July 3, 2016. Effective July 3, 2016, employees will contribute one and one-quarter percent (1.25%) toward the City’s CalPERS employer share of pension through a 20516 CalPERS amendment that allows such contributions via automatic payroll deduction on a pre-tax basis, in exchange for the City granting the salary increase set forth in Section 11.1.5 (July 3, 2016 - Salary/PERS Exchange) of this MA. Such employee deductions by the City shall be used towards the City’s CalPERS required contributions.
Appears in 5 contracts
Samples: Memorandum Agreement, Memorandum Agreement, Memorandum Agreement
