Staff Report Unrepresented Cost of Living Increases and Adoption of Salary Schedule
STAFF REPORT
TO:
Mayor and Members of the City Council
FROM: Daniel Barros, City Manager
MEETING DATE: September 25, 2024
SUBJECT: Adopt Resolutions Approving Cost of Living Increases for Certain Unrepresented Employees and Adopting the Town’s Salary Schedule (Continued from September 11, 2024)
RECOMMENDATION
Staff recommends that the City Council adopt the following resolutions:
RESOLUTION APPROVING COST OF LIVING SALARY INCREASES FOR CERTAIN UNREPRESENTED EMPLOYEES PURSUANT TO CEQA GUIDELINE 15378 RESOLUTION ADOPTING THE SALARY SCHEDULE AS OF SEPTEMBER 25, 2024 PURSUANT TO CEQA GUIDELINE 15378
COUNCIL ADOPTED VALUES
The Staff recommendation is consistent with the Council adopted values of:
•
Responsibility: Making decisions after prudent consideration of their financial impact, taking into account the long-term financial needs of the agency. • Fairness: Treat all persons, claims and transactions in a fair and equitable manner.
BACKGROUND
At its September 11, 2024 meeting, the Council considered adopting resolutions approving Memorandums of Understanding, approving cost of living increases for certain unrepresented employees and modifying the Town’s Salary Schedule, amending the Colma Administrative Code Subchapter 3.02 Relating to Standby Duty and Overtime, and introducing an ordinance amending the Municipal Code relating to Town Holidays. By consensus, the Council deferred consideration of approving cost of living increases for certain unrepresented employees and modifying the Town’s Salary Schedule to its September 25, 2024 to continue labor negotiations in closed session.
ITEM #7
Staff Report Unrepresented Cost of Living Increases and Adoption of Salary Schedule
ANALYSIS
The unrepresented employees are not members of any employee association. The Town has had an informal policy for some time that the unrepresented employees should be treated similarly to the Colma Police Officers Association and Dispatch Association. As a result, the City Council authorized the City Manager to provide the same increases/changes to the unrepresented employees, which was conveyed during a meeting with the unrepresented employees in August, as each employee (with the exception of the City Manager) will receive
3.8 percent pay increase effective September 25, 2024. Additionally, Employees will also receive three (3) separate 2% pay increases every six months beginning December 2024 through December 2025 (the first increase in December of 2024 remains contingent on the voters approving the sales tax ballot measure at the November 5, 2024 election). This amounts to a 9.8 percent pay increase over two years.
At the September 11, 2024 meeting, the City Council agreed to meet in closed session on September 25, 2024 to continue to negotiate the timing of the first salary increase. If the City Council concludes its negotiations, it can consider and adopt the resolutions associated with this agenda item and confirm its desired timing for the first salary increase.
FISCAL IMPACT
The approval of the attached resolutions, accompanied by the approval of the POA and Dispatch MOUs from the September 11, 20224 City Council Meeting, will increase Town salaries and benefits by a cost of approximately $920,000 over the life of the MOUs. This amount has been calculated into the Town’s long term financial forecast and can be accommodated.
ALTERNATIVES
Council could elect to not adopt the resolutions. Doing so would further delay labor negotiations, and the implementation of a salary increase for some staff while others have already received it. If not adopted, please provide direction to staff as to next steps.
CONCLUSION
Staff recommends that the City Council adopt the resolutions and confirm the timing of the first salary increase.
ATTACHMENTS
A. Resolution Approving Cost of Living Increase For Certain Unrepresented Employees B. Resolution adopting the Colma Salary Schedule
Res. 2024-__, Cost of Living Increase Unrepresented Employees Page 1 of 2 RESOLUTION NO. 2024-__
OF THE CITY COUNCIL OF THE TOWN OF COLMA
RESOLUTION APPROVING COST OF LIVING SALARY INCREASES FOR CERTAIN UNREPRESENTED EMPLOYEES PURSUANT TO CEQA GUIDELINE 15378 The City Council of the Town of Colma does hereby resolve as follows:
1 . Background.
(a) The Town has been in active negotiations since June of 2024 to address potential salary increases for both represented and unrepresented employees. (b) The City Council has recently concluded negotiations with both the Colma Peace Officers Association and the Colma Police Communications/Record Association. (c) The City Manager is now recommending that t he City Council approve cost of living increases for certain unrepresented employees consistent with Town’s past practice of treating the unrepresented employees consistent with the Colma Peace Officers Association and the Colma Police Communications/Record Association.
2. Order; Cost of Living Salary Increases for Certain Unrepresented Employees (a) The City Council hereby approves a cost of living increase for certain unrepresented employees, excluding the City Manager who has a separate employment agreement with the Town and excluding the following part-time positions who are subject to the minimum wage laws:
Recreation Leader, Senior Recreation Leader, Facility Attendant, Intern, and Student Aide.
(b) All unrepresented employee positi ons, excluding the City Manager and the part -time positions listed above, shall receive the following:
(i) a 3.8% pay increase beginning on ________________.
(ii) a 2% pay increase beginning on December 22, 2024 (pay date January 10, 2025) contingent on the voters approving the sales tax ballot measure at the November 5, 2024 election.
(iii) a 2% pay increase beginning on June 22, 2025 (pay date July 11, 2025). (iv) a 2% pay increase beginning on December 21, 2025 (pay date January 9, 2026).
3. No Contract. Nothing herein shall be construed as a contract with any employee, and the City Council shall have the discretion to modify the respective salaries in accordance with any applicable state or local provisions.
4. Effective Date. This resolution shall become effective upon adoption.
ATTACHMENT A
Res. 2024-__, Cost of Living Increase Unrepresented Employees Page 2 of 2 Certification of Adoption
I certify that the foregoing Resolution No. 2024-__ was duly adopted at a regular meeting of said City Council held September 25, 2024 by the following vote:
Name Voting Present, Not Voting Absent
Aye No Abstain Not Participating
John Irish Goodwin, Mayor
Ken Gonzalez, Vice Mayor
Helen Fisicaro, Councilmember
Joanne F. del Rosario,
Councilmember
Carrie Slaughter,
Councilmember
Voting Tally
Da
ted ______________________ ___________________________________ John Irish Goodwin, Mayor
Attest: ____________________________
Michelle Estabillo, City Clerk
Town of Colma Pay Schedule (Effective September 15, 2024) Proposed Resolution September 25, 2024
1 2 3 4 5 6
Position Title Step 1 Step 2 Step 3 Step 4 Step 5 Step 6 Add'l Incentive Payroll Ref Elected Officials (Monthly Compensation)
Mayor & City Council 961.00
Regular/Casual/Temporary Employees (hourly rate, compensated on a biweekly basis) Accounting Manager 69.69 73.17 76.82 80.66 84.70 - (10)(11) 8acctm Accounting Technician 46.43 48.75 51.20 53.75 56.45 - (10)(11) 8acct Administrative Services Director 87.25 91.63 96.20 101.01 106.07 - (11) 8acm Administrative Technician I 43.33 45.50 47.78 50.16 52.66 - (10)(11) 8at1 Administrative Technician II 45.50 47.78 50.16 52.66 55.31 - (10)(11) 8at2 Administrative Technician III 45.50 47.78 50.16 52.66 55.31 58.07 (10)(11) 8at3 City Clerk 58.07 60.97 64.02 67.22 70.58 - (10)(11) 8clrk1 City Manager 115.39 - - - - - (9) mgr
Community Service Officer 42.28 44.39 46.61 48.94 51.39 - (10)(11) 8cso Executive Assistant to Chief of Police 45.50 47.78 50.16 52.66 55.31 58.07 (10)(11) 8at3 Facility Attendant 20.21 21.24 22.27 23.40 - - (11) 8fa Human Resources Manager 63.61 66.80 70.13 73.65 77.33 - (10)(11) 8hrm Intern 25.52 26.81 28.15 29.59 31.08 - (11) intr Maintenance Technician I 42.38 44.49 46.72 49.05 51.51 - (7)(8)(10)(11) 8mt1 Maintenance Technician II 44.49 46.72 49.05 51.51 54.09 - (7)(8)(10)(11) 8mt2 Maintenance Technician III 44.49 46.72 49.05 51.51 54.09 56.80 (7)(8)(10)(11) 8mt3 Management Analyst I 48.26 50.67 53.20 55.86 58.66 - (11) 8ma1 Management Analyst II 52.19 54.79 57.54 60.42 63.44 - (11) 8ma2 Management Analyst III 56.44 59.26 62.23 65.33 68.60 - (11) 8ma3 Police Chief 94.63 99.36 104.34 108.51 112.61 - (1)(11) chief Police Commander 85.71 89.98 94. 50 99.22 104.17 - (1)(11) 8pcmd Police Dispatcher / Clerk 52.90 54.36 55.84 57.30 58.76 - (6)(4)(11) clerical Police Dispatcher/Records Supervisor 63.75 65.51 67.29 69.07 70.84 - (2)(4)(11) supervisor Police Officer - Reserve 59.19 - - - - - pdres Police Officer 1 59.19 62.15 65.27 68.53 - - (1)(3)(5)(11) 8po1 Police Officer 2 61.55 64.64 67.88 71.27 - - (1)(3)(5)(11) 8po2 Police Officer 3 62.75 65.89 69.19 72.64 - - (1)(3)(5)(11) 8po3 Police Sergeant 1 75.03 76.58 78.16 82.48 - - (1)(3)(5)(11) 8sgt1 Police Sergeant 2 78.02 79.64 81.28 85.79 - - (1)(3)(5)(11) 8sgt2 Police Sergeant 3 79.52 81.16 82.84 87.44 - - (1)(3)(5)(11) 8sgt3 Public Works Maintenance Supervisor 54.11 56.82 59.65 62.64 65.76 - (7)(8)(10)(11) 8mts Recreation Coordinator 42.25 44.37 46.59 48.92 51.35 - (10)(11) 8recc Recreation Leader 16.00 16.82 17.64 18.56 - - (11) 8rl Recreation Manager 50.51 53.03 55.67 58.47 61.38 - (10)(11) recmgr Senior Recreation Leader 20.21 21.24 22.27 23.40 - - (11) 8rls Student Aide 16.00 16.82 17.64 18.56 - - (11) 8sta Additional Incentive
(1) These positions receive a $1,025 per year uniform allowance (
2) This position receives a 5.0% incentive for CAD Administrator (3) These positions receive an additional 5% Holiday Pay (4) These positions receive a $774.73 per year uniform allowance (5) These positions may receive a 5% incentive for Acting Commander, Acting Sergeant, Officer in Charge, Training Officer, and/or Detective
(6) This position may receive a 2.5% incentive for Back-up CAD Administrator (7) These positions may receive $120 per week stand-by pay (8) These positions receive an in kind uniform allowance of $68.67 per pay period (9) This position receives a $300 monthly automobile allowance (10) These positions may received 5% out of class pay
(11) These positions may receive retention pay (2.5% @ 10 years; 5.0% @ 20 years)
ATTACHMENT B
Town of Colma Pay Schedule (Effective December 22, 2024) Proposed Resolution September 25, 2024
1 2 3 4 5 6
Position Title Step 1 Step 2 Step 3 Step 4 Step 5 Step 6 Add'l Incentive Payroll Ref Elected Officials (Monthly Compensation)
Mayor & City Council 961.00
Regular/Casual/Temporary Employees (hourly rate, compensated on a biweekly basis) Accounting Manager 71.09 74.63 78.36 82.28 86.39 - (10)(11) 8acctm Accounting Technician 47.36 49.73 52.22 54.83 57.58 - (10)(11) 8acct Administrative Services Director 89.00 93.46 98.12 103.03 108.19 - (11) 8acm Administrative Technician I 44.20 46.41 48.74 51.17 53.72 - (10)(11) 8at1 Administrative Technician II 46.41 48.74 51.17 53.72 56.41 - (10)(11) 8at2 Administrative Technician III 46.41 48.74 51.17 53.72 56.41 59.23 (10)(11) 8at3 City Clerk 59.23 62.19 65.30 68.56 71.99 - (10)(11) 8clrk1 City Manager 115.39 - - - - - (9) mgr
Community Service Officer 43.12 45.28 47.54 49.92 52.41 - (10)(11) 8cso Executive Assistant to Chief of Police 46.41 48.74 51.17 53.72 56.41 59.23 (10)(11) 8at3 Facility Attendant 20.21 21.24 22.27 23.40 - - (11) 8fa Human Resources Manager 64.89 68.13 71.54 75.12 78.87 - (10)(11) 8hrm Intern 25.52 26.81 28.15 29.59 31.08 - (11) intr Maintenance Technician I 43.22 45.38 47.65 50.03 52.54 - (7)(8)(10)(11) 8mt1 Maintenance Technician II 45.38 47.65 50.03 52.54 55.17 - (7)(8)(10)(11) 8mt2 Maintenance Technician III 45.38 47.65 50.03 52.54 55.17 57.93 (7)(8)(10)(11) 8mt3 Management Analyst I 49.22 51.68 54.27 56.98 59.83 - (11) 8ma1 Management Analyst II 53.23 55.89 58.70 61.63 64.71 - (11) 8ma2 Management Analyst III 57.57 60.45 63.47 66.64 69.98 - (11) 8ma3 Police Chief 96.53 101.35 106.42 110.68 114.86 - (1)(11) chief Police Commander 87.42 91.78 96. 39 101.20 106.26 - (1)(11) 8pcmd Police Dispatcher / Clerk 53.95 55.45 56.95 58.45 59.93 - (6)(4)(11) clerical Police Dispatcher/Records Supervisor 65.02 66.82 68.64 70.45 72.26 - (2)(4)(11) supervisor Police Officer - Reserve 60.37 - - - - - pdres Police Officer 1 60.37 63.39 66.57 69.90 - - (1)(3)(5)(11) 8po1 Police Officer 2 62.78 65.93 69.23 72.69 - - (1)(3)(5)(11) 8po2 Police Officer 3 64.01 67.21 70.57 74.09 - - (1)(3)(5)(11) 8po3 Police Sergeant 1 76.53 78.11 79.73 84.13 - - (1)(3)(5)(11) 8sgt1 Police Sergeant 2 79.58 81.23 82.91 87.50 - - (1)(3)(5)(11) 8sgt2 Police Sergeant 3 81.11 82.78 84.49 89.19 - - (1)(3)(5)(11) 8sgt3 Public Works Maintenance Supervisor 55.19 57.95 60.84 63.90 67.08 - (7)(8)(10)(11) 8mts Recreation Coordinator 43.10 45.26 47.53 49.90 52.38 - (10)(11) 8recc Recreation Leader 16.00 16.82 17.64 18.56 - - (11) 8rl Recreation Manager 51.52 54.09 56.78 59.64 62.61 - (10)(11) recmgr Senior Recreation Leader 20.21 21.24 22.27 23.40 - - (11) 8rls Student Aide 16.00 16.82 17.64 18.56 - - (11) 8sta Additional Incentive
(1) These positions receive a $1,025 per year uniform allowance (
2) This position receives a 5.0% incentive for CAD Administrator (3) These positions receive an additional 5% Holiday Pay (4) These positions receive a $774.73 per year uniform allowance (5) These positions may receive a 5% incentive for Acting Commander, Acting Sergeant, Officer in Charge, Training Officer, and/or Detective
(6) This position may receive a 2.5% incentive for Back-up CAD Administrator (7) These positions may receive $120 per week stand-by pay (8) These positions receive an in kind uniform allowance of $68.67 per pay period (9) This position receives a $300 monthly automobile allowance (10) These positions may received 5% out of class pay
(11) These positions may receive retention pay (2.5% @ 10 years; 5.0% @ 20 years) Town of Colma Pay Schedule (Effective June 22, 2025)
Proposed Resolution September 25, 2024
1 2 3 4 5 6
Position Title Step 1 Step 2 Step 3 Step 4 Step 5 Step 6 Add'l Incentive Payroll Ref Elected Officials (Monthly Compensation)
Mayor & City Council 961.00
Regular/Casual/Temporary Employees (hourly rate, compensated on a biweekly basis) Accounting Manager 72.51 76.12 79.93 83.92 88.12 - (10)(11) 8acctm Accounting Technician 48.31 50.72 53.27 55.93 58.73 - (10)(11) 8acct Administrative Services Director 90.78 95.33 100.08 105.09 110.35 - (11) 8acm Administrative Technician I 45.09 47.34 49.72 52.19 54.79 - (10)(11) 8at1 Administrative Technician II 47.34 49.72 52.19 54.79 57.54 - (10)(11) 8at2 Administrative Technician III 47.34 49.72 52.19 54.79 57.54 60.42 (10)(11) 8at3 City Clerk 60.42 63.43 66.61 69.93 73.43 - (10)(11) 8clrk1 City Manager 115.39 - - - - - (9) mgr
Community Service Officer 43.98 46.19 48.49 50.92 53.46 - (10)(11) 8cso Executive Assistant to Chief of Police 47.34 49.72 52.19 54.79 57.54 60.42 (10)(11) 8at3 Facility Attendant 20.21 21.24 22.27 23.40 - - (11) 8fa Human Resources Manager 66.18 69.50 72.97 76.62 80.45 - (10)(11) 8hrm Intern 25.52 26.81 28.15 29.59 31.08 - (11) intr Maintenance Technician I 44.09 46.29 48.60 51.03 53.59 - (7)(8)(10)(11) 8mt1 Maintenance Technician II 46.29 48.60 51.03 53.59 56. 27 - (7)(8)(10)(11) 8mt2 Maintenance Technician III 46.29 48.60 51.03 53.59 56.27 59.09 (7)(8)(10)(11) 8mt3 Management Analyst I 50.21 52.72 55.35 58.12 61.03 - (11) 8ma1 Management Analyst II 54.30 57.00 59.87 62.86 66.00 - (11) 8ma2 Management Analyst III 58.72 61.66 64.74 67.97 71.38 - (11) 8ma3 Police Chief 98.46 103.37 108.55 112.90 117.16 - (1)(11) chief Police Commander 89.17 93.62 98.32 103.22 108.38 - (1)(11) 8pcmd Police Dispatcher / Clerk 55.03 56.56 58.09 59.62 61.13 - (6)(4)(11) clerical Police Dispatcher/Records Supervisor 66.32 68.15 70.01 71.86 73.70 - (2)(4)(11) supervisor Police Officer - Reserve 61.58 - - - - - pdres Police Officer 1 61.58 64.66 67.90 71.29 - - (1)(3)(5)(11) 8po1 Police Officer 2 64.04 67.25 70.62 74.15 - - (1)(3)(5)(11) 8po2 Police Officer 3 65.29 68.56 71.98 75.57 - - (1)(3)(5)(11) 8po3 Police Sergeant 1 78.06 79.67 81.32 85.82 - - (1)(3)(5)(11) 8sgt1 Police Sergeant 2 81.17 82.86 84.57 89.25 - - (1)(3)(5)(11) 8sgt2 Police Sergeant 3 82.73 84.44 86.18 90.97 - - (1)(3)(5)(11) 8sgt3 Public Works Maintenance Supervisor 56.29 59.11 62.06 65.18 68.42 - (7)(8)(10)(11) 8mts Recreation Coordinator 43.96 46.16 48.48 50.90 53.43 - (10)(11) 8recc Recreation Leader 16.00 16.82 17.64 18.56 - - (11) 8rl Recreation Manager 52.55 55.17 57.92 60.83 63.86 - (10)(11) recmgr Senior Recreation Leader 20.21 21.24 22.27 23.40 - - (11) 8rls Student Aide 16.00 16.82 17.64 18.56 - - (11) 8sta Additional Incentive
(1) These positions receive a $1,025 per year uniform allowance (2) This position receives a 5.0% incentive for CAD Administrator (3) These positions receive an additional 5% Holiday Pay (4) These positions receive a $774.73 per year uniform allowance (5) These positions may receive a 5% incentive for Acting Commander, Acting Sergeant, Officer in Charge, Training Officer, and/or Detective
(6) This position may receive a 2.5% incentive for Back-up CAD Administrator (7) These positions may receive $120 per week stand-by pay (8) These positions receive an in kind uniform allowance of $68.67 per pay period (9) This position receives a $300 monthly automobile allowance (10) These positions may received 5% out of class pay
(11) These positions may receive retention pay (2.5% @ 10 years; 5.0% @ 20 years) Town of Colma Pay Schedule (Effective December 21, 2025) Proposed Resolution September 25, 2024
1 2 3 4 5 6
Position Title Step 1 Step 2 Step 3 Step 4 Step 5 Step 6 Add'l Incentive Payroll Ref Elected Officials (Monthly Compensation)
Mayor & City Council 961.00
Regular/Casual/Temporary Employees (hourly rate, compensated on a biweekly basis) Accounting Manager 73.96 77.65 81.52 85.60 89.89 - (10)(11) 8acctm Accounting Technician 49.27 51.74 54.33 57.05 59.91 - (10)(11) 8acct Administrative Services Director 92.59 97.23 102.08 107.19 112.56 - (11) 8acm Administrative Technician I 45.99 48.29 50.71 53.23 55.89 - (10)(11) 8at1 Administrative Technician II 48.29 50.71 53.23 55.89 58.69 - (10)(11) 8at2 Administrative Technician III 48.29 50.71 53.23 55.89 58.69 61.63 (10)(11) 8at3 City Clerk 61.63 64.70 67.94 71.33 74.90 - (10)(11) 8clrk1 City Manager 115.39 - - - - - (9) mgr Community Service Officer 44.86 47.11 49.46 51.94 54.53 - (10)(11) 8cso Executive Assistant to Chief of Police 48.29 50.71 53.23 55.89 58.69 61.63 (10)(11) 8at3 Facility Attendant 20.21 21.24 22.27 23.40 - - (11) 8fa Human Resources Manager 67.51 70.89 74.43 78.16 82.06 - (10)(11) 8hrm Intern 25.52 26.81 28.15 29.59 31.08 - (11) intr Maintenance Technician I 44.97 47.21 49.58 52.05 54.66 - (7)(8)(10)(11) 8mt1 Maintenance Technician II 47.21 49.58 52.05 54. 66 57.40 - (7)(8)(10)(11) 8mt2 Maintenance Technician III 47.21 49.58 52.05 54.66 57.40 60.27 (7)(8)(10)(11) 8mt3 Management Analyst I 51.21 53.77 56.46 59.28 62.25 - (11) 8ma1 Management Analyst II 55.39 58.14 61.07 64.12 67.32 - (11) 8ma2 Management Analyst III 59.90 62.89 66.03 69.33 72.80 - (11) 8ma3 Police Chief 100.43 105.44 110.72 115.15 119.50 - (1)(11) chief Police Commander 90.96 95.49 100.28 105.29 110.55 - (1)(11) 8pcmd Police Dispatcher / Clerk 56.13 57.69 59.25 60.81 62.35 - (6)(4)(11) clerical Police Dispatcher/Records Supervisor 67.65 69.52 71.41 73.29 75.18 - (2)(4)(11) supervisor Police Officer - Reserve 62.81 - - - - - pdres Police Officer 1 62.81 65.95 69.26 72.72 - - (1)(3)(5)(11) 8po1 Police Officer 2 65.32 68.59 72.03 75.63 - - (1)(3)(5)(11) 8po2 Police Officer 3 66.60 69.93 73.42 77.08 - - (1)(3)(5)(11) 8po3 Police Sergeant 1 79.62 81.27 82.95 87.53 - - (1)(3)(5)(11) 8sgt1 Police Sergeant 2 82.80 84.52 86.26 91.04 - - (1)(3)(5)(11) 8sgt2 Police Sergeant 3 84.39 86.13 87.91 92. 79 - - (1)(3)(5)(11) 8sgt3 Public Works Maintenance Supervisor 57.42 60.29 63.30 66.48 69.79 - (7)(8)(10)(11) 8mts Recreation Coordinator 44.84 47.09 49.45 51.91 54.50 - (10)(11) 8recc Recreation Leader 16.00 16.82 17.64 18.56 - - (11) 8rl Recreation Manager 53.60 56.27 59.08 62.05 65.13 - (10)(11) recmgr Senior Recreation Leader 20.21 21.24 22.27 23.40 - - (11) 8rls Student Aide 16.00 16.82 17.64 18.56 - - (11) 8sta Additional Incentive
(1) These positions receive a $1,025 per year uniform allowance (2) This position receives a 5.0% incentive for CAD Administrator (3) These positions receive an additional 5% Holiday Pay (4) These positions receive a $774.73 per year uniform allowance (5) These positions may receive a 5% incentive for Acting Commander, Acting Sergeant, Officer in Charge, Training Officer, and/or Detective
(6) This position may receive a 2.5% incentive for Back-up CAD Administrator (7) These positions may receive $120 per week stand-by pay (8) These positions receive an in kind uniform allowance of $68.67 per pay period (9) This position receives a $300 monthly automobile allowance (10) These positions may received 5% out of class pay
(11) These positions may receive retention pay (2.5% @ 10 years; 5.0% @ 20 years)