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Home My WebLink AboutCC Res 4413 1995-09-25 I I I RESOLUTION NUMBER ~~I'~ RESOLUTION OF INTENTION TO APPROVE AN AMENDMENT TO CONTRACT BETWEEN THE BOARD OF ADMINISTRATION OF THE PUBLIC EMPLOYEES' RETIREMENT SYSTEM AND THE CITY COUNCIL OF THE CITY OF SEAL BEACH 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 2 % @ 55 FulI and Modified fonnula for local miscelIaneous members, including an extension of the funding period to the year 2016. 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. PASSED, APPROVED AND ADOPTEo.J3X~ THE City at a meeting thereof held on the O?~ '!"" day the following vote. of eal Beach, 199.fbY AYES: . Councilmember NOES: Councilmembers ABSENT: Councilmem Resolution Number 4J//~ STATE OF CALIFORNIA ) COUNTY OF ORANGE ) SS CITY OF SEAL BEACH ) I, Joanne, M. Yeo, City Clerk of Seal Beach, California, do he~ certify that the foregoing resolution is the original copy of Resolution Numbe ~n file in the office of the City Clerk, passed, approved and adopted b~ty Counc~e c;jty 9f.}eal .) Beach, at a r~ meeting thereof held on the - day rbt~bh""'./ I ,19~ /" \ I . I I I I Resolution Number ~9'/.;J AMENDMENT TO CONTRACT EXIllBIT BETWEEN THE BOARD OF ADMINISTRATION OF THE PUBLIC EMPLOYEES' RETIREMENT SYSTEM AND THE CITY COUNCIL OF TIlE CITY OF SEAL BEACH The Board of Administration, Public Employees' Retirement System, hereinafter referred to as Board, and the governing body of above public agency, hereinafter referred to as Public Agency, having entered into a contract effective June I, 1958, and wimessed April 28, 1958, and as amended effective August I, 1968, July I, 1972, May 16, 1973. October 12, 1977, July 4, 1979, August 13, 1980, September 17, 1986, July 22, 1987, July II, 1991 and September 23, 1994, 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 stricken from said contract as executed effective September 23, 1994, and hereby replaced by the following paragraphs numbered 1 through 12 inclusive: 1. All words and tenns used herein which are defined in the Public Employees' Retirement Law shall have the meaning as defined therein unless otherwise specifically provided. "Nonna! 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 I, 1958 making its employees as hereinafter provided, members of said System subject to a\l 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 safety members). c. Ocean Beach Lifeguards (included as local safety members); d. 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. PERSONS COMPENSATED ON AN HOURLY BASIS WRED AUGUST I, 1968 OR AFTER. 5. The percentage of final compensation to be provided for local miscellaneous members for each year of credited prior and current service shall be detennined in accordance with Section 21251.132 of said Retirement Law, subject to the reduction provided therein for service prior to June 30, 1972, tennination of Social Security, for members whose service has been included in Federal Social Security (2 % at age 55 Full and Modified). 6. The percentage of final compensation to be provided for each year of credited prior and current service as a local safety member shall be determined in accordance with Section 21252.01 of said Retirement Law (2 % at age 50 Full). 7. Public Agency elected and elects to be subject to the following optional provisions: a. Section 21382 (Basic Level of 1959 Survivor Benefits) pursuant to Article 6 (commencing with Section 21380) for ocean beach lifeguards, local miscellaneous members and local fire members only. Resolution Number ~~I'~ b. Sections 21263, 21263.1 and 21263.3 (Post-Retirement Survivor Allowance). c. Section 21222.1 (Special 5% Increase -1970). Legislation repealed said Section effective January 1, 1980. d. Section 20024.2 (One-Year Final Compensation). e. Section 20862.8 (Credit for Unused Sick Leave) for local miscellaneous and local police members only. f. Section 20930.3 (Military Service Credit as Public Service), Statutes of 1976. I g. Section 20019.3 ("Local Safety Member" shall include ocean beach lifeguards of a city as described in Govermnent Code Section 20019.3). h. Section 21382.4 (Third Level of 1959 Survivor Benefits) pursuant to Article 6 (commencing with Section 21380) for local police members only. i. Section 20818 (I'wo- Years Additional Service Credit) for local miscellaneous members only. 8. Public Agency, in accordance with Govermnent Code Section 20740, ceased to be an "employer" for purposes of Section 20759 effective on October 12, 1977. Accumulated contributions of Public Agency shall be fixed and detennined as provided in Government Code Section 20759, and accumulated contributions thereafter shall be held by the Board as provided in Govermnent Code Section 20759. 9. Public Agency shall contribute to said Retirement System the contributions detennined by actuarial valuations of prior and future service liability with respect to local miscellaneous members and local safety members of said Retir.ement System. 10. Public Agency shall also contribute to said Retirement System as follows: I a. Public Agency shall contribute $2.50 per employee. per month on account of the liability for the 1959 Survivor Benefits provided under Section 21382.4 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 tenn insurance rates, for survivors of all local police 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. 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 detennined 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. I Resolution Number ~4f~~ B. This amendment shall be effective on the day of .19_. I te BY ~..c CHIEF AC Y ACTUARIAL PUBUC EMPLO E . RETIREMENT SYSTEM ~. 'Y ~ ~)' 0,1.' , If}04. CITY COUNCIL OF THE CITY~ SEAL BEACH "fn ~ BY ~ Presidin ~cer 9>- ~ Q 'M~ Witness Date . BOARD OF ADMINISTRATION PUBLIC EMPLOYEES' RETIREMENT SYSTEM Attest: ... ~ ~ 1? Q ~ Clerk CALIFORNIA PUBLIC EMPLOYEES' RETIREMENT SYSTEM Actuarial Office Public Agency Contract Services P.O. Box 942709 Sacramento. CA 94229-2709 (916) 326-3420 I CERTIFICATION OF COMPUANCE WITH GOVERNMENT CODE SECTION 7507 I hereby cenify that in accordance with Section 7507 of the Government Code the future annual costs as determined by the System ~ctuary and/or th,e increase in retirement benefit(s) have been made public at a public meeting of the City Council (governing body) of the Ci ty of Seal Beach (public agency) on September 25. 1995 which is at least two weeks prior to the adoption of the (date) I ' Resolution/Ordinance. ~ Octoh~r 2. 1995 City Clerk Title Resolution Number 9'+f/~ CALIFORNIA PUBLIC EMPLOYEES' RETIREMENT SYSTEM Actuarial Office Public Agency Contract Services P.O. Box 942709 Sacramento, CA 94229-2709 (916) 326-3420 I CERTIFICATION OF GOVERNING BODY'S ACTION I 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 September 25. 1995 (date) I City Clerk Title I