For New Members Hired On or After January 1, 2013. New members of PERS, who are hired after January 1, 2013, shall have the PERS 2.7% @ 57 formula, as provided by the terms of the contract in effect between the City and PERS. The employee contribution rate shall be 50 percent of the “normal cost” (as defined by Government Code Section 7522.04(g)) for the 2.7% @ 57 formula rounded to the nearest quarter of 1 percent. Other terms shall include: • Government Code Section 7522.32 – Three Year Final Compensation • Government Code Section 7533.3 – No employer payment for employee contribution. • Government Code Section 21574 – 4th level 1959 Survivor Benefits • Government Code Section 21624 – Post Retirement Survivor Allowance • Government Code Section 2102 – Military Service Credit as Public Service • Employees shall make retirement contributions in accordance with PEPRA. The City shall provide the deferral of retirement deductions by IRS 414 H(2).
