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2 <br />3 <br />4 <br />5 <br />6 <br />10 <br />11 <br />12 <br />13 <br />14 <br />15 <br />16 <br />17 <br />18 <br />19 <br />20 <br />21 <br />22 <br />23 <br />24 <br />25 <br />26 <br />27 <br />28 <br />1. Retirement Formulas and Contributions <br />(a) Classic Members. <br />(i) Employees Hired Before July 1, 2010. Classic members who <br />are sworn employees hired before July 1, 2010 shall be enrolled in the City's 3% at 50 <br />retirement plan. The normal member contribution required by CalPERS, currently 9% of <br />PERSable compensation, shall be paid by each employee via salary reduction. Final <br />compensation shall be determined by using the "highest single year of compensation" <br />pursuant to California Government Code section 20042. <br />(ii) Employees Hired On or After July 1, 2010. Classic members <br />who are sworn employees hired on or after July 1, 2010 shall be enrolled in the City's 3% at <br />55 retirement plan. The normal member contribution required by CalPERS, currently 9% of <br />PERSable compensation, shall be paid by each employee via salary reduction. Final <br />compensation shall be determined by using the "highest single year of compensation" <br />pursuant to California Government Code section 20042. <br />(iii) Employees Previously Employed by the City. If the City hires a <br />classic member who was previously employed by the City as a sworn employee, such classic <br />member shall be enrolled in the retirement plan in which he or she was enrolled during his or <br />her prior employment with the City. <br />(b) New Members. <br />Pursuant to PEPRA, new safety members shall be enrolled in the 2.7% at 57 <br />retirement plan. PEPRA requires new safety members to contribute fifty percent (50%) of the <br />annual actuarially determined normal cost attributable to the applicable retirement plan in <br />which they are enrolled (i.e., 2.7% at 57 retirement plan), rounded to the nearest quarter of 1 <br />percent. This mandatory employee contribution amount is set by CalPERS on an annual <br />basis. Final compensation shall be determined based on a period of thirty-six (36) <br />consecutive months as required by PEPRA. PERSable compensation will be determined in <br />accordance with PEPRA and regulations adopted by CalPERS. <br />For miscellaneous members, each member shall pay the full amount of the normal member <br />contribution. Any Executive Group member that established CalPERS membership prior to <br />the implementation of the PEPRA in connection with City employment or that otherwise <br />establishes "classic member" status, as defined in Section 579.1 of the California Code of <br />Regulations, shall be subject to one of the following pre-PEPRA retirement formulas <br />determined on the basis of their original date of hire: 2.7% at 55 or 2.5% at 55. The normal <br />member contribution applicable to members participating in these retirement formulas <br />continues to be eight percent (8%). Any Executive Group member that is considered a "new <br />member" as defined in PEPRA shall be subject to the PEPRA retirement formula for non - <br />safety "new members" which is: 2% at age 62, with a minimum benefit of 1% at age 52 and a <br />maximum benefit of 2.5% at age 67. The normal member contribution for "new members" <br />will be determined by CalPERS in accordance with PEPRA. <br />Resolution No. R-40-19 <br />Page 4 of 15 <br />