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the following factors: costs of alternate CaIPERS programs, the role of salary/benefits <br /> package in the ability to attract and retain quality applicants and finally, the pension <br /> programs offered by municipalities that compete with Pleasanton for police officer <br /> candidates. For those organizations adopting a second tier program, the 3%@55 <br /> program was the more common second tier adopted by municipal agencies (see Exhibit <br /> B). Additionally, the agreement reached also implements the 3%@55 program with the <br /> retirement calculation based on the three highest years' earnings. This program will <br /> realize substantial savings over the long term for the City once all employees are on the <br /> less costly retirement program. In addition, it allows the Police Department to remain <br /> competitive in attracting and retaining high quality candidates. The cost savings to the <br /> City for this item are reflected on Exhibit A. Mr. John Bartel, President and Chief <br /> Actuary of Bartel and Associates, will be present at the City Council meeting to respond <br /> to any questions related to pension plan modifications. <br /> Changes to Retiree Medical for New Employees: Currently police personnel who retire <br /> receive medical plan benefits for the employee and spouse calculated on a percentage <br /> based on years of service with the City. The new agreement reached modifies the <br /> benefit from two parties to employee only, and terminates when the employee becomes <br /> Medicare eligible, which is currently age 65. Over the long-term, this will significantly <br /> reduce the cost of the retiree medical program for the City. <br /> Operational Changes: <br /> Other topics of discussion include scheduled time off, clarification of shift and <br /> scheduling matters, frequency of performance evaluations, etc. <br /> CONCLUSION <br /> This topic introduces the key elements of the successor agreement which represents <br /> significant savings as a result of concessions on the part Pleasanton Police Officers' <br /> Association. This item allows the City Council and staff to receive public input on the <br /> matter prior to final City Council action on February 7th. <br /> Submitted by: � ' Approved y: <br /> iiee Y - Nelson Fialho <br /> Assistant City Manager/ City Manager <br /> Director of Administrative Services <br /> Exhibits: <br /> A. Pension Analysis through fiscal year 2021/2022 <br /> B. Survey of Police Agencies <br /> Page 3 of 3 <br />