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THE CITY OF 1 3 <br /> CITY COUNCIL AGENDA REPORT <br /> pL£ASANTON <br /> February 20, 2018 <br /> Human Resources <br /> TITLE: ADOPT A RESOLUTION OF INTENTION AND INTRODUCE AN <br /> ORDINANCE TO AMEND THE CONTRACT BETWEEN THE CALIFORNIA <br /> PUBLIC EMPLOYEES' RETIREMENT SYSTEM (CALPERS) AND THE CITY <br /> OF PLEASANTON TO PROVIDE SECTION 20516 (EMPLOYEES SHARING <br /> ADDITIONAL COST) OF AN ADDITIONAL 1.5% FOR CLASSIC CALPERS <br /> LOCAL POLICE MEMBERS OF THE CITY OF PLEASANTON <br /> SUMMARY <br /> The City of Pleasanton and the Pleasanton Police Officers' Association (PPOA) adopted <br /> a Memorandum of Understanding (MOU) in 2017 which includes the implementation of <br /> additional cost sharing of pensions for members considered "classic" by the California <br /> Public Employees' Retirement System (CaIPERS). Classic members are currently <br /> paying 10.5% toward their pension costs. The additional employee contribution included <br /> in the current MOU is one and one half percent (1.5%) of the employer's CaIPERS rate <br /> for a total employee contribution of 12%, and is effective June 2, 2018. <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 /> RECOMMENDATION <br /> It is recommended that the City Council adopt the resolution of intention and introduce <br /> an ordinance to amend the contract between CaIPERS and the City of Pleasanton to <br /> implement an additional one and one half percent (1.5%) cost sharing for classic local <br /> police members of the City of Pleasanton. <br /> FINANCIAL STATEMENT <br /> The total savings of one and one-half percent (1.5%) employee cost sharing <br /> contributions by classic local police members is approximately $133,000 per year. <br />