX CalPERS to be “Non-Classic” CalPERS member employees shall receive the “2% at age 62 formula” retirement benefit with their final compensation calculated based upon the average full-time monthly pay rate for the highest thirty-six (36) consecutive months. In conjunction with this retirement formula, these employees will pay fifty-percent (50%) of the normal cost as determined by XxxXXXX. As defined under the PEPRA and determined by XxxXXXX, all IBEW 1245 represented employees hired on or after January 1, 2013 and determined by CalPERS to be “Classic” CalPERS members, shall receive the CalPERS plan benefit formula that they would have been eligible for had they been hired on December 31, 2012, which means the same formula as those hired on or after November 19, 2011 and prior to January 1, 2013. Thus, Classic CalPERS members shall receive the “2% at age 60 Full Formula” (Government Code Section 21353) retirement benefit with final compensation determined based upon the highest average pay rate and qualifying special compensation during any consecutive three-three- year period. These employees shall also pay the entire CalPERS employee contribution, currently at seven (7%) percent and have no entitlement to any City EPMC payment.