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HomeMy WebLinkAbout4529 RESOLUTION NO. 4529 A RESOLUTION OF INTENTION OF THE CITY COUNCIL OF THE CITY OF ARCADIA TO APPROVE AN AMEND- MENT TO CONTRACT BETWEEN THE BOARD OF ADMINIS- TRATION OF THE PUBLIC EMPLOYEES' RETIREMENT SYSTEM AND THE 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 required in the procedure to amend this contract is the adoption by the legislative 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 changes proposed in said contract; and WHEREAS, the following is a summary of the proposed change: PROVIDE FINAL COMPENSATION ON THE BASIS OF ONE YEAR (INSTEAD OF THREE YEARS) . NOW, THEREFORE, BE IT RESOLVED, that the CITY COUNCIL of the CITY OF ARCADIA does hereby give notice of intention to approve an amendment to contract between said CITY COUNCIL and the Board of Administration of the Public Employees' Retirement System, a copy of said amendment being attached hereto, marked Exhibit "A" and by this reference made a part hereof. -1- 4529 The City Clerk shall certify to the adoption of the resolution. I HEREBY CERTIFY that the foregoing resolution \.as adopted at a regular meeting of the City, Council of the City of Arcadia lheld on the 7th day of October ,1975, by the affirmative vote of at least three Council members, to wit: AYES: Councilmen Lauber, Helms, Saelid, and Scott NOES: None ABSENT: Councilman Gilb r?b/ ~~<f)~ C~ty tier of t e C~ty of Arcad~a SIGNED AND APPROVED this 7th day of October ,1975. M2~d(fCc~ ProTempore ATTEST: ~~~ Ci ty Clerk ' (SEAL) -2- 4529 . . '" -' 4\ ..." ...,~ ,~_. , ~. '.". .,~,.'~,~, "'" ." '; v t"-'t:\' '.'-t';' ~~'~,'~ /( ..,:) ~. .1 '01;- '". """,' <, 'j.... . ,-. ' .~. '.~ ~;- ", ,. ;'\".',- '.," 'J"" ro, " ' " A-~' : .; ~.:. h";' " .,\lo ~" " ' ,V r..' . :.r. ., \"'.t f"oL" ,'. ~ "'IfJ' The Board of Administration. Public Employeee' RetireMent System. herein- 'after referred to ae Board. and the CITY COUNCIL of the CITY OF ARCADIA. herein- after referred to as Public Agency having entered into a contract under date of September 24. 1945. effective October 1. 1945. and as amended effective July 1, 1953, January 1. 1957. January 1. 1958, January 19, 1964, February 28, 1965. October 1. 1972. and June 24. 1973. and as provided by Chapters 170 and 316., Statutes of 1971. which provide for participation of Public Agency in said System. Board and'Public Agency hereby agree as follows: ' , ElCHlBIT A AMENDMENT TO CONTRACT BETWEEN THE BOARD OF ADMINISTRATION PUBLIC EMPLOYEES' RETIREMENT SYSTEM AND THE CITY COUNCn. OF THE CITY OF ARCADIA A. The folloving paragraphe shall be added to said contract: 4(d)(5) Section 20024.2 (defining "final compensation" on the basis of average compensation earnable during the year immediately pre- ceding retirement or any other one year period elected by the member) . 4.5 Public Agency, in accordance with Section 20740. Government Code. shall cease to be an "employer" for purposes. of Chapter 6 of the Public Employees' Retirement Law effective as of the effective date of this amendment to this contract. Accumulated contribu- tione of the Public Agency as of the date of such amendment shall be fixed and determined as provided in Section 20759. Government Code and such accumulated contributions and contributions here- after made shall be held by the Board as provided in Section 2JY759. Government Code. B. Public Agency shall contribute to said Retirement System 'as followe: ,a. With respect to miscellaneous members, the agency shall contribute the following percentages of monthly salaries earned ae miscellaneous membere of said System: (1) 0.06 percent until June 30. 2000 on account of the liability for prior service benefits. (2) 9.39 percent on account of the liability for current service benefits. said percentage being fixed by Section 2JY7501 of the Retirement I.S.w. ' (3) 0.01 percent on account of the liability for the 1959 Survivore program. Ret. Form 702-1 c y b. ~With respect to local safety members. the agency shall contribute the following percentages of monthly salaries earned as local safety mem- bers of said System: (1) 1.672 percent until June 30. 1977 on account of the liability for prior service benefits. r I \' ~. (2) 16.305 percent on account of the liability for current service benefits. I, 1. ~, F (3) 0.258 percent on account of the 'liability for the 1959 Survivors program. c. This amendment shall be attached to said contract and shall become effec- tive on the day of . . f I. , ,.' , Witness our hands this day of . BOARD OF ADMINISTRA.TION PUBLIC EMPLOYEES I RETlREMENT SYSTEM BY Carl J. Blechinger. Executive Officer CITY COUNCn.. OF THE CITY OF ARCADIA. ~. ~ ,'A !,;.'~. '''If..' 1l-,""'~'" ,. ~' ;' "'.! 'fit...,...,. BY ;~ '... \. ".~~L~ Presiding,oiticer .f.: ~/ .;t~ , .~<~:,;:>,.:t,; , ",.' ;;, t:.> . /..; ~\ -"'\.~:, .<~~'V' \\ Att/lst: .,;'-,t: ~":~): ,&" Approved as to fOrlll: Lloyd C. Graybill, Administrative Adviser' , Clerk [: l r '.. , , ; i Ret. ,Forlll 702-2