Among other provisions, it extends last year’s salary reductions for another year and cuts the employer’s contribution to CalPERS.
Under the new agreement, any firefighter hired after July 1 would be placed into a second of a two-tiered pension plan. The benefits would pay on a rate of 3@55 as opposed to a 3@50, and the full contribution to CalPERS would come from the employee.
Hopes are that the plan will save the city more than $130,000 per year.
From the Santa Maria Times:
Santa Maria’s firefighters and city administration have reached a working agreement that the City Council will consider approving Tuesday at its regularly scheduled meeting.
The meeting begins at 6:30 p.m. at City Hall, 110 E. Cook St.
The city’s agreement with Firefighters Union Local 2020 is the last of its employee contracts to be inked for 2011. The council approved of an agreement with its service workers union and imposed a memorandum of understanding on its police union last month.
Read the full article here.