Laserfiche WebLink
THE CITY OF <br /> 1 <br /> p�.��S�N�oN® �ITY COUNCIL AGENDA REPORT <br /> February 7, 2017 <br /> Human Resources <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 PROVIDE SECTION <br /> 20516 (EMPLOYEES SHARING ADDITIONAL COST) OF AN <br /> ADDITIONAL 1.5% FOR CLASSIC CALPERS LOCAL FIRE MEMBERS <br /> OF THE LIVERMORE-PLEASANTON FIRE DEPARTMENT <br /> SUMMARY <br /> The Cities of Pleasanton and Livermore and the International Association of Fire <br /> Fighters adopted a Memorandum of Understanding (MOU) in 2015 which includes the <br /> implementation of additional cost sharing of pensions for members considered "classic" <br /> by the California Public Employees' Retirement System (CaIPERS) Classic members <br /> are currently paying 10 5% towards their pension costs The final of four scheduled <br /> employee contributions is an additional 1 5% of the employer's CaIPERS rate for a total <br /> of 12% effective July 1, 2017 <br /> In order for this employee contribution to be recognized by CaIPERS, the City must <br /> undergo the contract amendment process with CaIPERS To execute the contract <br /> amendment, the City must first adopt a resolution of intention and introduce an <br /> ordinance to amend the contract <br /> RECOLL, MENDATION <br /> Adopt the resolution of intention and introduce an ordinance to amend the contract <br /> between CaIPERS and the City of Pleasanton to implement an additional 1 5% cost <br /> sharing for classic local fire members of the Livermore-Pleasanton Fire Department <br /> FINANCIAL STATEMENT <br /> The total savings of 1 5% employee cost sharing contributions by classic local fire <br /> members is approximately $200,000 per year which is shared equally by the City of <br /> Pleasanton and the City of Livermore <br />