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Home My WebLink About6253 RESOLUTION NO. 6253 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ARCADIA, CALIFORNIA, APPROVING 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 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 ofa 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 21362.2 (3%@ 50 Full formula) for local safety members and Section 21024 (Military Service Credit as Public Service) for local fire members only. NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF ARCADIA, DOES HEREBY FIND, DETERMINE AND RESOLVE AS FOLLOWS: 6253 SECTION 1. That the governing body of the City of Arcadia does hereby give notice of intention to approve an amendment to the contract between the City of Arcadia and the Board of Administration of the Public Employees' Retirement System, a copy of said amendment being attached hereto as Exhibit "A" and by this reference made part hereof. SECTION 2. The City Clerk shall certifY to the adoption of this Resolution. Passed, approved and adopted this 21st day of August , 2001. MaY~~if;t~ia ATTEST: ~J~" . Clerk \ APPROVED AS TO FORM: \ ~ (). ~e City Attorney 6253 STATE OF CALIFORNIA ) COUNTY OF LOS ANGELES ) SS: CITY OF ARCADIA ) I, JUNE D. ALFORD, City Clerk of the City of Arcadia, hereby certifies that the foregoing Resolution No. 6253 was passed and adopted by the City Council of the City of Arcadia, signed by the Mayor and attested to by the City Clerk at a regular meeting of said Council held on the 21st day of August, 2001 and that said Resolution was adopted by the following vote, to wit: AYES: Councilmember Chandler, Chang, Kovacic, Marshall and Segal NOES: None ABSENT: None ,,0) lerk of the 4 6253 } Ca1PERS California Public Employees' Retirement System AM ENDM ENT TO CONTRACT Between the oard 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 and December 8, 1999 which provides for participation of Public Agency in said System, Board and Public Agency hereby agree as follows: A. Paragraphs 1 through 12 are hereby stricken from said contract as executed effective December 8, 1999, and hereby replaced by the following paragraphs numbered 1 through 12 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 and age 50 for local safety members. 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. 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), 4. 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 5. The percentage of final compensation to be provided for local miscellaneous members for each year of credited prior and current service 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). 6. The percentage of final compensation to be provided for each year of credited prior and current service as a local safety member shall be determined in accordance with Section 21362.2 of said Retirement Law (3% at age 50 Full). The required member contribution rate is 9% of reportable compensation. 7. 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). 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), Statutes of 1976. f. Section 21574 (Fourth Level of 1959 Survivor Benefits) for local fire members only. 8. 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. 9. 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. 10. 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. 11. 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. 12. 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 18th day of October , 2001 . BOARD OF ADMINISTRATION CITY COUNCIL PUBLIC EMPLOYEES' RETIREMENT SYSTEM CITY OF ARCADIA / BY BY e KENNETH W. MARZION, CHIEF PRESIDING O' FIC j ACTUARIAL & EMPLOYER SERVICES DIVISION Mayor of the Cityrof Arcadia PUBLIC EMPLOYEES' RETIREMENT SYSTEM Witness Date Attest: /0//0 6.-rk APPROVED AS TO FORM: n • � ✓2r / V /. (., City Attorney City of Arcadia AMENDMENT PERS- CON -702A (Rev. 8 \96)