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<br />44 <br /> <br /> Miscellaneous Plan <br /> <br />Tier 1 – Classic <br />PERS Members <br />Tier 2 –Classic <br />PERS Members <br />Tier 3 – <br />New PERS Members <br /> <br />Hire Date Prior to May 6, 2010 <br />On or after May 6, 2010 to January 1, <br />2013 <br />On or after January 1, <br />2013 <br />Benefit formula 2.5% @ 55 2% @ 55 2% @ 62 <br />Benefit vesting schedule 5 years of service 5 years of service 5 years of service <br />Benefit payments Monthly for life Monthly for life Monthly for life <br />Retirement age 55 55 62 <br />Monthly benefits, as a % of eligible <br />compensation 2.000% – 2.500% 1.426% – 2.418% 1.000% – 2.500% <br />Required employee contribution rates 8.000% 7.000% 6.750% <br />Required employer contribution rates 29.404% 29.404% 29.404% <br /> Source: City of San Leandro Comprehensive Annual Financial Report for fiscal year ended June 30, 2017. <br />The provisions and benefits of the Safety Plan in effect at June 30, 2017, are summarized as follows: <br /> <br /> Safety Plan <br /> <br />Hire Date Prior to January 1, 2013 On or after January 1, 2013 <br />Benefit formula 3% @ 50 2.7% @ 57 <br />Benefit vesting schedule 5 years of service 5 years of service <br />Benefit payments Monthly for life Monthly for life <br />Retirement age 50 50 <br />Monthly benefits, as a % of eligible compensation 3% 2% – 2.7% <br />Required employee contribution rates 8.987% 12.250% <br />Required employer contribution rates 48.418% 13.242% Source: City of San Leandro Comprehensive Annual Financial Report for fiscal year ended June 30, 2017. City Pension Contributions. The City is required to contribute at an actuarially <br />determined rate of annual covered payroll, plus a fixed payment of unfunded liability. The City’s <br />respective employer contribution rates as percentage of payroll for the Plans for the last four fiscal years are set forth in the following table. <br /> Total City Contribution Rates (1) <br /> <br /> <br /> <br />Fiscal Year <br />2014-15 <br />Fiscal Year <br />2015-16 <br />Fiscal Year <br />2016-17 <br />Fiscal Year <br />2017-18 (2) <br />Miscellaneous Plan 25.24% 26.80% 29.16% 31.71% <br />Safety Plan 27.73 47.93 46.25 55.80 <br />_________________________ (1) The rates shown are for July 1 of each year; however it may not be the rate in effect for the complete fiscal year. Changes in plan benefits, the funding period, prepayments, or other contract changes may not be <br />reflected in these rates. (2) Projected as of July 1, 2017. Source: City of San Leandro Comprehensive Annual Financial Report for fiscal year ended June 30, 2017; CalPERS Actuarial Report Dated August 2016.