New Members’ Pension Contributions. Effective November 6, 2016, in addition to the contributions in Section 59.6, New Members will contribute eight percent (8.0%) towards the City’s CalPERS employer share of pension through a 20516 CalPERS amendment that allows such contributions as pre-tax via automatic payroll deduction, in exchange for the City granting the salary increase set forth in Section 13.1.5 (CalPERS Salary Exchange) of this MOU. Such employee deductions by the City shall be used towards the City’s CalPERS required contributions.
Appears in 5 contracts
Samples: Memorandum of Understanding, Memorandum of Understanding, Memorandum of Understanding
