History Of Prior City Contracts With CalPERS Sample Clauses

History Of Prior City Contracts With CalPERS. A history of prior amendments to the City’s contracts with CalPERS is attached as APPENDIX B. The parties agree that APPENDIX B is provided as a historic reference to the timing of prior agreements about retirement benefits, and the parties agree that APPENDIX B shall not be used to interpret the language of the Agreement ratified by IAFF L-1401 and approved by the City Council.
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History Of Prior City Contracts With CalPERS. A history of prior amendments to the City’s contracts with CalPERS is attached as APPENDIX B. The parties agree that APPENDIX B is provided as a historic reference to the timing of prior agreements about retirement benefits, and the parties agree that APPENDIX B shall not be used to interpret the language of the Agreement ratified by IAFF L-1401 and approved by the City Council. Date Amendment to City’s Contract With CalPERS March 20, 2012 Amendment #4 to the 2006/2007 through 2011/2012 MOU. The City and IAFF L-1401 agreed to a new, second tier retirement formula, including 3.0% @ 55 and 36 month final compensation. The second tier was effective on July 8, 2012. July 12, 2011 Amendment #3 to the 2006/2007 through 2011/2012 MOU. The City shall report 9% (effective July 1998) EPMC to PERS as additional compensation for retirement purposes as provided in GC Sections 20636 and 20691, and is for the rate of classifications in the Unit. Such reporting will continue only to the extent permitted by the PERS laws. Further, if changes to the PERS laws require that the EPMC be reduced, only the remaining EPMC will be reported to PERS as additional compensation for retirement purposes; and, if such changes require that the EPMC be eliminated, no additional compensation shall be reported to PERS. Articles 44.8 and 44.9 are renumbered Articles 44.12 and 44.13, and new Articles 44.8 through 44.11 are added to read as follows: Cost-sharing contributions: The cost-sharing described in Articles 44.9 and 44.10 below are made under section 20516(f) of the California Public Employees’ Retirement Law (PERL). In accordance with section 20516(f), the City and Union agree that employees’ cost-sharing contributions will fund the cost of the 3%@50 benefit, an “optional benefit” Date Amendment to City’s Contract With CalPERS provided to employees effective July 1, 2001. According to the CalPERS actuary, the maximum allowable cost sharing for that benefit is 10.790% of employees’ compensation earnable (i.e., PERSable compensation, excluding the value of EPMC) through June 30, 2021. Accordingly, the maximum employee cost-sharing contributions will not exceed 10.79% of employees’ PERSable compensation, excluding the value of EPMC. The cost-sharing described in Articles 44.9 and 44.10 will not be documented in a contract amendment with PERS; accordingly, the cost-sharing contributions under those Articles will not be treated as member contributions for PERS purposes. The City will adopt ...
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History Of Prior City Contracts With CalPERS. Section 21.1.1 of the MOU reads as follows:
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