HomeMy WebLinkAboutItem 2b: Resolution 6786 and Ordinance 2289 - Contract Amendment with CalPERS of-4 it
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44 41111IitY°ct` STAFF REPORT
Administrative Services Department
DATE: August 16, 2011
TO: Mayor and City Council
FROM: Hue Quach, Administrative Services Director
Michael A. Casalou, Human Resources Administr r `
Prepared by: Heather McDowell, Senior Human Resources Analyst
SUBJECT: Resolution No. 6786, Resolution of Intention to approve an amendment to
contract between the Board of Administration, California Public
Employees' Retirement System and the City Council, City of Arcadia
Recommendation: Adopt
Ordinance No. 2289, Authorizing an amendment to the contract between
the City Council of the City of Arcadia and the Board of Administration of
the California Public Employees' Retirement System
Recommendation: Introduce
SUMMARY
The City Council has before it tonight resolutions establishing compensation and related
benefits for City employees. Included in these resolutions and underlying
Memorandums of Understanding are agreements for the City to implement a tiered
retirement benefit system under the California Public Employees' Retirement System
(CaIPERS).
Staff recommends adoption of Resolution No. 6786 and Ordinance No. 2289,
implementing new tiered retirement benefits for employees hired on or after
October 9, 2011.
DISCUSSION
Due to drastic changes in the economy, local governments are making changes to
pension plans and restructuring pension plan costs in order to reduce costs and long
term pension obligations. One common change is related to adding a second tier of
retirement benefits for new hires. Adopting this change will keep the City in line with
current market trends.
Mayor and City Council
August 16, 2011
Page 2 of 3
In order to implement changes to the existing retirement contract with CaIPERS, the
City Council must adopt a Resolution of Intention to approve the amendment and
introduce and subsequently adopt an Ordinance authorizing the amendment between
the City of Arcadia and CaIPERS.
The City anticipates the following schedule for implementation:
August 16, 2011 Adoption of the Resolution of Intention (No.
6786) and Introduction of Ordinance No. 2289
September 6, 2011 Adoption of the Ordinance No. 2289
October 7, 2011 Effective date of the Ordinance No. 2289
(Effective date of the Ordinance is 31 days
after its adoption)
October 9, 2011 Effective date of Amendment to Contract
The Agreement with City employees to implement a tiered retirement system was made
at the request of City Council and after lengthy negotiations with all City bargaining
groups wherein options for pension reform were examined.
Retirement plan formula for current employees:
Safety Employees 3% at age 50 (Government Code §21362.2)
Non-Safety Employees 2.5% at age 55 (Government Code §21354.4)
One Year Final Compensation (Government Code §20042)
Proposed changes to retirement plan formula for new hires on or after October 9, 2011:
Safety Employees 3% at age 55 (Government Code §21363.1)
Non-Safety Employees 2% at age 60 (Government Code §21353)
Three Year Average Final Compensation (Government Code §20037)
Additionally, since the City (at the time of this writing) has not reached an agreement
with one of the three Miscellaneous bargaining units, adoption of this resolution and
introduction of the ordinance will not take place until the City has completed that
process. In the event the process is not complete, this item will be continued to a future
City Council meeting.
FISCAL IMPACT
Adopting Resolution No. 6786 and Ordinance No. 2289 will result in a cost savings to
the City. This cost savings will be limited initially, but over time as new employees are
brought on at the new retirement benefit level, the City will realize cost savings. The
first adjustment to the City's CaIPERS retirement rates are expected in 2013-2014.
Mayor and City Council
August 16, 2011
Page 3 of 3
Implementation of the new retirement benefit level for new hires will reduce the
employer portion of the City's retirement cost gradually and by 3.1% for both safety and
non-safety employees once all employees are governed by the new Tier.
RECOMMENDATION
It is recommended that the City Council:
Adopt Resolution No. 6786, Resolution of Intention to approve an amendment to
the contract between the Board of Administration, California Public Employees'
Retirement System and the City Council, City of Arcadia; and
Introduce Ordinance No. 2289, Authorizing an amendment to the contract
between the City Council of the City of Arcadia and the Board of Administration
of the California Public Employees' Retirement System.
APPROVED:
Donald Penman, City Manager
RESOLUTION NO, 6186
RESOLUTION OF INTENTION
TO APPROVE AN AMENDMENT TO CONTRACT
BETWEEN THE
BOARD OF ADMINISTRATION
CALIFORNIA PUBLIC EMPLOYEES' RETIREMENT SYSTEM
AND THE
CITY COUNCIL
CITY OF ARCADIA
WHEREAS, the Public Employees' Retirement Law permits the participation of public
agencies and their employees in the Public Employees' Retirement System
by the execution of a contract, and sets forth the procedure by which said
public agencies may elect to subject themselves and their employees to
amendments to said Law; and
WHEREAS, one of the steps in the procedures to amend this contract is the adoption
by the governing body of the public agency of a resolution giving notice of
its intention to approve an amendment to said contract, which resolution
shall contain a summary of the change proposed in said contract; and
WHEREAS, the following is a statement of the proposed change:
To provide Section 20475 (Different Level of Benefits).
Section 21353 (2% @ 60 Full formula) and Section 20037
(Three-Year Final Compensation) are applicable to local
miscellaneous members entering membership for the first
time in the miscellaneous classification after the effective
date of this amendment to contract and
Section 20475 (Different Level of Benefits). Section
21363.1 (3% @ 55 Full formula) and Section 20037 (Three-
Year Final Compensation) are applicable to local safety
members entering membership for the first time in the
safety classification after the effective date of this
amendment to contract.
NOW, THEREFORE, BE IT RESOLVED that the governing body of the above agency
does hereby give notice of intention to approve an amendment to the
contract between said public agency and the Board of Administration of the
Public Employees' Retirement System, a copy of said amendment being
attached hereto, as an "Exhibit" and by this reference made a part hereof.
By:
Presiding Officer
Title
Date adopted and approved
(Amendments CON-302(Rev.41961
Ark
CalPERS
EXHIBIT A
California
Public Employees' Retirement System
AMENDMENT TO CONTPAC 1
Between the
Board of Administration
California Public Employees ' Retirement System
and the
City Council
City of Arcadia
The Board of Administration, California Public Employees' Retirement System,
hereinafter referred to as Board, and the governing body of the above public agency,
hereinafter referred to as Public Agency, having entered into a contract effective
October 1, 1945, and witnessed September 24, 1945, and as amended effective July 1,
1953, January 1, 1957, January 1, 1958, January 1, 1959, January 19, 1964, February
28, 1965, October 1, 1972, June 24, 1973, January 4, 1976, April 10, 1977, March 11,
1979, June 22, 1986, November 6, 1988, December 2, 1994, June 4, 1999, October 11,
1999, December 8, 1999, October 19, 2001, March 5, 2004 and September 28, 2008
which provides for participation of Public Agency in said System, Board and Public
Agency hereby agree as follows:
A. Paragraphs 1 through 13 are hereby stricken from said contract as executed
effective September 28, 2008, and hereby replaced by the following paragraphs
numbered 1 through 16 inclusive:
1. All words and terms used herein which are defined in the Public
Employees' Retirement Law shall have the meaning as defined therein
unless otherwise specifically provided. "Normal retirement age" shall
mean age 55 for local miscellaneous members entering membership in
the miscellaneous classification on or prior to the effective date of this
amendment to contract, age 60 for local miscellaneous members entering
membership for the first time in the miscellaneous classification after the
effective date of this amendment to contract, age 50 for local safety
members entering membership in the safety classification on or prior to
the effective date of this amendment to contract and age 55 for local
safety members entering membership for the first time in the safety
classification after the effective date of this amendment to contract.
PLEASE DO NOT SIGN "EXHIBIT ONLY"
2, Public Agency shall participate in the Public Employees' Retirement
System from and after October 1, 1945 making its employees as
hereinafter provided, members of said System subject to all provisions of
the Public Employees' Retirement Law except such as apply only on
election of a contracting agency and are not provided for herein and to all
amendments to said Law hereafter enacted except those, which by
express provisions thereof, apply only on the election of a contracting
agency.
3. Public Agency agrees to indemnify, defend and hold harmless the
California Public Employees' Retirement System (CaIPERS) and its
trustees, agents and employees, the CaIPERS Board of Administration,
and the California Public Employees' Retirement Fund from any claims,
demands, actions, fosses, liabilities, damages, judgments, expenses and
costs, including but not limited to interest, penalties and attorneys fees
that may arise as a result of any of the following:
(a) Public Agency's election to provide retirement benefits,
provisions or formulas under this Contract that are different than
the retirement benefits, provisions or formulas provided under
the Public Agency's prior non-CaIPERS retirement program.
(b) Public Agency's election to amend this Contract to provide
retirement benefits, provisions or formulas that are different than
existing retirement benefits, provisions or formulas.
(c) Public Agency's agreement with a third party other than
CaIPERS to provide retirement benefits, provisions, or formulas
that are different than the retirement benefits, provisions or
formulas provided under this Contract and provided for under
the California Public Employees' Retirement Law.
(d) Public Agency's election to file for bankruptcy under Chapter 9
(commencing with section 901) of Title 11 of the United States
Bankruptcy Code and/or Public Agency's election to reject this
Contract with the CaIPERS Board of Administration pursuant to
section 365, of Title 11, of the United States Bankruptcy Code
or any similar provision of law.
(e) Public Agency's election to assign this Contract without the prior
written consent of the CaIPERS' Board of Administration.
(f) The termination of this Contract either voluntarily by request of
Public Agency or involuntarily pursuant to the Public Employees'
Retirement Law.
PLEASE DO NOT SIGN "EXHIBIT LI�-
(g) Changes sponsored by Public Agency in existing retirement
benefits, provisions or formulas made as a result of
amendments, additions or deletions to California statute or to
the California Constitution.
4. Employees of Public Agency in the following classes shall become
members of said Retirement System except such in each such class as
are excluded by law or this agreement:
a. Local Fire Fighters (herein referred to as local safety members);
b. Local Police Officers (herein referred to as local safety members);
c. Employees other than local safety members (herein referred to as
local miscellaneous members).
5. In addition to the classes of employees excluded from membership by
said Retirement Law, the following classes of employees shall not become
members of said Retirement System:
NO ADDITIONAL EXCLUSIONS
6. The percentage of final compensation to be provided for each year of
credited prior and current service for local miscellaneous members in
employment before and not on or after September 28, 2008 shall be
determined in accordance with Section 21354 of said Retirement Law,
subject to the reduction provided therein for service prior to March 31,
1977, termination of Social Security, for members whose service has been
included in Federal Social Security (2% at age 55 Full and Modified).
7. The percentage of final compensation to be provided for each year of
credited prior and current service for local miscellaneous members in
employment on or after September 28, 2008 and not entering membership
for the first time in the miscellaneous classification after the effective date
of this amendment to contract shall be determined in accordance with •
Section 21354.4 of said Retirement Law, subject to the reduction provided
therein for service prior to March 31, 1977, termination of Social Security,
for members whose service has been included in Federal Social Security
(2.5% at age 55 Full and Modified).
8. The percentage of final compensation to be provided for each year of
credited current service as a local miscellaneous member entering
membership for the first time in the miscellaneous classification after the
effective date of this amendment to contract shall be determined in
accordance with Section 21353 of said Retirement Law (2% at age 60
Full).
PLEASE DO NOT SIGN "EXHIBIT NHL__
9. The percentage of final compensation to be provided for each year of
credited prior and current service as a local safety members entering
membership in the safety classification on or, prior to the effective date of
this amendment to contract shall be determined in accordance with
Section 21362.2 of said Retirement Law (3% at age 50 Full).
10. The percentage of final compensation to be provided for each year of
credited current service as a local safety member entering membership for
the first time in the safety classification after the effective date of this
amendment to contract shall be determined in accordance with Section
21363.1 of said Retirement Law(3% at age 55 Full).
11. Public Agency elected and elects to be subject to the following optional
provisions:
a. Section 21573 (Third Level of 1959 Survivor Benefits)for local
miscellaneous members and local police members only.
b. Section 20042 (One-Year Final Compensation) for those local
miscellaneous members and local safety members entering
membership on or prior to the effective date of this amendment to
contract.
c. Section 20965 (Credit for Unused Sick Leave).
d. Sections 21624 and 21626 (Post-Retirement Survivor Allowance).
e. Section 21024 (Military Service Credit as Public Service),
f. Section 21574 (Fourth Level of 1959 Survivor Benefits) for local fire
members only.
g. Section 21027 (Military Service Credit for Retired Persons).
h. Section 20475 (Different Level of Benefits). Section 21353 (2% @
60 Full formula) and Section 20037 (Three-Year Final
Compensation) are applicable to local miscellaneous members
entering membership for the first time in the miscellaneous
classification after the effective date of this amendment to contract,
Section 21363.1 (3% @ 55 Full formula) and Section 20037
(Three-Year Final Compensation) are applicable to local safety
members entering membership for the first time in the safety
classification after the effective date of this amendment to contract.
PLEASE DO NOT SIGN "EXHIBIT ONLY 71
12. Public Agency, in accordance with Government Code Section 20790,
ceased to be an "employer" for purposes of Section 20834 effective on
April 10, 1977. Accumulated contributions of Public Agency shall be fixed
and determined as provided in Government Code Section 20834, and
accumulated contributions thereafter shall be held by the Board as
provided in Government Code Section 20834.
13. Public Agency shall contribute to said Retirement System the contributions
determined by actuarial valuations of prior and future service liability with
respect to local miscellaneous members and local safety members of said
Retirement System.
14. Public Agency shall also contribute to said Retirement System as follows:
a. Contributions required per covered member on account of the 1959
Survivor Benefits provided under Section 21573 of said Retirement
Law. (Subject to annual change.) In addition, all assets and
liabilities of Public Agency and its employees shall be pooled in a
single account, based on term insurance rates, for survivors of all
local miscellaneous members and local police members.
b. Contributions required per covered member on account of the 1959
Survivor Benefits provided under Section 21574 of said Retirement
Law. (Subject to annual change.) In addition, all assets and
liabilities of Public Agency and its employees shall be pooled in a
single account, based on term insurance rates, for survivors of all
local fire members.
c. A reasonable amount, as fixed by the Board, payable in one
installment within 60 days of date of contract to cover the costs of
administering said System as it affects the employees of Public
Agency, not including the costs of special valuations or of the
periodic investigation and valuations required by law.
d. A reasonable amount, as fixed by the Board, payable in one
installment as the occasions arise, to cover the costs of special
valuations on account of employees of Public Agency, and costs of
the periodic investigation and valuations required by law.
15. Contributions required of Public Agency and its employees shall be
subject to adjustment by Board on account of amendments to the Public
Employees' Retirement Law, and on account of the experience under the
Retirement System as determined by the periodic investigation and
valuation required by said Retirement Law.
16. Contributions required of Public Agency and its employees shall be paid
by Public Agency to the Retirement System within fifteen days after the
end of the period to which said contributions refer or as may be prescribed
by Board regulation. If more or less than the correct amount of
contributions is paid for any period, proper adjustment shall be made in
connection with subsequent remittances. Adjustments on account of
errors in contributions required of any employee may be made by direct
payments between the employee and the Board.
B. This amendment shall be effective on the day of
BOARD OF ADMINISTRATION CITY COUNCIL
PUBLIC EMPLOYEES' RETIREMENT SYSTEM CITY OF ARCADIA
i ``_)\
BY
BY
DARRYL WATSON, CHIEF PRESIDINMER
CUSTOMER ACCOUNT SERVICES DIVISION
PUBLIC EMPLOYEES' RETIREMENT SYSTEM
Witness Date
" : : N\-''r
■
Attest: , :, � i
COk
AMENDMENT ER#94
PERS-CON-702A
ORDINANCE NO. 2289
AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF
ARCADIA, CALIFORNIA, AUTHORIZING AN AMENDMENT
TO THE CONTRACT BETWEEN THE CITY COUNCIL OF THE
CITY OF ARCADIA AND THE BOARD OF ADMINISTRATION
OF THE CALIFORNIA PUBLIC EMPLOYEES' RETIRMENT
SYSTEM
THE CITY COUNCIL OF THE CITY OF ARCADIA, CALIFORNIA, DOES
ORDAIN AS FOLLOWS:
SECTION 1. That an amendment to the contract between the City Council of
the City of Arcadia and the Board of Administration, California Public Employees'
Retirement System is hereby authorized, a copy of said amendment being attached
hereto, marked Exhibit "A", and by such reference made a part hereof as though herein
set out in full.
SECTION 2. The Mayor of the City of Arcadia is hereby authorized,
empowered, and directed to execute said amendment for and on behalf of said agency.
SECTION 3. This Ordinance shall take effect 31 days after the date of its
adoption, and prior to the expiration of 15 days from the passage thereof shall be
published at least once in a newspaper of general circulation, published and circulated
in the City of Arcadia and thenceforth and thereafter the same shall be in full force and
effect.
SECTION 4. The City Clerk shall certify to the adoption of this Ordinance.
[SIGNATURES ON FOLLOWING PAGE]
1
Passed, approved and adopted this day of , 2011.
Mayor of the City of Arcadia
ATTEST:
City Clerk
APPROVED AS TO FORM:
Stephen P. Deitsch
City Attorney
2
Ca1PERS
EXHIBIT
California
Public Employees' Retirement System
AMENDMENT TO CONTRACT
Between the
Board of Administration
California Public Employees ' Retirement System
and the
City Council
City of Arcadia
The Board of Administration, California Public Employees' Retirement System,
hereinafter referred to as Board, and the governing body of the above public agency,
hereinafter referred to as Public Agency, having entered into a contract effective
October 1, 1945, and witnessed September 24, 1945, and as amended effective July 1,
1953, January 1, 1957, January 1, 1958, January 1, 1959, January 19, 1964, February
28, 1965, October 1, 1972, June 24, 1973, January 4, 1976, April 10, 1977, March 11,
1979, June 22, 1986, November 6, 1988, December 2, 1994, June 4, 1999, October 11,
1999, December 8, 1999, October 19, 2001, March 5, 2004 and September 28, 2008
which provides for participation of Public Agency in said System, Board and Public
Agency hereby agree as follows:
A. Paragraphs 1 through 13 are hereby stricken from said contract as executed
effective September 28, 2008, and hereby replaced by the following paragraphs
numbered 1 through 16 inclusive:
1. All words and terms used herein which are defined in the Public
Employees' Retirement Law shall have the meaning as defined therein
unless otherwise specifically provided. "Normal retirement age" shall
mean age 55 for local miscellaneous members entering membership in
the miscellaneous classification on or prior to the effective date of this
amendment to contract, age 60 for local miscellaneous members entering
membership for the first time in the miscellaneous classification after the
effective date of this amendment to contract, age 50 for local safety
members entering membership in the safety classification on or prior to
the effective date of this amendment to contract and age 55 for local
safety members entering membership for the first time in the safety
classification after the effective date of this amendment to contract.
PLEASE DO NOT SIGN "EXHIBIT ONLY"
2. Public Agency shall participate in the Public Employees' Retirement
System from and after October 1, 1945 making its employees as
hereinafter provided, members of said System subject to all provisions of
the Public Employees' Retirement Law except such as apply only on
election of a contracting agency and are not provided for herein and to all
amendments to said Law hereafter enacted except those, which by
express provisions thereof, apply only on the election of a contracting
agency.
3. Public Agency agrees to indemnify, defend and hold harmless the
California Public Employees' Retirement System (CaIPERS) and its
trustees, agents and employees, the CaIPERS Board of Administration,
and the California Public Employees' Retirement Fund from any claims,
demands, actions, losses, liabilities, damages, judgments, expenses and
costs, including but not limited to interest, penalties and attorneys fees
that may arise as a result of any of the following:
(a) Public Agency's election to provide retirement benefits,
provisions or formulas under this Contract that are different than
the retirement benefits, provisions or formulas provided under
the Public Agency's prior non-CaIPERS retirement program.
(b) Public Agency's election to amend this Contract to provide
retirement benefits, provisions or formulas that are different than
existing retirement benefits, provisions or formulas.
(c) Public Agency's agreement with a third party other than
CaIPERS to provide retirement benefits, provisions, or formulas
that are different than the retirement benefits, provisions or
formulas provided under this Contract and provided for under
the California Public Employees' Retirement Law.
(d) Public Agency's election to file for bankruptcy under Chapter 9
(commencing with section 901) of Title 11 of the United States
Bankruptcy Code and/or Public Agency's election to reject this
Contract with the CaIPERS Board of Administration pursuant to
section 365, of Title 11, of the United States Bankruptcy Code
or any similar provision of law.
(e) Public Agency's election to assign this Contract without the prior
written consent of the CaIPERS' Board of Administration.
(f) The termination of this Contract either voluntarily by request of
Public Agency or involuntarily pursuant to the Public Employees'
Retirement Law.
PLEASE DO NO Sid oN .t:'LI ciit (.,.
(g) Changes sponsored by Public Agency in existing retirement
benefits, provisions or formulas made as a result of
amendments, additions or deletions to California statute or to
the California Constitution.
4. Employees of Public Agency in the following classes shall become
members of said Retirement System except such in each such class as
are excluded by law or this agreement:
a. Local Fire Fighters (herein referred to as local safety members);
b. Local Police Officers (herein referred to as local safety members);
c. Employees other than local safety members (herein referred to as
local miscellaneous members).
5. In addition to the classes of employees excluded from membership by
said Retirement Law, the following classes of employees shall not become
members of said Retirement System:
NO ADDITIONAL EXCLUSIONS
6. The percentage of final compensation to be provided for each year of
credited prior and current service for local miscellaneous members in
employment before and not on or after September 28, 2008 shall be
determined in accordance with Section 21354 of said Retirement Law,
subject to the reduction provided therein for service prior to March 31,
1977, termination of Social Security, for members whose service has been
included in Federal Social Security (2% at age 55 Full and Modified).
7. The percentage of final compensation to be provided for each year of
credited prior and current service for local miscellaneous members in
employment on or after September 28, 2008 and not entering membership
for the first time in the miscellaneous classification after the effective date
of this amendment to contract shall be determined in accordance with
Section 21354.4 of said Retirement Law, subject to the reduction provided
therein for service prior to March 31, 1977, termination of Social Security,
for members whose service has been included in Federal Social Security
(2.5% at age 55 Full and Modified).
8. The percentage of final compensation to be provided for each year of
credited current service as a local miscellaneous member entering
membership for the first time in the miscellaneous classification after the
effective date of this amendment to contract shall be determined in
accordance with Section 21353 of said Retirement Law (2% at age 60
Full).
9. The percentage of final compensation to be provided for each year of
credited prior and current service as a local safety members entering
membership in the safety classification on or prior to the effective date of
this amendment to contract shall be determined in accordance with
Section 21362.2 of said Retirement Law (3% at age 50 Full).
10. The percentage of final compensation to be provided for each year of
credited current service as a local safety member entering membership for
the first time in the safety classification after the effective date of this
amendment to contract shall be determined in accordance with Section
21363.1 of said Retirement Law (3% at age 55 Full).
11. Public Agency elected and elects to be subject to the following optional
provisions:
a. Section 21573 (Third Level of 1959 Survivor Benefits)for local
miscellaneous members and local police members only.
b. Section 20042 (One-Year Final Compensation) for those local
miscellaneous members and local safety members entering
membership on or prior to the effective date of this amendment to
contract.
c. Section 20965 (Credit for Unused Sick Leave).
d. Sections 21624 and 21626 (Post-Retirement Survivor Allowance).
e. Section 21024 (Military Service Credit as Public Service).
f. Section 21574 (Fourth Level of 1959 Survivor Benefits) for local fire
members only.
g. Section 21027 (Military Service Credit for Retired Persons).
h. Section 20475 (Different Level of Benefits). Section 21353 (2% @
60 Full formula) and Section 20037 (Three-Year Final
Compensation) are applicable to local miscellaneous members
entering membership for the first time in the miscellaneous
classification after the effective date of this amendment to contract.
Section 21363.1 (3% @ 55 Full formula) and Section 20037
(Three-Year Final Compensation) are applicable to local safety
members entering membership for the first time in the safety
classification after the effective date of this amendment to contract.
PLEASE DO WIT SIGN "EXHIBIT ONLY
E
12. Public Agency, in accordance with Government Code Section 20790,
ceased to be an "employer" for purposes of Section 20834 effective on
April 10, 1977. Accumulated contributions of Public Agency shall be fixed
and determined as provided in Government Code Section 20834, and
accumulated contributions thereafter shall be held by the Board as
provided in Government Code Section 20834.
13. Public Agency shall contribute to said Retirement System the contributions
determined by actuarial valuations of prior and future service liability with
respect to local miscellaneous members and local safety members of said
Retirement System.
14. Public Agency shall also contribute to said Retirement System as follows:
a. Contributions required per covered member on account of the 1959
Survivor Benefits provided under Section 21573 of said Retirement
Law. (Subject to annual change.) In addition, all assets and
liabilities of Public Agency and its employees shall be pooled in a
single account, based on term insurance rates, for survivors of all
local miscellaneous members and local police members.
b. Contributions required per covered member on account of the 1959
Survivor Benefits provided under Section 21574 of said Retirement
Law. (Subject to annual change.) In addition, all assets and
liabilities of Public Agency and its employees shall be pooled in a
single account, based on term insurance rates, for survivors of all
local fire members.
c. A reasonable amount, as fixed by the Board, payable in one
installment within 60 days of date of contract to cover the costs of
administering said System as it affects the employees of Public
Agency, not including the costs of special valuations or of the
periodic investigation and valuations required by law.
d. A reasonable amount, as fixed by the Board, payable in one
installment as the occasions arise, to cover the costs of special
valuations on account of employees of Public Agency, and costs of
the periodic investigation and valuations required by law.
15. Contributions required of Public Agency and its employees shall be
subject to adjustment by Board on account of amendments to the Public
Employees' Retirement Law, and on account of the experience under the
Retirement System as determined by the periodic investigation and
valuation required by said Retirement Law.
16. Contributions required of Public Agency and its employees shall be paid
by Public Agency to the Retirement System within fifteen days after the
end of the period to which said contributions refer or as may be prescribed
by Board regulation. If more or less than the correct amount of
contributions is paid for any period, proper adjustment shall be made in
connection with subsequent remittances. Adjustments on account of
errors in contributions required of any employee may be made by direct
payments between the employee and the Board.
B. This amendment shall be effective on the day of
BOARD OF ADMINISTRATION CITY COUNCIL
PUBLIC EMPLOYEES' RETIREMENT SYSTEM CITY OF ARCADIA
\j\
BY BY r".'
DARRYL WATSON, CHIEF PRESIDI `OZpl'OER
CUSTOMER ACCOUNT SERVICES DIVISION
PUBLIC EMPLOYEES' RETIREMENT SYSTEM
Witness Date
,ti 3 �
F. S
44 k.^
Attest:
tr. C3
C
AMENDMENT ER#94
PERS-CON-702A