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CONTRACT AMENDMENT COST ANALYSIS -VALUATION BASIS: June 30, 2006 SAFETY FIRE PLAN FOR CITY OF PLEASANTON Employer Number: 327 Benefit Description: Section 21548, Pre-Retirement Optional Settlement 2 Death Benefit Summary of Plan Amendments Valued COVERAGE GROUP 74001 Pre-Amendment • Benefit not part of Contract Package. • Benefit not part of Contract Package. Post-Amendment An employee's eligible survivor may receive the Optional Settlement 2 Death benefit if the member dies while actively employed, has attained at least age 50, and has at least 5 years of credited service (total service across all CaIPERS employers and with certain other Retirement Systems with which CaIPERS has reciprocity agreements). A CaIPERS member must be actively employed with the CaIPERS employer providing this benefit to be eligible for this benefit. An eligible survivor means the surviving spouse to whom the member was married at least one year before death. A member's survivor may choose this benefit in lieu of the Basic Death benefit or the 1957 Survivor benefit. The Optional Settlement 2 Death benefit is a monthly allowance equal to the Service Retirement benefit that the member would have received had the member elected Optional Settlement 2 and retired on the date of his or her death. (A retiree who elects Optional Settlement 2 receives an allowance that has been reduced so that it will continue to be paid after his or her death to a surviving beneficiary.) The allowance is payable as long as the surviving spouse lives, at which time it is continued to any unmarried children under age 18. There is a guarantee that the total amount paid will at least equal the Basic Death Benefit. November 16, 2007 Page 6