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Section 33. Retirement Plan 33.1 The City's contract with the Public Employees Retirement System provides retirement benefits for the 2.5% @ 55 retirement formula. Such plan contains an after remarriage post survivor allowance continuance. Two-tier system: The CaIPERS Retirement Plan was amended effective May 6, 2010 to provide the 2% @ 55 (highest 36 months) retirement formula to new employees hired following City Council approval of the CaIPERS contract amendment and pursuant to CaIPERS requirements. Such plan will contain an after - remarriage post - survivor allowance continuance benefit. 33.2 The City shall continue to contract with the Public Employees' Retirement Systems to provide the credit for unused sick leave benefit (Section 20862.8). 33.3 The City shall continue to contract with the Public Employees' Retirement System to provide the Military Service Credit as Public Service (Section 21024) benefit option. 33.4 Effective January 1, 2006, the City shall contribute to the Public Employees' Retirement System (PERS) each pay period a portion of a new employee's contribution rate as established by law according to the following schedule: year 1 — 2 %; year 2 — 4 %; year 3 — 6 %. Thereafter, the Employer Paid Member Contribution (EPMC) shall be equal to eight percent (8 %) of the employee's "compensation" as that term is administered by the Board of Administration of PERS. Prior Ca1PERS service time will be credited to new employees to reduce the contribution rates specified above. Section 34. Transfer For the purpose of employee transfers as defined in Personnel Rules, the classifications of Refuse Collector, Street Maintenance Worker, Building Maintenance Worker and Park Maintenance Worker shall be interpreted as comparable classifications. An employee so transferred shall be paid in accordance with classification to which such employee is transferred. Section 35. Tools - Equipment Section The City shall provide tool insurance to cover the reasonable value of the hand tools furnished by employees in the Automotive Mechanic and Equipment Mechanic classifications against loss in excess of sixty dollars ($60.00) per occurrence arising from theft or catastrophic damage. It is understood that the City may institute reasonable rules for the purpose of limiting claims under this tool insurance. These rules shall provide for, but not be limited to, tool inventories, audit of tool inventories, restrictions on removal of tools from the automotive shop and requirements for the proper safeguarding of tools by the employees, which includes securement and lock -up of tools at the end of each working period. For the period of this Memorandum of Understanding, employees regularly assigned to the Public Works Equipment Section, who are required to provide and use their own tools shall be reimbursed by the City for broken, worn out, and/or technologically obsolete tools, to a maximum of three hundred and fifty -five ($355.00) per fiscal year. Such reimbursement shall 25