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Section 16. Retirement <br /> 16.1 Retirement Plan <br /> The City shall continue to provide the PERS 2% at 50 <br /> retirement plan to include the present 1959 Survivors <br /> and One Year Highest compensation options at the City's <br /> expense. <br /> 16.2 Payment of Employee's Contribution <br /> Effective July 1, 1988, the City shall pay the employee's <br /> contribution to the Public Employees' Retirement System <br /> (PERS). The amount of said City payment shall equal but <br /> not exceed nine percent (9.0 %) of the employee's <br /> compensation subject to retirement contributions. <br /> 16.3 Conversion of City Payment of EmDlovee's Contribution <br /> Each employee may once during the term of his /her <br /> employment convert the payment by the City of his /her <br /> nine percent (9.0 %) PERS contribution to a seven and six <br /> one hundreds percent (7.06 %) salary increase. Said <br /> percentage increase shall be applied to the employee's <br /> base monthly salary as set forth in Section 5.1 of this <br /> Memorandum of Understanding. The decision to convert <br /> must be made at least thirty (30) working day prior to <br /> the start of a payroll period and on a form provided by <br /> the Personnel Department. The decision to convert, once <br /> made, shall be irrevocable. <br /> 16.4 Adoption of Credit for Unused Sick Leave Option <br /> Prior to June 30, 1987, the City shall amend its contract <br /> with PERS for the purpose of adopting the "credit for <br /> unused sick leave" option. The cost of said retirement <br /> option shall be borne by the City. For purposes of <br /> determining the amount of unused sick leave for which <br /> service credit is to be received. 11.2 hours of sick <br /> leave shall be considered one day. <br /> - 21 - <br />