Title
ADOPT: Resolution Approving the Conditions of Employer Paid Member Contributions (EPMC) for Confidential Employees for the Period October 1, 2013 Through June 30, 2015 (specifies the conditions of EPMC as required by the California Public Employee's Retirement System [CalPERS])
Body
WHEREAS, the City Council of the City of San Leandro has elected to pay all or a part of the normal member contributions to the California Public Employees' Retirement System (CalPERS) pursuant to California Government Code Section 20691 - Employer Paid Member Contributions (EPMC); and
WHEREAS, on September 16, 2013 the City Council of the City of San Leandro approved a Compensation Plan with the Confidential Employees Group for the period October 1, 2013 through June 30, 2015, which identifies the following conditions for member contributions to be paid by the employer;
Miscellaneous employees with a 2.5% @ 55 retirement benefit formula (Tier One):
* Effective October 1, 2013, employees shall commence paying 2% of the employee contribution and the City shall contribute 6%. Effective July 1, 2014, employees shall commence paying 5% of the employee contribution and the City shall contribute 3%. Effective June 1, 2015, employees shall commence paying 8% of the employee contribution and the City shall contribute 0%.
Miscellaneous employees with a 2% @ 55 retirement benefit formula (Tier Two):
* Effective October 1, 2013, employees shall commence paying 2% of the employee contribution and the City shall contribute 5%. Effective July 1, 2014, employees shall commence paying 5% of the employee contribution and the City shall contribute 2%. Effective June 1, 2015, employees shall commence paying 7% of the employee contribution and the City shall contribute 0%.
Miscellaneous employees with a 2% @ 62 retirement benefit formula (Tier Three):
* Pursuant to the Public Employee's Pension Reform Act of 2013, employees hired after ...
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