Common use of Cost Sharing – Miscellaneous Classifications Clause in Contracts

Cost Sharing – Miscellaneous Classifications. The City shall contract with PERS for Variable Rate Cost Sharing of up to the Permanent Cost Share of 1.868% under Government Code Section 20516(a), based on the optional benefits established in the Miscellaneous Plan of the City’s contract with PERS for the 2%@55 and One-Year Final Compensation Optional Benefits. This PERS contract amendment shall take effect no earlier than January 1, 2013. Effective the first day of the next full pay period following the effective date of the PERS contract amendment, in addition to the current 7% employee contribution, employees in the Miscellaneous Classifications covered by this MOU shall contribute an additional 1.868% of the employee’s PERSable earnings towards the employer retirement contribution. This 8.868% contribution shall be in accordance with Section 414(h)(2) of the Internal Revenue Code whereby employee contributions shall be tax deferred and not subject to taxation until the time of constructive receipt.

Cost Sharing – Miscellaneous Classifications. The City shall contract with PERS for Variable Rate Cost Sharing of up to the Permanent Cost Share of 1.868% under Government Code Section 20516(a), based on the optional benefits established in the Miscellaneous Plan of the City’s contract with PERS for the 2%@55 and One-Year Final Compensation Optional Benefits. This PERS contract amendment shall take effect no earlier than January 1, 2013. Effective the first day of the next full pay period following the effective date of the PERS contract amendment, in addition to the current 7% employee contribution, employees in the Miscellaneous Classifications covered by this MOU shall contribute an additional 1.868% of the employee’s PERSable earnings towards the employer retirement contribution. This 8.868% contribution co ntribution shall be in accordance with Section 414(h)(2) of the Internal Revenue Code whereby employee contributions shall be tax deferred and not subject to taxation until the time of constructive receipt.

Cost Sharing – Miscellaneous Classifications. The City shall contract with PERS CalPERS for Variable Rate Cost Sharing of up to the Permanent Cost Share of 1.868% under Government Code Section 20516(a), based on the optional benefits established in the Miscellaneous Plan of the City’s contract with PERS CalPERS for the 2%@55 and One-Year Final Compensation Optional Benefits. This PERS contract amendment shall take effect no earlier than January 1, 2013. Effective the first day of the next full pay period following the effective date of the PERS contract amendment, in Iin addition to the current 7% employee contribution, employees in the Miscellaneous Classifications covered by this MOU shall contribute an additional 1.868% of the employee’s PERSable earnings towards the employer retirement contribution. This 8.868% contribution shall be in accordance with Section 414(h)(2) of the Internal Revenue Code whereby employee contributions shall be tax deferred and not subject to taxation until the time of constructive receipt.