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City of Lodi signs new union contracts

New two-tier pension system, concessions could save city millions

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Posted: Saturday, July 28, 2012 12:00 am

The city of Lodi recently inked new contracts with eight of its nine labor unions, and for the first time created a two-tier pension system for public safety employees.

New hires for police officers and firefighters will now have a pension formula of 3 percent at 55 based on the average of the three highest years of pay. Currently, public safety employees use a 3 percent at 50 formula based on the highest single year of pay.

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