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THE CITY OF <br /> CITY COUNCIL AGENDA REPORT II <br /> pL£ASANTONe <br /> May 5, 2015 <br /> Administrative Services <br /> TITLE: ADOPT A RESOLUTION OF INTENTION AND INTRODUCE AN <br /> ORDINANCE TO AMEND THE CONTRACT BETWEEN THE <br /> CALIFORNIA PUBLIC EMPLOYEES' RETIREMENT SYSTEM <br /> (CALPERS) AND THE CITY OF PLEASANTON TO INCLUDE SECTION <br /> 20516 (EMPLOYEES SHARING ADDITIONAL COST) OF .5% FOR <br /> CLASSIC CALPERS LOCAL FIRE MEMBERS OF THE LIVERMORE- <br /> PLEASANTON FIRE DEPARTMENT <br /> SUMMARY <br /> Recently, the Cities of Pleasanton and Livermore and the International Association of <br /> Fire Fighters adopted an updated Memorandum of Understanding (MOU) which <br /> includes the implementation of additional cost sharing of pensions for members <br /> considered "classic" by the California Public Employees' Retirement System <br /> (CaIPERS). The first of four scheduled contributions by employees is a .5% cost sharing <br /> of the employer's CaIPERS rate and is to be implemented as soon as administratively <br /> feasible. To initiate the contributions by amending the contract between the City and <br /> CaIPERS, the City must first adopt a resolution of intention and introduce an ordinance <br /> to amend the contract. <br /> RECOMMENDATION <br /> Adopt the resolution of intention and introduce an ordinance to amend the contract <br /> between CaIPERS and the City of Pleasanton to implement .5% cost sharing for classic <br /> local fire members of the Livermore-Pleasanton Fire Department. <br /> FINANCIAL STATEMENT <br /> The total savings of .5% employee cost sharing contributions by classic local fire <br /> members is approximately $65,000 per year which is shared equally by the City of <br /> Pleasanton and the City of Livermore: <br />