CC RES 2007-068 RESOLUTION NO, 2007-68
RESOLUTION OF INTENTION
TO APPROVE AN AMENDMENT TO CONTRACT
BETWEEN THE
BOARD OF ADMINISTRATION
CALIFORNIA PUBLIC EMPLOYEES' RETIREMENT SYSTEM
AND THE
CITY COUNCIL
CITY OF RANCHO PALOS VERDES
WHEREAS, the Public Employees' Retirement Law permits the participation of public
agencies and their employees in the Public Employees' Retirement System
by the execution of a contract, and sets forth the procedure by which said
public agencies may elect to subject themselves and their employees to
amendments to said Law; and
WHEREAS, one of the steps in the procedures to amend this contract is the adoption
by the governing body of the public agency of a resolution giving notice of
its intention to approve an amendment to said contract, which resolution
shall contain a summary of the change proposed in said contract; and
WHEREAS, the following is a statement of the proposed change:
To provide Section 21354.4 (2.5% @ 55 Full formula) for
local miscellaneous members.
NOW, THEREFORE, BE IT RESOLVED that the governing body of the above agency
does hereby give notice of intention to approve an amendment to the
contract between said public agency and the Board of Administration of the
Public Employees' Retirement System, a copy of said amendment being
attached hereto, as an "Exhibit" and b- thi: -ference ma• part hereof.
_iiiiiiiiiitii
By: ..
Presi•ing Officer
Mayor
Title
June 19, 2007
Date adopted and approved
(Amendment)
CON-302(Rev.4/96)
•
1 t pit T
s
, 4 10
CaIPERS
California
Public Employees' Retirement System
wmmmmmmmmommm4poom..m.....mm
r I
Between the
Board of Administration
California Public EmployeesRetirement 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 l as Public Agency, hawing entered into a contract
effects December 1, 1974, and witnessed October 15, 1974, and as amended
effectiv April 1 x.1978,'September 16, 1983, February 11, 1993, September 2, 2000
and April 21, 2001 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 rfrom said contract as executed
effective A 1ril 21, 2001, and hereby replaced by the following paragraphs
numbered 1 through.12 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
a9ge
' ll mean age 55 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
ry 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 GUARDS;
c. WORK TRAINEES;
d. ADMINISTRATIVE INTERN; AND
e. SAFETY EMPLOYEES.
5. The percentage of final compensation to be provided for each year of
credited prior and current service as a local miscellaneous member in
employment before and not on or after the effective date of this
amendment to contract shall be determined in accordance with
Section 21354 of said Retirement Law(2% at age 55 Full).
6. The percentage of final compensation to be provided for each year of
credited prior and current service as a local miscellaneous member in
employment on or after the effective date of this amendment to
contract shall be determined in accordance with Section 21354.4 of
said Retirement Law(2.5% at age 55 Full).
•
r
7. 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).
c. Section 20042 (One-Year Final Compensation).
8. 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.
9. Publio 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.
10. 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.
♦ r,
• t
11. 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.
12. 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 A7 day of Se141381- , 10O7. DPI
BOARD OF ADMINISTRATION CITY COUNCI
PUBLIC EMPLOYEES' RETIREMENT SYSTEM CITY C/I- A 1 PALOS .e RDES
r ,BY �It, a BY
'V
LO'` GA"TLAND, IEF PRESID G OFFICER
EMPLOYE' SERVICES DIVISION
PUBLIC EMPLOYEES' RETIREMENT SYSTEM
oze
D
Witnes ate
Attest:
Clerk
AMENDMENT ER#1020
PERS-CON-702A(Rev.10105)