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s <br /> D <br /> MEMORANDUM IL RANCHO PALOS VERDES <br /> TO. HONORABLE MAYOR & MEMBERS OF -CITY . i9UNCIL <br /> FROM: <br /> ASSISTANT CITY MANAGER <br /> DATE. DECEMBER 7, 1992 <br /> SUBJECT' PERS AMENDMENT - 2 YEARSADDITIONAL SERVICE CREDIT <br /> LE <br /> c�/G�. 1� 0 0��� <br /> RECOMMENDATION: <br /> 5-;;74.4.4%,") <br /> t T <br /> 1. Adopt Resolution of Intention.. q�. 46 <br /> Date Gay C e C) <br /> 2. Introduce Ordinance Noeramending <br /> S the contract between <br /> the City of Rancho Palos des and the Board of Administration <br /> of the California Public Employees' Retirement System (PERS) to <br /> authorize the Two-Years Additional Service Credit. <br /> BACKGROUND: <br /> Government Code Section 20818 allows the Public Employees' <br /> Retirement System to provide a Two-Years Additional Service <br /> Credit amendment to participating PERS agencies. The contract <br /> amendment would provide potential retirees with an additional <br /> service credit if they retire during a window period of ninety <br /> (90) days in a budget year affected by layoffs or reductions in <br /> force. The additional service credit would enable an employee to <br /> retire earlier than anticipated, thereby creating a reduction in <br /> force without layoff and achieve some salary savings over time. <br /> In order to be eligible for retirement under the additional <br /> service credit provisions, a person must have at least five (5) <br /> years of service credit and be at least fifty (50) years old. <br /> ANALYSIS: <br /> To meet the criteria of Government Code Section authorizing the <br /> early retirement amendment, a permanent vacancy must be <br /> maintained by the City as a result of a person retiring in the <br /> designated window period, although the permanent vacancy need not <br /> be the position from which the person retires. The permanent <br /> vacancy could be any position within the same job series as long <br /> as it is eliminated from the budget during the fiscal year in <br /> which the amendment is adopted. In the City's case, the Two- <br /> Years Service Credit could be made available to employees within <br /> the staff assistant (clerical) series, since a Staff Assistant I <br /> position in the Environmental Services Department has been <br /> eliminated during this fiscal year due to the financial condition <br /> of the City. <br />