Tier One. For miscellaneous management employees hired prior to May 6, 2010, the City shall maintain a contract with CalPERS for the provision of a 2.5% @ 55 (highest 12 months) retirement benefit formula. These plans shall contain the following options: Remarriage post-survivor allowance continuance Credit for unused sick leave option Military service credit option Employees shall pay the 8% of the employee contribution. Pursuant to IRS Code Section 414 (h) (2), these payments shall be made on a pre-tax basis.
Appears in 3 contracts
Samples: Memorandum of Understanding, Memorandum of Understanding, Memorandum of Understanding
Tier One. For miscellaneous management employees hired prior to May 6, 2010, the City shall maintain a contract with CalPERS for the provision of a 2.5% @ 55 (highest 12 months) retirement benefit formula. These plans shall contain the following options: Remarriage post-survivor allowance continuance Credit for unused sick leave option Military service credit option Employees shall pay the 8% of the employee contribution. Pursuant to IRS Code Section 414 (h) (2), these payments shall be made on a pre-tax basis.. SLMO 2023-2028 Memorandum of Understanding
Appears in 1 contract
Samples: Memorandum of Understanding
