BOARD AGENDA MEMORANDUM
Government Code ? 84308 Applies: Yes ? No ?
(If "YES" Complete Attachment A - Gov. Code ? 84308)
SUBJECT:
Title
*Adopt a Resolution Authorizing the CEO, or his Designee, to Execute Side Letters of Agreement with Employees Association-AFSCME Local 101, Engineers Society-IFPTE Local 21, and Professional Managers Association-IFPTE Local 21, with Changes to Employee Pension Contribution Levels or 401(a) Contributions for Classic Tier 2 Employees; Adopt Resolution Approving Fifth Amended Compensation Plan for Unrepresented Employees in the Executive Service.
End
RECOMMENDATION:
Recommendation
A. *Adopt the Resolution A RESOLUTION AUTHORIZING THE CEO, OR HIS DESIGNEE, TO EXECUTE SIDE LETTERS OF AGREEMENT WITH EMPLOYEES ASSOCIATION-AFSCME LOCAL 101, ENGINEERS SOCIETY-IFPTE LOCAL 21, AND PROFESSIONAL MANAGERS ASSOCIATION-IFPTE LOCAL 21, WITH CHANGES TO EMPLOYEE PENSION CONTRIBUTION LEVELS OR 401(A) CONTRIBUTIONS FOR CLASSIC TIER 2 EMPLOYEES; and
B. *Adopt the Resolution A RESOLUTION OF THE BOARD OF DIRECTORS OF THE SANTA CLARA VALLEY WATER DISTRICT (VALLEY WATER) APPROVING FIFTH AMENDED COMPENSATION PLAN FOR UNREPRESENTED EMPLOYEES IN THE EXECUTIVE SERVICE (JULY 1, 2024 THROUGH DECEMBER 31, 2025)
Body
SUMMARY:
Santa Clara Valley Water District (Valley Water) currently has a two-tier Classic formula for their CalPERS pension program in addition to PEPRA. Tier 1 is for employees that were in the 2.5% @ 55 with highest 12 months of income before March 19, 2012. New Hires after March 19, 2012, from other CalPERS agencies, go into Tier 2 Classic Formula with highest income in 36 months if they have not had a break in service of 6 months or more.
Tier 2 new hires tend to be highly experienced staff with previous public agency experience which is a valuable factor in employment for a leading public agency as Valley Water. The existing CalPERS Classic Tier 2 affects retention and recruitment of these experienced employees as their fo...
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