Laserfiche WebLink
<br /> <br />Section 17. Retirement Plan - Three-tier System <br /> <br />The City shall, for full-time and qualifying part-time confidential staff, contribute to the <br />California Public Employees' Retirement System (CalPERS) each pay period a portion of <br />the employees’ contribution rate as established by law, equal to that percentage of the <br />employees’ "compensation" as that term is administered by the Board of Administration of <br />CalPERS, for the purpose of computing final compensation. Such contributions shall be <br />reported to CalPERS as follows: <br /> <br />8.1 Tier One: For confidential employees hired by the City prior to May 6, 2010, the City <br />shall maintain a contract with CalPERS for the provision of a 2.5% @ 55 (highest 12 <br />months) retirement benefit formula. The City shall contribute eight percent (8%) of the <br />employees’ compensation to CalPERS on behalf of these employees. <br /> <br />These plans shall contain the following options: <br /> <br /> Remarriage post-survivor allowance continuance <br /> Credit for unused sick leave option <br /> Military service credit option <br /> <br />Effective October 1, 2013, tier one employees shall commence paying 2% of the <br />employee contribution and the City shall contribute 6%. Effective July 1, 2014, <br />employees shall commence paying 5% of the employee contribution and the City shall <br />contribute 3%. Effective June 1, 2015, employees shall commence paying 8% of the <br />employee contribution and the City shall contribute 0%. Pursuant to IRS Code Section <br />414 (h) (2), these payments shall be made on a pre-tax basis. <br /> <br />8.2 Tier Two: For confidential employees hired by the City after May 6, 2010 and classified <br />as “classic” CalPERS members as defined by Public Employees Pension Reform Act <br />(PEPRA), the City shall maintain a contract with CalPERS for the provision of a 2% @ <br />55 (highest 36 months) retirement benefit formula pursuant to CalPERS requirements. <br />The City shall contribute seven percent (7%) of the employees’ compensation to <br />CalPERS on behalf of these employees. Such plan will also contain the three optional <br />benefits listed above. <br /> <br />Effective October 1, 2013, employees shall commence paying 2% of the employee <br />contribution and the City shall contribute 5%. Effective July 1, 2014, employees shall <br />commence paying 5% of the employee contribution and the City shall contribute 2% <br />Effective June 1, 2015, employees shall commence paying 7% of the employee <br />contribution and the City shall contribute 0%. Pursuant to IRS Code Section 414 (h) <br />(2), these payments shall be made on a pre-tax basis. <br /> <br />8.3 Tier Three: For confidential employees hired on or after January 1, 2013 and classified <br />as “new” members of CalPERS as defined by Public Employees Pension Reform Act <br />(PEPRA), the City shall maintain a contract with CalPERS for the provision of a 2% @ <br />62 (highest 36 months) retirement benefit formula. Also pursuant to PEPRA, these <br />employees are responsible for paying one-half of the normal cost of this retirement <br />plan. <br />14 <br />San Leandro Confidential Employees Compensation Plan