RES 86312 - Laserfiche WebLink

section Is. Retirement 16,1 RotiFomon~ 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. The cost of the one year highest compensation option shall be shared between the Union and the City with the City's maximum contribution toward said option being one percent (1%). 16.2 Payment of Employso's Contribution Effective July 1, 1982, 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 employso's compensation subject to retirement contributions. 16.3 Conversion of City Payment of Emplo~ee's Contribution Each employee may once during the term of his/her employment convert the payment by the City of his/her nine percent (9.0%) PERS contribution to a Seven and six one hundreds percent (7.06%) salary increase. Said percentage increase shall be applied to the employee's base monthly salary as set forth in Section 5.1 of this Memorandum of Understanding. The decision to convert must be made at least thirty (30) working days prior to the start of a payroll period and on a form provided by the Personnel Department. The decision to convert, once made, shall be irrevocable. 16.4 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. - 22 -