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ORD 358 ORDINANCE NO. 358 AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF RANCHO PALOS VERDES AUTHORIZING AN AMENDMENT TO THE CONTRACT BETWEEN THE CITY OF RANCHO PALOS VERDES AND THE BOARD OF ADMINISTRATION OF THE CALIFORNIA PUBLIC EMPLOYEE'S RETIREMENT SYSTEM WHEREAS, at a Budget Workshop held on May 8, 2000, the City Council considered potential improvements to the City's current 1959 Survivor Benefit Program and authorized staff to initiate an amendment to increase the benefit from Level 1 to Level 4; and, WHEREAS, staff requested and received the necessary documents to amend the contract from the California Public Employee's Retirement System. NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF RANCHO PALOS VERDES HEREBY ORDAINS AS FOLLOWS: Section 1: The City Council hereby authorizes an amendment to the contract between the City of Rancho Palos Verdes and the Board of Administration of the California Public Employee's Retirement System, a copy of said amendment being attached hereto, marked "Exhibit", and by such reference made a part hereof as though herein set out in full. Section 2: The Mayor of the City of Rancho Palos Verdes is hereby authorized, empowered and directed to execute said amendment for and on the behalf of said Agency. Section 3: This Ordinance shall take effect 30 days after the date of its adoption. Section 4: The City Clerk shall certify to the adoption of this ordinance and shall cause the same to be posted in the manner prescribed by law. PASSED, APPROVED and ADOPTED this 1st day of August 2000. Ssz ,-*%/ k MAYOR ATTEST: bLkdaQD . CLERK 1 I' C STATE OF CALIFORNIA ) COUNTY OF LOS ANGELES ) ss CITY OF RANCHO PALOS VERDES ) I, Jo Purcell, City Clerk of the City of Rancho Palos Verdes, do hereby certify that the whole number of members of the City Council of said City is five; that the foregoing Ordinance No. 358 passed first reading on July 5, 2000, was duly and regularly adopted by the City Council of said City at a regular meeting thereof held on August 1, 2000 and that the same was passed and adopted by the following roll call vote: AYES: Byrd, Ferraro, McTaggart, Stern NOES: None ABSENT: Lyon ABSTAIN: C CLERK Ordinance No. 358 Page 2 of 2 CALIFORNIA PUBLICOPLOYEES RETIREMENT SYSTO Actuarial and Employer Services Division Public Agency Contract Services P.O. Box 942709 Sacramento, CA 94229-2709 (916) 326-3420 CERTIFICATION OF COMPLIANCE WITH GOVERNMENT CODE SECTION 7507 I hereby certify that in accordance with Section 7507 of the Government Code _._. the future annual costs as determined by the System Actuary and/or the increase in retirement benefit(s) have been made public at a public meeting of the CITY COUNCIL of the (governing body) CITY OF RANCHO PALOS VERDES (public agency) on July 5, 2000 which is at least two weeks prior to the adoption of the (date) Resolution / Ordinance. Clerk/Secreta CITY CLERK Title Date July 10, 2000 PERS-CON-12A(rev. 1/96) AGREEMENT TO POOL 1959 SURVIVOR BENEFITS ASSETS AND LIABILITIES BETWEEN THE BOARD OF ADMINISTRATION CALIFORNIA PUBLIC EMPLOYEES' RETIREMENT SYSTEM AND THE CITY COUNCIL CITY OF RANCHO PALOS VERDES WHEREAS, Government Code Section 21574 provides for a single employer rate to be established to provide benefits under said Section on account of members employed by contracting agencies electing to include the provision of said Section in their contracts; and WHEREAS, Government Code Section 21574, requires pooling of all assets and liabilities of all contracting agencies subject to said Section; NOW, THEREFORE BE IT AGREED, that assets and liabilities of the City of Rancho Palos Verdes and its covered employees shall be pooled pursuant to the provisions of Government Code Section 21574. BOARD OF ADMINISTRATION CITY COUNCIL PUBLIC EMPLOYEES' RETIREMENT SYSTEM CITY OF RANCHO PALOS VERDES BYI..) 2/ C �Qi BY Sk,-- KE►, TH W. MAR ION, CHIEF PRESIDING 0 Fl ER ACTUARI L & EM LOYER SERVICES DIVISION PUBLIC ' MPLOYEES' RETIREMENT SYSTEM July 5, 2000 Date PERS-CON-59(Rev.7/96) EXHIBIT Ordinance No. 358 Ca1PERS California Public Employees' Retirement System VOINIUMNINISIMMUNINNIONIMIUMIIIIM AMENDMENT TO C$ NTRACT Between the Board of Administration California Public Employees' Retirement System and the City Council City of Rancho Palos Verdes The Board of Administration, California Public Employees' Retirement System, hereinafter referred to as Board, and the governing body of the above public agency, hereinafter referred to as Public Agency, having entered into a contract effective December 1, 1974, and witnessed October 15, 1974, and as amended effective April 1, 1978, September 16, 1983 and February 11, 1993 which provides for participation of Public Agency in said System, Board and Public Agency hereby agree as follows: A. Paragraphs 1 through 11 are hereby stricken from said contract as executed effective February 11, 1993, and hereby replaced by the following paragraphs numbered 1 through 11 inclusive: 1. All words and terms used herein which are defined in the Public Employees' Retirement Law shall have the meaning as defined therein unless otherwise specifically provided. "Normal retirement age" shall mean age 60 for local miscellaneous members. 2. Public Agency shall participate in the Public Employees' Retirement System from and after December 1, 1974 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 amendments to said Law hereafter enacted except those, which by express provisions thereof, apply only on the election of a contracting agency. 3. Employees of Public Agency in the following classes shall become members of said Retirement System except such in each such class as are excluded by law or this agreement: a. Employees other than local safety members (herein referred to as local miscellaneous members). 4. 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: a. ELECTED OFFICIALS; b. CROSSING GUSRDS; c. WORK TRAINEES; d. ADMINISTRATIVE INTERN; AND e. SAFETY EPLOYEES. 5. The percentage of final compensation to be provided for each year of credited prior and current service as a local miscellaneous member shall be determined in accordance with Section 21353 of said Retirement Law (2% at age 60 Full). 6. Public Agency elected and elects to be subject to the following optional provisions: a. Section 21574 (Fourth Level of 1959 Survivor Benefits). b. Section 20903 (Two Years Additional Service Credit). 7. Public Agency, in accordance with Government Code Section 20790, ceased to be an "employer" for purposes of Section 20834 effective on September 16, 1983. Accumulated contributions of Public Agency shall be fixed and determined as provided in Government Code Section 20834, and accumulated contributions thereafter shall be held by the Board as provided in Government Code Section 20834. 8. Public Agency shall contribute to said Retirement System the contributions determined by actuarial valuations of prior and future service liability with respect to local miscellaneous members of said Retirement System. 9. Public Agency shall also contribute to said Retirement System as follows: a. Contributions required per covered member on account of the 1959 Survivor Benefits provided under Section 21574 of said Retirement Law. (Subject to annual change.) In addition, all assets and liabilities of Public Agency and its employees shall be pooled in a single account, based on term insurance rates, for survivors of all local miscellaneous members. b. A reasonable amount, as fixed by the Board, payable in one installment within 60 days of date of contract 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 periodic investigation and valuations required by law. c. 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 periodic investigation and valuations required by law. 10. 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 periodic investigation and valuation required by said Retirement Law. 11. Contributions required of Public Agency and its employees shall be paid by Public Agency to the Retirement System within fifteen days after the end of 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 shall be made in connection with subsequent remittances. Adjustments on account of errors in contributions required of any employee may be made by direct payments between the employee and the Board. B. This amendment shall be effective on the 2nd day of September , 2000 BOARD OF ADMINISTRATION CITY COUNCIL PUBLIC EMPLOYEES' RETIREMENT SYSTEM CITY OF RANCHO PALOS VERDES r BY �. • BY KENN 'H MARZI , CHIEF PRESIDING 0 Fl ER ACTU'RIA & EMPLOYER SERVIC S DIVISION PUBLIC E 'LOYEES' RETIREMENT SYSTEM _SI 9 ( 0 Witness Date Attest: c19)\-A. 4 oatv.tTa €-4°le AMENDMENT PERS-CON-702A(Rev.8196)