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HomeMy WebLinkAbout1396 RESOLUTION NO. 1396 RESOLUTION OF INTENTION TO APPROVE CONTRACT PROVIDING FOR PARTICIPATION IN STATE EMPLoYEES' RETIREMEllT SYSTEM WHET/EAS, the State Employees I Retirement Act permi1:s the participation of mWlicipe.l corporations in the State Employees I Retirement System, making their employees members of said System, and sets forth the procedure by which participation may be accomplished; and TIllliREAS, on~ step in said procedure is the adoption ~y the legislative bedy of the mWlicipal corporation, of a resolution giving notioe of intention to approve a contract.between said legislative body and the Board of Administration of said Retirement System, providing for said participation, which said resolu. tion shall contain a summary of the major provisions of the proposed retirement !ystem, and WHEREAS, the following is a summary of the major provisions of the propQsed retirement system: 1. The System is administered by a board of eight members, composed of three members of the System, an official of a bank, an official of an insurance company, the Director of Finance, a member of the State Personnel Board, and an official of the University. of California. 2. Retirement for service is optional upon attainment of ~l age which shall be not less than 55 or more than 60, as provided in said contract, by city firemen and city policemen, and.ago 60 by. other employees, and completion of twenty years of service for the mWlicipal corporation, and is compulsory at age 65 for city firomen and city policemen, and at age 70 for other employees. 3. Tho !:lonthly rf1tJ.rement allowance payablo upon retirement for service is dep~ndent upon such factors as ace, sex, salary and years of ser- vice. For city firemen and city.policemen, retiring at the opi;1mnl age in paragr,,?h 2, or at a higher age with twenty years of service, the monthly allo'lmnc" iz approximately one-half the average monthly salnry during t!lO fivo years immediately preceding retil'oment. For other city employees, the monthly allowanc:e, upon retirement at aGe 65, is approxL~tely 1;70th of' the average monthly salary during the five years immediately preceding retirement, for each year of service after the effective date of participn.tion, plus approximately l.hOth, or less as may be prOVided in said contract by the municipal corpora- tion for its employees, of the average monthly salary during the three years immediately preceding the effective date of participation, for each year of service prior to that date. . F122-1 6-40 200 4. Retirement for disability, except in the case of city firemen and city policemen disabled from injury arising out of and in the course of em- ployment, is permitted only after ten years of service and upon proof of incapacity for the performance of duty. 5. The monthly retirement allowance payable upon disability retirement, described in preceding item 4, is dependent upon such factors as age, salary and years of service, but generally is eoual to 90~ of 1/70th of the average monthly salary during the five years immediately preced- ing retirement, for each year of service, ~ith a guarantee of 25~ 9f said salary, subject to certain restrictions and modifications. 6. Disability retirement of city firemen and city policemen, in the event of di sabili t~, ari sing out of and in the course of eJllllloyment, is per- mitted regardless of age and service, the monthly retirement allowance being one-half the average monthly salary during the five years im- mediately preceding retirement. 7. The benefit payable at death, except in the case of city firemen and . city policemen dying from injury arising out of and in the course of employment, consists of tIle contributions of the member plus interest, and plus 1/12th of the member's annual salary during the year immediately preceding death, for each year, not exceeding six years, of service as a member of the system. , 8. The monthly allowance payable to the ~ddow and children, at the death of city firemen IlJld cit~, policemen arising out of and in the course of employment, is one-half the average monthly salary during the five years immediately preceding death. 9. The benefit upon separation from service by other cause than death or retirement, is the refund of the member1s contributions, with interest. 10. Contributions rer!uired of city firemen and city pOlicemen, without credit for prior service, depend upon salary and upon age of entry into the retirement system, the contributions per $100 of salary varying from $5.40 at entry age 21, to $9.32 at entry age 35, for example, if the minimum service retirement age is 60, or $7.63 and $14.35, if the minimum age'is 55. Contributions of firemen and policemen having credit for prior service depend on salary, entry age, and amount of urior service, the amount of contribution per $100 being $13.79 for example, at entry age 59, with 19 years of prior service, if the minimum service retirement ege is 60. and $16.33 at age 54, with 19 years of prior service, if the minimum service retirement age is 55. 11. For other cit~ employees, the contributions depend upon salary, sex, and age of entry into the retirement system. the contributions per $100 of sale~y varying from $4.83 at e~e 20. to $7.45 at age 64, for men, and from $5.83 at age 20, to $8.50 at age 64, for ~'omen. F 122-2 7-44 200 12. The city is required to contribute the balance of the funds necessary to meet the cost of the benefits provided under the retirement system for the city's employees. The city also is requirod to pay its pro- portionate share of the administrative costs of the system. 13. Ability of the Retirement System to pay benefits is safeguarded by a provision authorizing the Board of Administration to revise contribu- tions of both employees and the city, in the light of experience under the system. HO':l, therefore, BE IT RESOLVED. that the _ Cit..Y.._Q.~unc.il- (City Council, Board of Supervisors or Governing , give, and does of the CitY.. 0 f Arcadia Board )--.- ..- -- \ ).Tame of-S-ubcfi vis ion) hereby give notice of intention to approve a contract betvroen said City (City the Board of Administration Council of the City of Arcalia Council, Board of Supervisors or r;overning of the State Employees' Retirement System, and Board) providing for the participation of said City of Arcadia in said Retirement System, (Name of Subdivision) a copy of said contract being attached hereto, marked "Exhibit A," and by reference made a part hereof. _Ci tv Council (City Council, Boar~ G-o""rRi~ >loa.r~ of of: S u pe r",i ll-Ol:'S ,.. or -.- . .:-... e.~ ,. . ",.-..". "'?'\~-.........~- --, ~~~~.,-.- :v1~' _H ;'''f '" ~ .' :2~ .~--.2 ::;.~_ '~ - --:: ~:.. :..:.. j , Ci tv ')f A'rr-R.rji 11 (Name of Subdivision) J3Y~_. Ci ty ClerL op , , 1945. ;r ~ , Signed and approved thi s 17th day of J ,. ~T:;: AI_ 11, H.~Ai.[ Mayor r / City Clerk. F122-3 6-40 200