Common use of Member Contribution to PERS Retirement Plan Clause in Contracts

Member Contribution to PERS Retirement Plan. Classic Members (1) Classic members in miscellaneous classifications shall pay the seven percent (7%) member contribution to the PERS retirement plan and shall qualify for the 2% at 55 benefit formula and retirement shall be based upon the highest twelve (12) consecutive months of compensation. (2) Effective June 20, 2020, employees covered under Section 17.15(a) (Member Contribution to PERS Retirement Plan – Classic Members) shall pay, through payroll deduction, one hundred percent (100%) of the seven percent (7%) member contribution, plus an additional one percent (1%) of the employer’s contribution of PERSable compensation for a total contribution of eight percent (8%) toward the cost of pension benefits as permitted by Government Code section 20516 (Employee Cost Sharing of Additional Benefits). The parties acknowledge that CalPERS mandates an election of unit members, separate from the ratification of this MOU, to provide for this cost sharing pursuant to Government Code section 20516. As soon as practicable after the effective date of this MOU, the City will initiate the contract amendment process. Upon approval and agreement from the bargaining unit and completion of the City’s amendment to the CalPERS contract, employee contributions will be made pursuant to Government Code section 20516. Should the membership vote against the CalPERS contract amendment, effective June 20, 2020, the above referenced one percent (1%) cost sharing shall be implemented outside of a CalPERS contract amendment as authorized by Government Code section 20516(f). The Union and the City will take all actions necessary to implement the pension cost sharing agreement described in this Section.

Member Contribution to PERS Retirement Plan. Classic Members (1) Classic members in miscellaneous classifications shall pay the seven percent (7%) member of the members contribution to the PERS retirement plan and plan, shall qualify for the 2% at 55 benefit formula and retirement shall be based upon the highest twelve (12) consecutive months of compensation. (2) Effective June 20, 2020, employees covered under Section 17.15(a19.11(a) (Member Contribution to PERS Retirement Plan – Classic Members) shall pay, through payroll deduction, one hundred percent (100%) of the seven percent (7%) member contribution, plus an additional one percent (1%) of the employer’s contribution of PERSable compensation for a total contribution of eight percent (8%) toward the cost of pension benefits as permitted by Government Code section 20516 (Employee Cost Sharing of Additional Benefits). The parties acknowledge that CalPERS mandates an election of unit members, separate from the ratification of this MOU, to provide for this cost sharing pursuant to Government Code section 20516. As soon as practicable after the effective date of this MOU, the City will initiate the contract amendment process. Upon approval and agreement from the bargaining unit and completion of the City’s amendment to the CalPERS contract, employee contributions will be made pursuant to Government Code section 20516. Should the membership vote against the CalPERS contract amendment, effective June 20, 2020, the above referenced one percent (1%) cost sharing shall be implemented outside of a CalPERS contract amendment as authorized by Government Code section 20516(f). The Union Council and the City will take all actions necessary to implement the pension cost sharing agreement described in this Section.