CC RES 1974-085 RESOLUTION NO. 74-85
RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF RANCHO PALOS VERDES GIVING NOTICE
OF INTENTION TO APPROVE CONTRACT PROVIDING
FOR PARTICIPATION IN PUBLIC EMPLOYEES'
RETIREMENT SYSTEM.
THE CITY COUNCIL OF THE CITY OF RANCHO PALOS VERDES HEREBY
RESOLVES AS FOLLOWS:
WHEREAS, the Public Employees' Retirement Law permits
the participation of public agencies in the Public Employees '
Retirement System, making their employees members of said System,
and sets forth the procedure by which participation may be
accomplished; and
WHEREAS, one of the steps required in the procedure is
the adoption by the Governing Body of the Public Agency of a
resolution giving notice of intention to approve a contract for
such participation between said Governing Body and the Retirement
System Board of Administration, which resolution shall contain
a summary of the major provisions of the proposed retirement
plan;
NOW, THEREFORE, BE IT RESOLVED, that the City
Council of the City of Rancho Palos Verdes hereby gives
notice of intention to approve a contract between said City
and the Board of Administration of the Public Employees'
Retirement System, providing for participation of said City of
Rancho Palos Verdes in said Retirement System, a copy of said
contract and a copy of the summary of the major provisions
of the proposed plan being attached hereto, marked Exhibits
"A" and "B" , respectively, and by this reference made a part
hereof.
PASSED, APPROVED AND ADOPTED this 17th day of
September 1974 .
2!! A
zArLit
/ ayor
00(
ATTEST:
St)
City Clerk iv
I HEREBY CERTIFY that the foregoing is a true and
correct copy of a resolution passed and adopted by the City
Council of the City of Rancho Palos Verdes at a regular meet-
ing thereof held on the 17th day of September , 1974 .
City Clerk dompummv
1
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2, .
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!t.,-,...,,.` CONTRACT ....�..�......^�. . ..
.* BETWEEN THE
°it,. ' 't-/, '' BOARD OF ADMINISTRATION
c -o„ 44 '
PUBLIC EMPLOYEES' RETIRP NT SYSTEM
/rY AND THE
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�`-:%. CITY OF RANCHO PALOS V #DES
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the covenants and agreement hereafter contained ate• on
In consideration of th �"
the P art of both parties to be kept and performed, the .
RANCHO PALOS V ES hereafter referred to as "Public Agency" and the
CITY OF RAN �
Administration, Public Employees' Retirement System, hereafter referred -
Doand of A �
to as "Board", hereby agree as follows:
1. All words and terms used herein
which are defined in the Public Employees'
Retirement Law shall have the meaning as defined therein unless other-
se specifically provided. "Normal retirement age" shall mean age 60
�. sp y P
for miscellaneous members. .
participate 2, Public Agency shall artici ate in the Public Employees' Retirement
System from and after , 19 _, making its em
• to ees as hereinafter provided, members of said System subject to all
P y• Employees' Retirement Law except such as apply
provisions of the Public E;nploy
only on election of a contracting agency and are not provided for herein -
and to all amendments to said Law hereafter enacted except such as by
express provision rovision thereof apply only on the election of contracting
agencies.
3, Employees of .Public Agency blic A. in the following classes shall become members
Y
of said Retirement System except such in each such class as are excluded
by law or this agreement:
other than local safe
a. Employees oth safety members (herein referred to as
Miscellaneous members).
The fo3.].owzng em P y
p to ees shall be excluded from membership in said Retire-
ment System:
• LOCAL FIREMEN AND POLICEMEN .
ELECTIVE OFFICERS
ADMINISTRATIVE INTERNS
WORK TRAINEES
CROSSING GUARDS
4. The
fraction of final compensation to be provided for each year of
credited prior and current service as a miscellaneous member upon retire-
ment at normal retirement age shall be that provided in Section 212 51.13
of the Retirement Law.
5, Agency Public shall contribute to said Retirement System as follows:
a. With respect to miscellaneous members, the public agency shall
contribute the following percentages of monthly salaries earned as
miscellaneous members of said System:
Ret. Form 126-1
EXHIBIT "A" TO RESOLUTION NO 74-85
•
(1) 0.10 percent until June 30, 2005 on account of the liability
for prior service benefits.-
(2) 7.67 percent of monthly salaries earned as miscellaneous mem-
bers of said System on account of the liability for current '
service benefits. •
b. A reasonable amount per annum, as fixed by Board to cover the cost
of administering said System as it affects the employees of Public
f
Agency, not including the costs of special valuations or of the
periodical investigation and valuation required by law. .
T..
c. A reasonable amount as fixed by the Board, payable in one install--
ment as the occasions arise, to cover the costs of special valua-
tions on account of employees of Public Agency, and costs of the I
•
periodical investigation and valuation required by law. z
6. Contributions required of Public Agency and its employees s&Al.l be
subject to adjustment by Board on account .of amendments to the Public
Employees' Retirement Law, and on account of experience under the Retire— •
tent System, as determined by the periodical investigation and valuation Via.
required by said Retirement I3aw.
7. Cont&ibutions required of Public Agency and its employees Gall be paid
b- Public Agency to the Retirement y Ag y zre�n t System within thirty days after the
end. of the period to which said contr•bu
p contributions refer. If more or less
than the correct amount of contribution is paid for any period, proper
adjustment shall be made in connection with subsequent remittances, or
adjustment on account of errors in contributions required of any t
q y ..employee
be made p
may e an a e by direct cash payments between the employee and Board.
Payments by Public Agency to Board may be made in the form of warrants, s
bank checks, bank drafts, certified checks, money orders, or cash.
Witness our hands this day of
BOARD OF AriITISTRAT I
PUBLIC EMPLOYEES' RETIREMENT SYSTEM
UITY OF RANCHO PALOS VERDES
• .
Mayor _-
•
BY
William E. Payne, Executive. Officer tz
Clerk
Ret. Form 126-2
t
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II
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SUMMARY OF MAJOR PROVISIONS
2% at 60 (1/50) Retirement. Program
Local Miscellaneous Members
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MEMBERSHIP
Membershi p is compulsory for all employees, other than elected officials, who -
are employed one-half time or more except those excluded under the contract.
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SERVICE RETIREMENT
The earliest retirement age is 55 the normal retirement age is 60; 'nd the
compulsory retirement age is 67. An employee may retire any time between these ages,
55 and 67 provided he meets the minimum requirements that he either have 5 years of
service or have attained the compulsory retirement age of 67.
The monthly income is determined by age at retirement, years of credited service,
and "final compensation". The basic benefit will be 2% of "final compensation" for
each year of credited service upon retirement at age 60. If retirement is deferred
beyond age 60, the percentages of "final compensation" for each year of service are
increased up to age 63 but not beyond. If retirement is earlier than age
60, the percentages of "final compensation" for each year of service are
decreased.
"Final compensation" is average monthly salary (full time rate) earned during
that period of three consecutive years of highest earnings, excluding overtime
compensation.
minimum service retirement allowance of $100 er month is guaranteed upon .
A mini P
om p p ulsory retirement with credit for prior service.
ISABILITY RETIREMENT
An employee becomin. disabled to the extent that he is incapable of performing
• � becoming least 5 years
nis duties shall be eligible for disability retirement provided he has at l y
of service. The monthly retirement allowance is 1.80% of "final compensation" for each
year of service, with a minimum guarantee of one-third of final compensation for most
employees who have rendered at least . 10 years of service. The disabi 1ity retirement
allowance shall under no circumstances exceed the service retirement allowance payable
upon retirement for service at age 60 if employment could be continued to that age.
EXHIBIT "B" TO RESOLUTION NO. 74-85
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DEATH BENEFITS
• •t
Death Before Retirement
Basic Death Benefit This benefit is a refund of the member's accumulated
contributions p p lus six months' salary provided he has been a member
for six years or more. For those who die before completing six years
of membership, the benefit is one month's salary for each year of
membership plus refund of contributions. The salary referred to is .
that earned during the'year preceding death. Prior service does not
count toward this benefit.
957 Survi.vor Benefit Employees with 5 or more years of service who have
1 _ �
reached the minimum age for service retirement have further death
protection under this item. Here the surviving widow can elect to
receive either the basic death benefit or a monthly income equal to
one-half the unmodified retirement allowance the employee was eligible
- for on the date of his death. The monthly income lasts until the
widow's death or remarriage with a guarantee that the System will pay
as much as under the basic death benefit.
Death Aft e r Retirement
The death benefit is $500 if death occurs after retirement. This amount
will be in addition to any payments which might be made under an
optional retirement benefit chosen by the member at his retirement.
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. RMI ATION= OF-EMPLOYMENT MPLOYMENT
t .
Upon termination y ermination of e, employee with S or more years of service .may
nplo ent Ym , an a�
either leave his contributions with the System and receive, upon attaining retirement
benefit he has earned, or he nay withdraw his contributions (plus
age, the retirement � Y
. interest) , thus, terminating his membership in the System and receiving no retirement
benefits. Except, a member with less than 5 years of service shall not have the
p
privilege of leaving his contributions with the System, but shall automatically have s
. refunded upon termination of employment and (2) a
his contributions, plus interest, re p .
member who is transferring to employment with another agency which is covered under
the System shall not have the right of withdrawing his accumulated contributions.. -
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EMPLOYEE CONTRIBUTIONS
Each miscellaneous eous member whether a new member or a member with years of member-
..
ship, ill start contributing at the uniform rate of 7% of salary earned, exclusive of
overtime, on the date this formula becomes effective.
Fa• '
The employer also contributes toward the cost of the benefits. The amount con-
. the average,
tributed by the employer for current service retirement benefits will, on t g ,
exceed the cost to the employee. In addition, the employer bears the entire cost of •
Y' benefits.
benefits and disabilit
prior service
employer •
J sub'ect to revision. b
Ail contribution rates are by the Board of Administration.
•
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v
P ,c :
' CONTRACT
411
BETWEEN THE
BOARD OP A TI TSTRAT TON
PUBLIC EMPLOYEES' RETIRMENT SYSTEM
• ADT
CITY OF RANCHO PALOS VEf DES
4.
•
•
•
In consideration of the covenants and agreement hereafter contained ar, . on
the part of both parties to be kept and performed, the
CITY' OF RANCHO PALOS IDES, hereafter referred to as "P'ublic Agency" and the
Board of-Administration, Public Employees' Retirement System, hereafter referred
to as "Board", hereby agree as follows:
1. AU words and terms used herein which are defined in the Public Employees'
Retirement Law shall have the meaning as defined therein unless other— •
wise P
s ecific.ally provided. "Normal retirement age" shall mean age 60
for miscellaneous members. -
•
2. Public Agency shall participate in the Public Employees' Retirement
. System from and after December 1 , 19 74 , making its em
.ployees 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 such as by
express provision thereof apply only on the election of contracting
agencies.
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. y plc ees other than local safety members (herein referred to as
Miscellaneous members)
The following-employees shall be excluded from membership in said Retire-
ment System:
LOCAL FIREMEN AND POLICE .
FTACTIVE OFFICERS
ADMINISTRATIVE INTERNS
YI TRAINEES
CROSSING GUARDS
4. The fraction of final compensation to be provided for each year of
credited prior and current service. as a miscellaneous member upon retire-
ment at normal retirement age shall be that provided in Section 21251.13
of the Retirement Law.
5. Public Agency shall contribute to said Retirement System as follows:
a. With respect to miscellaneous members, the public agency shall
contribute the following percentages of monthly salaries earned as
- miscellaneous members of said System:
Ret, Form 126-1
2005 on ac =t of the liability
(1) 0.10 P ,�.. nt until June' 30, �
for prior service benefits.
(2) 7.67 percent of monthly salaries earned as miscellaneous
hers of said System on account of the liability for current
service benefits.
reasonable amount per aum.. as fixed by Board to cover the cost
b. A �easo P f
of aammnistering said System as it affects the employees of Public .
Mency, not including the costs of special valuations or of the
periodical investigation and valuation required by law.
reasonable amount as fixed by the Boards payable in one install-
. c� A re �'
went as the occasions arise, to cover the costs of special val°ua.-
tions on account of employees of Public Agency, and costs of the
periodical investigation and valuation required by law.
Contributions required of Public Agency and its employees shall be
. E. Contrl. q
subject to adjustment by.Board on account of amendments to the Public
Employees'ees' Retirement Law, and on account of experience under the Retire-
ment i
S Y stem, as determined by the _periodical. ovestiation and valuation
required by said Retirement luw.
7. 0oni butions req uired of Public Agency and its employees shall be paid
by Public Agency to the Retirement System within thirty days after the
end of the period to which said contributions refer. If more or less
than the correct amount of contribution is paid for any period, proper
adjustment shall be made in connection with subsequent remittances, or
ad`ustment on account of errors in contributions required of any employee
ma y be made by direct cash payments between the employee and 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.
fitness our hands this 15th day of October, 1978
BOARD of ADUINISTRAT IO*t
PUBLIC M!PhOYFES' RET IR ENT SYSTEM - . `
tiITY OF RANCHO PALLS ;BS
Aff.
BY
May.r
BY At .,ter
am E. Payne, 2.. -cutive • 'fic er
A tes : Leonard G Wood,CityClerk
I
BY:
etert Deputy
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Ret. Form 126-2
I� 1
t t
CERTIFICATION OF FINAL
ACT I ON OF GOVERNING BODY .
;..
DATE: Qctober 17, 1474
Board of Administration
Public Employees' Retirement System
P. 0, Box 1953
Sacramento, California 95809
I hereby certify:
That the Ci Council of the City of : an. pa1( yardes
adopted on octobea 15. 1974 ,, by an affirmative
vote of a majority of the members of said governing body, .
ordnance No., 58 approving the attached , cptract .
between the governing body of said Agency and the Board of Administration Of the
Public Employees' Retirement System, a certified copy of said Ordinance
in the form furnished by said Board of Administration being attached hereto.
Leonard G. Wood, City Clerk
BY: CL' 4
fitexkmaxximmetaxy Deputy
Cit of Rancho Pa s Verdes
Name of Agency
PERS-ACT-5 (1/74)
.�' ti1, A s
/3
_ s a
STATE OF CALIFORNIA—BOARD OF ADMINISTRATION r RONALD REAGAN, Governor
PUBLIC EMPLOYEES' RETIREMENT SYSTEM °`T•
1416 NINTH STREET, P.O. BOX 1953 :
SACRAMENTO, CALIFORNIA 95809 ".
Please Direct Your Reply to Sectron a l 020
Refer to Member Account Number
October 28, 1974
Mr. David B. Smith
Administrative Services Officer
City of Rancho Palos Verdes
31244 Palos Verdes Drive West
Rancho Palos Verdes, CA. 90274
T he contr act between your agency and the Public Employees' Ret i regent
System has been executed by our office. We are enclosing a copy of
the executed contract for your files.
40C ytir
pj
/4ry
K I SUK YANG
ACTUARY
Enclosure
PERS--ACT-2 (l/ik)