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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.
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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)
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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
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2918
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