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Home My WebLink About4792 RESOLUTION NO. 4792 RESOLUTION OF INTENTION OF THE CITY COUNCIL OF THE CITY OF ARCADIA TO APPROVE AN AMENDMENT TO CONTRACT BETWEEN THE BOARD OF ADMINISTRATION OF THE PUBLIC EMPLOYEES' RETIREMENT SYSTEM AND THE CITY OF ARCADIA TO PROVIDE IMPROVED BENEFITS FOR FIRE AND POLICE SWORN PERSONNEL 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 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 change proposed in said contract; and WHEREAS, the following is a statement of the proposed change: To provide Section 21252.6, Full Formula 2% at 55, for local safety members; and Section 20862.8 (service credit at retirement for unused sick leave), for local safety members. NOW, THEREFORE, BE IT RESOLVED, that the City Council of the City of Arcadia gives, and it does hereby give notice of intention to approve an amendment to the contract between the said governing body and the Board of Administration of the Public Employees' Re- tirement System, a copy of said amendment being attached hereto, as an "Exhibit" and by this reference made a part hereof. The City Clerk shall certify to the adoption of this Resolution. I HEREBY CERTIFY that the foregoing Resolution was adopted at a regular meeting of the City Council of the City of Arcadia held on the 5th day of December ,1978, by the affirmative vote of at least three Councilmen, to wit: -1- 4792 o 0 AYES: Councilmen Margett, Pellegrino, Saelid and Parry NOES: None ABSENT: Councilman Gilb ~~~ SIGNED AND APPROVED THIS 5th day of December, 1978. ~~~~-~ C1ty Clerk .' , " -2- 4792 AMENDHENT TO CONTRACT. BETWEEN THE~~~' , BOARD OF ADMIh~STRATION ' ~~ ""'-Ie ""'on~ :;::IllEMENT sYStEM ~ CIn COUNCIL ~~ OF THE W"" CITY OF ARCADIA h"enr~e' i~- " The Board of Administration, Public Employees' Retirement System, ~ after referred to as "Board", and the governing body of above public agency, hereinafter referred to as "Public Agency", having entered into a contract under date of September 24, 1945, effective October I, 1945, and as amended effective July I, 1953, January I, 1957, January 1, 1958, January I, 1959, January 19, 1964, February 28, 1965, October 1, 1972, June 24, 1973, January 4,1976, April 10,1977, wnich provides for participation of Public Agency in said System, Board and Public Agency hereby agree as follows: A. Paragraphs 1 through 9 are hereby stricken from said contract as ezecuted effective April 10, 1977, and hereby replaced by the following paragraphs number 1 through 10 inclusive: 1. All words and terms used herein which are defined in the Public Employees' Retirement Law shall have the meaning as defi~ed therein unless othervise specifically provided. "Normal retirement age" shall mean age 60 for miscellaneous members and age 55 for local safety members. 2. Public Agency shall participate in the Public Employees' Retirement System from and after October I, 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 amendmenta to said Law hereafter enacted except such as by express provisions thereof apply only on the election of contracting agencies. 3. Employees of Public Agency in the following classes shall become members of said Retirement Systea except such in each such class as are excluded by law or this agreement: a. Local F:!.remen (herein referred to as local safety members); b. Local Policemen (herein referred to as local safety members); c. Employees other than local safety members (herein referred to as miscellaneous members). 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 CON-702-l . 4. The fraction of final compensation to be provided for each year of credited prior and current service as a miscellaneous member upon retirement at normal retirement sge shall be tbat provided in Section 21251.13 of said Retirement Law with all service prior to Social Security termination (Marcb 31, 1977) aubject to tbe reduction provided by said section. 5. The frsction of final compensation to be provided for each year of credited prior and current service as a safety member shall be determined in accordance with Section 21252.6 of said Retirement Law (2% at 55). 6. The following additional provisions of the Public Employees' Retirement Law which apply only upon election of a contracting agency shall apply to the Public Agency and its employees: a. Section 20952.5 (providing for age 50 as the minimum voluntary retirement age for local safety members, with beuefit payments commencing prior to age 55 subject to sctuarial discount). b. Sections 21380-21388 (providing for allowances for survivors of members covered under the 1959 Survivor's Program upon the member's death before retirement). c. Section 20862.8 (providing service credit at retirement for unused sick leave). d. Section 20024.2 (defining "final compeusation" on the basis of average compensation earnable during the year immediately preceding retirement or any other one year period elected by tbe member). e. Sections 21263 and 21263.1 (providing upon the death of a member who retired for service or disability for continuance of a post-retirement survivor allowance to certain survivors). 7. Public Agency, in accordance with Section 20740, Government Code, ceased to be an "employer" for purposes of Chapter 6 of the Public Employees' Retirement Law effective on April 10, 1977. Accumulated contributions of Public Agency as of the aforementioned date shall be fixed and determined as provided in Section 20759, Government Code, and accumulated contributions as of the afore- mentioned date and contributions thereafter made shall be held by the Board as provided in Section 20759, Government Code. 8. Public Agency shall contribute to said Retirement System aa follows: a. With respect to miscellaneous members, the agency shall contribute the following percentages of monthly salaries earned as miscellaneous members of said Retirement System: (1) 0.115 percent until June 30, 2000 on account of the liability for prior service benefits. (2) 17.437 percent on account of ,the liability for current service benefits. (3) 0.282 percent on account of the liability for the 1959 Survivor Program. .. CON-702-2 contribute the following percentages of monthly salaries earned as local safety members of said Retirement System: (1) 0.053 percent until June 30, 2000 on account of the liability for prior service benefits. (2) 22.086 percent on account of the liability for current service benefits. (3) 0.097 percent on account of the liability for the 1959 Survivor Program. c. A reasonable amount per annum, as fixed by the Board 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 periodical 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 periodical investigation and valuations required by law. 9. 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 periodical investigation and valuation required by said Retirement Law. 10. Contributions required of Public Agency and its employees shall be paid by Public Agency to the Retirement System within thirty days after the end or 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 si~ll be made in connection with subsequent remittances, or adjustments on account of errors in contributions required or any employee may be made by direct cash'payments between the employee and the Board. Payments by Public Agency to Board may be made in the form of warrants, bank checks, bank drafts, certified checks, money orders, or cash. B. This amendment shall be attached to said contract and shall be effective on the day of , 19 . Witness our hands this , 19 . BOARD OF ADMINISTRATION PUBLIC aiPLOYEES' RETlUEMElfr SYSTEM BY Carl J. illechinger, E:~ecutive ~ BYpresiding Officer Approved as to form: Attest: Legal Office, PERS Clerk .. CON-702-3