Page 196 - FY 2021-22 Supporting Information
P. 196

2021-22 PROPOSED BUDGET
                                                  ADD/DELETE RATES






            SWORN - CURRENT POSITIONS - PREPAY (On July 15)
               Pensions                                                                    45.89% combined rate
               Health and Welfare Program   Police                                       $16,701 per position
                                            Fire                                         $18,765 per position

            SWORN - NEW POSITIONS  - PREPAY (On July 15)
               GCP-Pensions Savings Plan (3%) & Medicare (1.5%) 1                            4.5%
               Health and Welfare Program   Police                                       $16,701 per position
                                            Fire                                         $18,765 per position

            CIVILIAN - PREPAY (On July 15)
                                2
               LACERS (32.25%)  & GCP - Medicare (1.5%)                                    33.75% combined rate
               Civilian FLEX Program                                                     $14,073 per position

               Example:
               One position (Civilian) @ $60,000 (salary cost) X  33.75% + $14,073 =     $34,323




            1. Fire and police recruits become members of the Fire and Police Pensions System upon completion of their
               academy training. During training, they participate in the Pensions Savings Plan (PSP). Funds in the PSP
               can be transferred to the City's Deferred Compensation Plan upon completion of the academy training. The
               City contributes 3 percent of payroll to the PSP and the employee contributes 4.5 percent of payroll.

            2. For 2021-22 the Tier 1 rate for LACERS is 32.81 percent. The rate applies to LACERS-eligible City
               employees hired prior to February 21, 2016. LACERS-eligible City employees hired by the City after February
               21, 2016 will be subject to the Tier 3 rate of 30.16 percent. The rate noted above reflects the combined rate
               for the two tiers and includes the enhanced benefit for Airport Peace Officers effective January 7, 2018.
































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