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Home My WebLink AboutCC Res 5108 2003-02-24 RESOLUTION NUMBER ~~~ A RESOLUTION OF INTENTION TO APPROVE AN AMENDMENT TO CONTRACT BETWEEN THE BOARD OF ADMINISTRATION CALIFORNIA PUBLIC EMPLOYEES' RETIREMENT SYSTEM AND THE CITY COUNCIL OF THE CITY OF SEAL BEACH I 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 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 21362.2 (3% @ 50 Full formula) for local police members. I 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 by this reference made a part hereof. AYES: Councilmembe the City Council of the meeting thereof held on 2003 by the PASSED, APPROVED and CitYa?~~~al Beach a the ~ day of following vote: NOES: Councilmember ;fp'- I ABSENT: ~ lap~1O Mayor, City of Seal Beach ATTEST: '1h Resolution Number ~t'd3 STATE OF CALIFORNIA ) COUNTY OF ORANGE ) SS CITY OF SEAL BEACH ) I, Joanne M. Yeo, City Clerk of the City of Seal Beach, California, do hereby certify that the for~~ resolution is the original copy of Resolution Number on file in the office of the City Clerk, passed, approved, and adopted by the City Council of the Cit~.~ Seal Beac t a regular meeting thereof held on the ~ day of 003 I I , 1 Resolution Number ~o~ A CalPERS EXHIBIT California Public Employees' Retirement System . AMENDMENT TO CONTRACT 1 Between the Board of Administration California Public Employees' Retirement System and the City Council City of Seal Beach . 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 June 1, 1958, and witnessed Apnl 28,1958, and as amended effective August 1,1968, July 1, 1972, May 16, 1973, October 12, 1977, July 4, 1979, August 13, 1980, September 17, 1986, July 22, 1987, July 11, 1991, September 23, 1994, December 15, 1995 and July 10, 1997 which provides for participation of Public Agency In said System, Board and Public Agency hereby agree as follows' A. Paragraphs 1 through 12 are hereby stncken from said contract as executed effective July 10, 1997, and hereby replaced by the following paragraphs numbered 1 through 13 Inclusive: I 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 55 for local miscellaneous members and age 50 for local safety members. 2 Public Agency shall participate in the Public Employees' Retirement System from and after June 1, 1958 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. Local Fire Fighters (herein referred to as local safety members); b Local Police Officers (herein referred to as local safely members); I c Ocean Beach Lifeguards (included as local safety members); d Employees other than local safety members (herein referred to as local mIscellaneous members). Resolution Number ,5it)B 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. PERSONS COMPENSATED ON AN HOURLY BASIS HIRED AUGUST 1,1968 OR AFTER. 5 The percentage of final compensation to be provided for each year of credited prior and current service for local miscellaneous members shall be determined In accordance with Section 21354 of said Retirement Law, subject to the reduction provided therein for service pnor to June 3D, 1972, termination of Social Security, for members whose service has been included in Federal Social Security (2% at age 55 Full and Modified) I 6 The percentage of final compensation to be provided for each year of credited pnor and current service as a local fire member and an ocean beach lifeguard shall be determined in accordance with Section 21362 of said Retirement Law (2% at age 50 Full) 7. The percentage of final compensation to be provided for each year of credited prior and current service as a local police member shall be determined in accordance with Section 213622 of said Retirement Law (3% at age 50 Full). 8. Public Agency elected and elects to be subject to the follOWing optional provisions. a. Section 21571 (BaSIC Level of 1959 Survivor Benefits) for local fire members only. I b Sections 21624, 21626 and 21628 (Post-Retirement Survivor Allowance). c. Secllon 21222.1 (One-Time 5% Increase - 1970). Legislation repealed said Section effective January 1, 1980. d Section 20042 (One-Year Final Compensation) e. Section 20965 (Credit for Unused Sick Leave) for local miscellaneous members and local police members only f. Section 21024 (MIlitary Service Credit as Public Service), Statutes of 1976 g. Section 20421 ("Local Safety Member" shall include ocean beach lifeguards of a city as descT/bed in Government Code Section 20421). h. Section 21573 (Third Level of 1959 Survivor Benefits) for local miscellaneous members, local police members and ocean beach lifeguards only I i. Section 20903 (Two Years Additional Service Credit) for local miscellaneous members only. 9. Public Agency, In accordance With Government Code Section 20790, ceased to be an "employer" for purposes of Section 20834 effective on October 12, 1977 Accumulated contributions of Public Agency shall be fixed and determined as provided in Government Code Section 20834, and accumulated contnbutlons thereafter shall be held by the Board as provided in Government Code Section 20834. Resolution Number ~/~ 10. 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 and local safety members of said Retirement System 11 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 21573 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 aU local miscellaneous members, local police members and ocean beach lifeguards. 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 penodlc 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 12 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. 13. 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. day of This amendment shall be,effective on the , ......., ". , BOARD OF ADMINIST~l~N- CITY COUNCIL PUBLIC EMPLOYEES' ~l\r{EMENT SYSTEM CITY OF SEAL BEACH ~ ,,~;f~ &' BY ..J:..~ BY ~ KENNETH W. MA~ZION, CHIEF PRESIDING OFFI ACTUARI~<'tEMPlOYER SERVICES DIVISION ~ PUBLI<(-~lOYEES' RETIREMENT SYSTEM c~ .":: ,~~ Witne~t'e C.,, A~~l~ Clerk 1 1 I I I I Resolution Number $t7B CALIFORNIA PUBLIC EMPLOYEES' RETIREMENT SYSTEM Actuarial and Employer Services Division Public Agency Contract Services P.O. Box 942709 Sacramento, CA 94229-2709 (916) 326-3420 CERTIFICATION OF GOVERNING BODY'S ACTION , hereby.certify that the foregoing is a true and correct copy of a Resolution adopted by the CITY COUNCIL (governing body) of the CITY OF SEAL BEACH (public agency) on February 24. 2003 (date) City Clerk Title Resolution Number c:1'1tJ& CALIFORNIA PUBLIC EMPLOYEES' RETIREMENT SYSTEM Actuarial and Employer Services Division Public Agency Contract Services PO. 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 (governing body) of the CITY OF SEAL BEACH (public agency) on Februarv 24. 2003 which is at least two weeks prior to the adoption of the (date) Resolution I Ordinance. Ciq Clerk Title ;tat) ~ -' I I I