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HomeMy WebLinkAbout2918 (- .... ~ RESOLUTION NO. 2918 RESOLUTION OF INTENTION TO PROVIDE ~ODIFICATION OF BENEFITS UNDER STATE 3MPLOYEES' RETIRE~ffiNT SYSTEM IN CONNECTION WITH COVERAGE UNDER FEDERAL OLD-AGE AND SURVIVORS INSURANCE. WHEREAS, Section 21702, Government Code, prOVides that a contract between a public agency and the Board of Administration may be amended to modify benefits and adjust contributions if the California State Social Security Agreement of March 9, 1951, is modified to include employees of the public agency in positions covered by the System; and, WHEREAS, Section 21250.5, Government Code, provides that a publiC agency so modifying its contract may elect to subject it- self to a provision for payment of an additional annual pension based on age at retirement and credited service until the retired member attains or would attain age 65; and, WHEREAS, one step required in procedures for amendment is the adoption by the governing body of a public agency of' a Resolu- tion of Intention giving notice of intention to amend its contract with the Board of Aillninistrion, which Resolution shall contain a summary of the najor changes to be made in,the retirement plan; and, WHEREAS, the following is a summary of the major modifica.,.' tions to be accomplished: 1. The retirement allowance per year of service for a miscellaneous member upon retirement at age 60 shall be: a. 1/90 of "final compensation" up to and including $350,00 per month and 1/60 of such "final compensation" as is in excess of $350.00 per month insofar as such allowance is based on seIV':ice on and after the effective date of the amend- ment to the contract; b. 1/60 of "final compensation" insofar as such al- lowance is based upon service before the date of' the amendment to the con1;rac t. -l- 2918 2. Any member retiring for service before age 65 who is fully insured under Old-Age and Survivors Insurance may elect to have the actuarial equivalent of his unmodified service retirement allowance paid in two parts as follows: a. A temporary annuity which shall not exceed the primary Social Security benefit which it is anticipateo. the member will be entitled to receive at age 65, plus b. A life income such as may be provided by the re- maining ac,tuarial value ot: his. service retirement allowance. 3. ~~he contributions to be made by a miscellaneous member with respect to service rendered after the effective date of the amendment and compensation for such service equal to or less than $350.00 per month (or i'ts equivalent for other than monthly pay periods) shall be two-thirds of the rate which would otherwise apply to such members. 4. Benefits payable for death and disability shall not be affected or modified by modifications in the retirement allowances payable upon retirement for service. NOW, THEREFORE, BE IT RESOLVED, that the City Council of the City of Arcadia gives, and it does hereby give notice of inten- tion to amend its contract between said City Council of' the City of Arcadia and the Board of Administration of the State ,Employees , Re- tirement Syste~ to provide for a modification of benefits and adjust- ment of rates,' a copy of said amendment being attached hereto marked "Exhibit A", and by this reference made a part hereof. ATTEST: ~,7:br <::1WClerk Adopted and Approved August 13, 1957. FTHE IA, CALIFORNIA (SEAL) -2- 2918 ''''\" I, Christine Van Maanen, Clerk of' the City of Arcadia, State of California, do hereby certify the foregoing to be a full, true and correct copy of the resolution adopted by the City Council of the City of Arcadia at a regular adjourned meeting held on the 13th day of August, 1957, as the same appears of record in my office. IN WITNESS vlliEREOF, I have hereunto set my hand and af- fixed the seal of said City of Arcadia, at my office this I'rf day of August, 1957 , ~~~ City Clerk pf the Arcadia -3- 2918 " .'~ ill !"l".~.. ~,'#!'Il\. ~nf':l-lC.U .-"l",U_~ 'I~.V'.. . -~'-4 ,III -.a.l.... ....~ .u' ...~...u_./ __.;... a ,,'\1<11 mt. be air'lct..'i bj ":Il'.,'T.'J:. '1 .,r w.1.' (',,~tr...Q" .... .",."'1,'<\ ..... fr:rr t~.. ?UJi>~"'lI or t~.. 11:111\ 0:\' "'.17UC1l .11""ANI. u,'JOO3"o,\ lllV''';- '.cU~ 21297 , (laYflnl.-w,nt. 'arin, .11.,.,I\,-.::e. for nt.'..r."...,:t t'')r ~.,rVi>:,. 'i\aJ 1 bf' ('1. ""t~ .c...,rdl~ \0 \h~ toru11a ...t. 00\ in "~~ra~.h ., af t.l. cxmtrllct. .. aNOMltd t-o\lt aa \0 .el'Tic. ~t'ore aM 1\: t-tr l.~" '~al.<> of \t. ......n1....:<t.. :'11 ,)t.her ~,~.',"flJ'J ot tht. ....nd..-tlt shall ~~, full.v 'p:llirahl.. ta thoo eo.'lltau.an 0: .:'l.,.nc.1I UlI'>n "'tir.-nt f->r disability. .,,'.... " \, (.~ntr1buUan. ~a t4 .-.deb)' 111I"",11..--. ....M1 w1.t.l\ fteP"1o \.~ Mme(l I An!.."" alter t.hoI eUec\1n dat<- of Ul1.l . ll11b..4\ lhall h. at. tNo-l.h.!.T~J: I t.n.. rate ?l'Oy1.d..:t 1n .aid ;..~, Lat tor \:;,:~ a'18!n · i'oz-;;nUa .'. OU'I that raw ...,011... \a co~~.Uon wh1.eh U or.. tt-.a:l ~350 '[,' ;>'It" ro:lt.h (or 1ta .'1"ivllern. r~ any o\llw "q pprbd) .n at. 1'~O ;,."rc...-:t . (.'If 10.111\ rll\fl u 11. ."pl1... \0 co~ne.t.1on 1Ib1eb i. 1J2 "_.1 of '.150 \)'1' tl.ll'lt.h(CI" 1h <O<t:U.ywnt tw arti obi' pq period.)' , j I 1(>. ':"hl! !olloviJlf, ;'l'O'IulO11.1 3l \lut :sute ~1D.1...1 R.\1rev.m\ Wv llhich '4)..1)' .3."\17 ll.;l.Kl "~c\.1.on of I conU'IIO\in.> AjlI:lCI' R1aU ~j)1l to \be j ."hUe ",'~&1~ i\a ~101'"".. , , 7. .. ~ec\.ioa <l.~l.l co."IlIlM a tJ.'.'lr1 lor _::bel') . (Jl'VIidinc tar a ~ ~"'lt.. "r Una1 each ,.... 0/ t'W'1'1tn\ ..rnc. .. a :d.8c.Uaneoua . , b. ~"a\.l~ nK;> .1. c\).~lIIadon tar ,..,.btir ). ' (pTO~ tar a .......'1Wed peu.-,&ap ot tinal ..aeh 7eIZ', of curren' -n.oe .. a loeal aafe\y o. !'..e\1on n<l24 P'!Iri:x! ~f (rlet1nL,. "rin&1 oo.ooAl1IaUon" on the but. or . co~eou'lft JlIl&1"8). ~ d. ['.Ot.!fltl 7l?SRb \prorldinc . ain1m1I re\lnQm' allovanc' 0/ ~ 720.r,IJ poll' )'.ar). ' .. _ w: ucn ;'l,61.'a (pl'7Y1rUne. t ~l)') t1~,,!\ 1I:i;r ,..."ire.ut,). d...\b blnetu u.pan t. 5ecUoo 200:'S (p1"OY1.:111l1 t<Yr inelu1aa ot u,,_..aUon vit.bon !.1l car...rt.aUoor.. .t ~i1\1). llJrlf I I I I lj. ::..cn.171 :\)952.5 (;>II"O'fi<an,; tar ... SO .. t.he ~ Yolun\.a17 Nl.ir","n" ar." for l~cal lir....n. local p::>l1c_n, or CO\il\\y i",ael' :)rr~,,"). 11. l'ubl1.c ^~J .11&11 ~tr1buw \0 ea1d "..\11' , '" S)'.~ .. 1'0110'" I ... 'f.he 3"1T, (at ,I ~.lL7 .4~ P'III' amlaIII In 1.D.I\&llA'ent.. .. ~lOll"d ro'l.,l1rn fur , ) yoaru 11.. \he 19"" uA;)IlOd h.t_n a:!.w:C-v(l' dAt.oto or \hi. C'OfIt~t ani thU u....rlllfmt., on ace'~ 11"hllH/ for blonetit. IIu.4 on prior c.rY1e.. ,ha::~ \h.. 1 or \or... b. 7,5-iO pctrcen\ 01 total ..lar1.e. I'aid iT; ~U" M8ncy ~h.1 ....n\h t.o 1\i"" "~loy,,.. 111>0 .,... and ho>nat"'r ~ r.,tJflU ,( add ."..t1r1l.'.,.,.1. ::Y-'-, ;vvYlded \.I,., nnl;r .alar7 .arnlld .. lII9.w.r. ot ,..lid ~)'._1lI .ball be l.nel~ 1n Il&i4 \ot.al u181"1... /uN. 126-1. (SpAll.) ~ . I~ ,Ii I 1 I I ,~r.~ .-, s ,,~,-.I ~ ~: c:. I I"lt-.ao.-.ble .-owlt I4Z' e:I::.-3, Aa tl.t lit ioarIl \0 OOftr tlM eoa.~.; c.t 1I~'nn.;..\cr1~ -.14 S;".1;oW1 c.e 1~ at't'eo~ the q1lo,...e 0: l'\A>1 ~ " ''-#IK>>:f, not lDd\l4lns tm oc;,.ta of ll*llal Nu...t.1clM OC' of tM ~rk~lcN l~lP.t.lon MIl n.lu&\lCl1l ~ b1' Uw, prvviiW tbat. ..14 ---. *-U l:e &tonW* CIIl "- buu of CW :'Iue.r oe ~~ or M11. ~:J Wg aft "nw CICI .NJ.t at of w ~lltl'... tl~ JINft, or ,,1U1 ......, to .... fint -,..r or r-ar- Uc1p.itlcx., OIl * .tr.ctl.... dMe eI ..14 p&rUa1;lat1cle. d. It 1 ] ".~a ....1> , .. ft_ )I)' \M ..,... ~ 111 _ U.t&ll."'='l'it .. VIe oooaa1clriil .-f.., .. ~.,t;' .... 0111*'14 ftlwl~OIlS 011 "?'J<""'. or ~ of 1'lIIa11e'i rIq, ~ ... ., \M per1ot1eol 1n'I"'Mttr;t,. UOlIl cll4 Yll.l.'._ ,...uN ~ laY. 12. CoLt.r~h~1orl. n~'1.M of "'Uo .-_ v'" n. ..,1 1~1l1 IMU be 1IUb""c\ to ~4.;u.t:tJt.elt l')' IeN\t _~, vi - . W. \0 u.,lft&te ~.' Ic:\u_t Lc.lt, ..... CIIl -lI~"r,t. of ~:llIe ..... ,.. .\11' to tl)oal.<":ll, .. 4e''-f\I>lnec1 by u.. )el'lo4!cal ll1ftftlpua. d ftbaUa ~WQCl hJ' a;:J.4 a..U.ntOtnt S-. " 1). eoa'rlbuttl.tla N9Uft& .t ~ -J c,,,, u. -~, iii] .1 eIIt.U '" p614 by ~ill ~':1 to \M a.t.1_r.t ~ wi*- ~ ..,. .nu \M end or tJaI f4rl04 \0 *iob .....14 ~...... ft.... c:e'1_ tJan UIt CI~ct _, e,i COftU'lbl.l\1011 II pa14 r,. .... ~, proper .<l.:~t. ~ M ... lA """".....t.. vu. I-.!In J ' "_1t'--l, 01' n4,!\,.ltar..c.. Q/l ,.~ of a'IW'a 1n lIODVl~'~ ,...uNd or ~ _ ;uoree t:JIq bol ~ '" .u:.ct c&a .~ y "", llL V. ~ ~ 1klLr:l. hJa"" ~I' i\1\11. '.~' \.0 Io&r4 a:q \;oe ... 111 * ,.- of -.n'eI\tA, t~ ~~k., \';;.uA (ftJ'w, oer:1t1e!." "t, ~ ...,.., CI&" __. D. 'Dl:. ~_r~n\ allI1UB\Ie e.\w..cJIIlJ. tQ aa14. 4IOIlv.ot .. Mall Me r et'teo_1".. ClIItM 4a,y.r 1/, 't/l ta-. 011I' .... \)all .."ot . EQ.W) w,.~ , CD! e..~~ ".. In'Aft ~.,-=u~ ~~ CDI qr .I..Lll;AI>I&. S"nJ.~"'t, PT'142H~ (Jl.t~ III I ,',,:.nt, "''''-'1 r.cI.lU... Ottteu' ~, I \ I a flI l ,.. --, (..... ) ... . , ~.. ~. oS....." !'.~.~~'''''11, ..'n~rlT.:t.\_.~.q 'y'v.. 1 ~,..hi '.........~ ...4-.........../...__.._._... :1'111.11 not be aIr,.,ct,e,1 bj .,-'\rarrll'Jt: 7':lr \.hi. ~ontr""o\ ~ "..,,0...."'"1 fI..i I f{'}f' I',M :l1Ut>OS". of t,r,.,. 11011\ \'1:1 Ilr.r-;:ucll all?lf...'O. U1;lOO"". "",,,":- .:;.vUm 21297 , (iO't1!ll'l11'4m. 'O<In, allova.-.,ea for n\'..r.......r.t t'JI' ~"rVi~" s\lAll bfO C), p'ltfO<\ .cNlrd1...' \0 t.ll" ton:nla ...t. oot. 1n .'&rar,r,~)h S of t.l. Otmtruct. .. a/'Otnt1ed toot.h aa \Q ..n1c. ~tOI"ll aM M~r t.~... ;ra"" .,C 1.ha a""m"''''':1\. .1.11 "t.har rcr.ma',,,ntl of thl_ &J,..nd...,t,t shall Do. ('lll"v "p,l1('&hl.. to t.hooo eo.ol&f.aUOI'I 0: a::"lOlDncell up?n l"lIt,1r.-nt f?r ,Usability. ). (';)nt.l'1lNt.1~ \0 tA .'ada by .18,..,n.._a ....t'lI "UIt r..p.e' \0 III",C:~ ,..n.'!~rw.1 after t.IIe .Uee\1n dat40 of \h18 _ndwG\ ahall b. at. t.wo-t.hlr ~j; toll.. rat. j)royld.d in add i<.u.r-n, lAr tor \be · ~ ., fn "l'oZ'!lNla ;U't t.Mt rate &'l;>11Joa '0 cor~.\1Cl1l wh1ch 18 equal '" 18all t.to..:! '350 ?'IS' ro:ltoh :01' It.8 e'1"lva.len\ r~,1lCf/ o\M.r ~q ppriod) .wi at. 1',(1 :~rclllllt. (If aue!\ 1'8\11 u 11. a~pl1.a \0 co~ne.t.1on 1rh1eb 1a. 1A ._u of 'JSo ;'1r aunt.h(cr 1h ..q\l1Y&I.n\ tf1II &J1i ot.bw pq period.) 1,;>. '!bR foll0lf11lf. ;lI'O'Vulorw ~ \he S\ate ~lco'...' &p~l)' :I.,'U,y Il.;l-x& ..lJOct.1,on o! a conU'IWI'i1\1 &geneI' . ""011<: ".:oei AI..! 1\e ~101'"fla' j Illt\u.",. L.w llhlC'h ,aball &pj) 1,y t.o the " e. :icct.1oi1 2l.."')l,l (~d1nc tor a ~ed 1><<0<<1\11'8 'Jt Unal co...-nsaU-:n far each ,.... of ewTom' IU'rlce .. . ..uc:.Uarwoull -~). ~' b. ,.:Jcrct,101l ilK?,1i (prorl~ ttlt' . cura."11.eed~ntn\ap ot t1n&l cIl'.venut.1on tar ucb ,war, or elUTeD\ ~ .. a local aat.\y _.her) . o. '..eUon ;r~4 P'l'rl::x! ?t (~'1IJ .ri1l&l Oo.4;)Itl1laUon~ 011 tb4 bula or . 5 001'."0\1\1.... ,..an). \pl'OT1d1nc .. a1.n1m. l"lI\lnam' allavtnce of P"J' '.U'). d. r..o1.1011 71?SRb ~ 720.'iO a . ~: >e t.ion U167 . <;1 (p1'7rlrtine.. &tOO rl~t.l\ al'\.er r-loi.re_llt.). d...Ul l\enetu, u.pan t. ~Uon 200~' (r.TOT1.:i1l1j[ tor 1nelll.alao ot c.o.~.aUon vltbow1. llJrlf ;' in cCM',.,1..aUoflll at ,-iu..). Ij. "....n,1on 7\)~2.5 (~It1,. tar are SO u t.ho ~ yolunur,- Nt.1r..rllnt. aft. for l~al t1r~ local p::>l1o_n, 01' COlll1\:f j)"8Ct' orr:.ntn"1l). n. I'IIbl1o "~J .h&11 oont.rtbute \0 ..id 1te\1r l--t, $y.'-etl UI 1"ollo\l8' ... T,hn :111111 nC,' lh.1l.7.lay P'II' amaa 1n 1.D8\&llilm'. .. lJoard ah.::l roq,dro fur )) yearll laa. \he ,.an al&;)8l'd b.t_a \h., oU..cc'v.. da\o.t o! \bia c-OOtnct ani Ul1.a .....-rv.\zftllt., en accolUl\ "r \r.O' 1h.b111\/ t"r o..nefU.a bued ?11 prlor aWT1C'a. b. 7 ,5'J.6 p,n~.t. of t.o\&l 8.1:<1'188 ra1d IT; MUC' "''IIney ~h rt'>n\h t.(. TIe' ,,~lo,..... who a", and lYoreafkr b~ rs~S ,;{ laid .....t.u-..'.flt. :;,.n-, ;lTUTlded ~',., nn~ 1Ial&ry tt.'It'nlld .. tlI!IO'ber8 of .aid '1--= .ball be 1,ncluded in Il&id \ot.al ealG'1... tor6< 12t.~ (sp~e.) i~ I 1 I I I 1 I: i I , , , I I 'I I r ... j