Tag: friends of the gilroy hot springs
Cheers to the Santa Clara Valley Water District board and employees who recently negotiated new contracts that will save the agency $7.7 million over the life of the three-year contracts. Starting in April 2012, employees will contribute 15 percent of their health care premiums and pay an increase of 1.1 percent to 11 percent of contributions toward the California Public Employees Retirement System. And, new employees who start after Jan. 1 2012 will earn a rate of 2 percent of their salary for retirement plans, multiplied by their years of service at the age of 60. Current employees maintain the 2.5 percent at the age of 55. Employees will also lose a paid holiday, reducing them to 12 per year. Sick leave payouts upon retirement are capped at 480, with a 50 percent rate of the equivalent cash value.