RES 95099 - Laserfiche WebLink

16.6 Extended Benefits The City will consider voluntary proposals from the Union's membership to utilize their benefits to extend the benefits of an individual on protracted medical leave. Section 17. Retirement 17.1 Retirement Plan The City shall continue to provide the PERS 2% at 50 retirement plan to include the present 1959 Survivors and One Year Highest compensation options at the City's expense. As soon as possible following the effective date of the Memorandum of Understanding, the City will contract with PERS for the Fourth Level 1959 PERS Survivors Benefit. The cost of said retirement option shall be borne by the union. 17.2 Payment of Employee's Contribution Effective July 1, 1988, the City shall pay the employee's contribution to the Public Employees' Retirement System (PERS). The amount of said City payment shall equal but not exceed nine percent (9.0 %) of the employee's compensation subject to retirement contributions. 17.3 Reportinv of City Payment of Employee's Contribution as Special Compensation Effective as soon as possible following City Council approval of this Memorandum of Understanding, the City will begin the reporting of its payment of the employee's PERS contribution as "special compensation ". The City will resume paying the employee's PERS contribution for those employees currently paying their own PERS contribution, and adjust their wages accordingly. 17.4 Adoption of Credit for Unused Sick Leave Option Prior to June 30, 1987, the City shall amend its contract with PERS for the purpose of adopting the "credit for unused sick leave" option. The cost of said retirement option shall be borne by the City. For purposes of determining the amount of unused sick leave for which service credit is to be received. 11.2 hours of sick leave shall be considered one day. - 21 -