HomeMy WebLinkAboutCC Res 977 1958-01-07
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11-/1 :r~LERK'S 0r-:::l(:6 J RESOLUTIO~ NO. qtt'1
RESOLUTION o'F INTENTION TO APPROVE'
1/70 CONTRACT PROVIDING FOR PARTICI-
PA TlON IN STA TE EMPLOYEE' RETffiE-
MENT SYSTEM
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WHEREAS, the St~te EJIlployees' Retirement Law permits the
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participation of PubLic Agencies in'the State Employees' Retirement System,
making their employees tnembers of said SYliltem, and sets forth the
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procedure by which participation may be accomplished; and
WHEREAS, one step in said procedure is the adoption by the
Governing Body of the Public Agency of a resolution giving notice or intention
to approve a contract for suc~ particupation between said Governing Body
and ~he Retirement System Board of Administration, which resolution shaLL
contain a summary of the tnajor provisions of the proposed retiretnent plan;
and
WH~REAS, the foLLowing is a summary of the major provisions
of the proposed pLan:
MEMBERSHIP
Membership is compulsory with few exceptions for aU empLoyees
covered by the contract after six months of employment on at least a
h~Lf-'time basis. Local firemen, poLicement, and county peace officers
pll,l'.'ticipate as Local Safety Members. ALL other participate as Miscellaneous
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Members.
El.,IGmILITY FOR SERVICE RETffiEMENT
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Optional at age 55 for LOcal Safety Members and at age 60 for
al~ other members provided, there is credit for twenty years of service.
CompuLsory at age 65 for Local Safety Members and at age 71)
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for aLL,others,
Under special provisions of the Retiren:u9nt Law. memberl!l who fea e
more than $500 of contributions on deposit upon separation from service may
retire after the minimum age for optionaL retirement even though their
credited service is less than twenty years.
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Res~lutibn Nu~ber
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SERVICE RETmEMENT ALLOWANCES
Loca~ Safety Members
At age 60 the retirement aLLowance is ,l-1/4"1G of t'.ttnaL
compensation" for each year of credited service, pLus a temporary annunity
until age 65 in an amount delligned to approximate the memberts anticipated
SociaL Security benefit. If retirement is defeJ;'red beyond age 60 the
percentage of "finaL compensation" for each year of servi.ce increases to a
maximum of 1-3/4% at age 65.
MisceLLaneous Members
1/?0 of "finaL compensation" for each. year of service after
contract date pLus 100 percent of 1/70 of "finaL compensation" for each year
of service before contract date upon retirement at age 65 or an actuariaLly
reduced fraction for each year of service if retirement is before age 65.
Arty misceLlaneous member retiring for service befor,e 'age 65 who is fuLLy
insured under FederaL OLd-Age, Survivors, and DisabtLity Insurance may
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elect to have the actuar~aL equivaLent of his . unmodified service retirement
aLLowance paid in tow parts as foLLows:
a. A temporary annumity which shaLL not exceed the
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primary Social Security benefit which it is anticipated
the member wiLL be entitled to receive at age 65, pLus
b. A Life income such as may be provi.ded by th.e remaining
actuarial value of his service retirement aLLowance.
MINIMUM SERVICE RETmEMENT ALLOWANCES
$60.00 per month is guaranteed upon c.ompuLsory, retirement with
credit for service prior to contract date or upon retirment at age 65 or over
With twenty ye~rs of service.
ORDINARY DISABILITY RETffiEMENT
AU members are eligibLe for retirement for ordinary disability
upon proof of incapacity for the performance of duty 1.f the member is
crlildited with ten years of service or with more than $500 of accumuJ.!l.tedl
contributions. The retirement aLLowance is 90% of 1/7Q pf "final
compensation" for each year of service with a guarantee of 25% of such.
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Resolution Jumber
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compensation under certain cl:mditions.
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INDUSTRIAL DISABILITY RETIREMENT
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Locai Safety Members are entitled to a spet;ial retirement aLlowanc
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if the disability is one arising out of and.in the course of employment
regardless of age or length of service. 'The aLLowance is one-half of
"final compensation~'. Other members are not eligible for this benefit.
DEA TH BENEFITS BEFORE RETIREMENT
The benefit payable upon death before retirement consists of the
contributions of the member plue interest and an amount equal to 1/12 of
the salarY,during the year preceding death for each year, to a maximum of
six, of membersh.ip in tl).e System. If the death arose out .'Of and in th.e course
of employment, the benefit of a Local Safety Member is instead a" monthly
benefit in the amDunt of one-fourth 'Of ."final compensation" payable to his
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widow and chiLliren under 18, U: the survi.vors are entitled to Social Security
benefits. When the .youngest chil.cl reaches 18l and SDcial Security benefits
. cease, the aLLowance from the State Emplpyees' Retirement System increases t
to one-half of "f~nal compensation" and remains there until the widow
r.eaches age 85, at which time it is again reduced tD one-fourth of "fi.naL
,compensation" when Social Security benefits are available. If SurviVDrs
are not entitled tD SDci.al Security benefits the mDnthLy allowance from the
State Employees' Retirement System is one-half of "final compensation"
throughout. "
,DEA TH BENEFITS AFTER RETIREMENT
A benefit of $400 will be paid upon death after retirement.
BENEFITS UPON SEPARATION
ALL members, whose accumulated contributions exce~d $500, upon
separation from service have a right to elect, subject to certain c:onditions,
to either withdraw their accumulated contributions or permit their contribu-
tions to remain in the Fund with a right to receive a service retirement
allowance based on such service upon attainttlent of minimum age for
servlce retirement.
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PAliK
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Resolution Number
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FINAL COMPENSATION
The average monthly salary during the three consec\ltive years
of highest earnings.
CONTRmUTION RA TES
Contrtbutions of Local Safety Members depend upon salary, sex,
age, at entry into the System and amount of service prior to contract date.
Such contributions curre ntly range from a maximum of 6.96% of salary
at entry age of 54 with nineteen years 'of prior service, to 5.3% of salary
at entry age 'Of twenty with no prior service.
Contributions for other employees depend upDn ealary, sex and
age at entry into the System, such contributions currently ranging from a
~aximum of 7.99% of salary at age 64; to 4.62% of saLary at age 20 for men;
and a maximum of 9.45% of salary at age 64, to 5.360/. of salary at age 20
for women.
The agency is required to contribute the balance of the cost of
benefits provided under the pLan and is required to pay a proportionate share
of administrative costs.
All contribution rates are subject to revision bY,the Board of
.Administration in the l~ht of experience under the plan: .
NOW4 THEREFORE, BE IT RE~OLVED. That the City Council
of the City of Seal Beach gives, and it does h.ereby give notice of intention
to approve a cOD:tract between sai.d City CouncU and ,the Board of
Administration of the State Ettllloyees' Retirement System, providing for
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participation of said City of Seal Beach in sail Retirement System. a copy
of said contract being attached hereto, marked "Exhibit All, and 'by this
reference made a part hereof.
PASSED, .P}.P.PROVEDAiIjD'ADOPTED by the City Cpancil of the
City of SeaL Beach at a regular ......W.t.tUing thereof held on the 7th dayof
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Resolution Number
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STA TE OF CALIFORNIA )
COUNTY OF ORANGE .) SS
CIT~ OF SEAL BEACH )
1. F. W. HICKMAN. Ci.ty Clerk of the City of Seal Beach and ex-
officio clerk of the City council do hereby certify to the passage of the
foregoing Resolution at a regular meeting of the City Council held on the
7th day of Janliary,
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AYES:
NOES:
ABSENT:
1958, by the folloWLng VQ:es:
CounciLmen:.nA4JAM4{ ;Q.':J~ ~,,~ 7#ItJt.Uj
Councilmen -1'{/(ntIG
'Councilmen -#(),f/P'
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Resoluti~n Number
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CONTRACT
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THIS AGREEMENT entered into between
STATE EMPLOYEES' RETffiEMENT
SySTEM
and the
CITY COUNCIL OF THE CITY OF
SEAL BEACH
In considel;'ation of the covenants and agreement hereafter
, contained and on the part of both parties to be kept and performed, PubLic
Agency and Board here9Y agree as follows:
1. ALL warde and terms used herein which are defined in the
State EmpLoyees' Retirement Law sllaLL have the meaning as defined therein
unless otherwise sPE!lc1.fically provided. "NormaL retirement age" shall
mean age 65 for miscellaneous members and age 60 for Local firemen, local
poltcemen and county peace officers.
2. PubLic Agency shaLL participate in the State :E;mployees'
Retirement System from and after , 19_, making
its employees as ,hereinafter provided, memberS, of said System subject to aLL
provisions of the State EmpLoyees' Retirement Law except /iluch, 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 contracti.ng agencies.
3. EmpLoyees of Public Agency in the following cLasses' shaLL
become members of said Retirement System' except sqch. in each ,such cLass
as are excluded by law or this ag~eement:
a. Local firemen; (herein referred to as lDcaL safety members);
b. LocaL policemen) (herein referred to as Local safety members))
c. Employees other than LocaL firemen, locaL policement and county peace
officers; (herein referred to as miscellaneous members),
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The foLLowing empLoyees shaLL be excLuded from membership
in said Retirement System:
Ex tt I B I j YA q
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Resolution"nl1inber
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No additional exclusions
4. 1/70 shall be the fraction of finaL'compensation to be provLded
for each year of credited cu~'r"nt, servLce as a miscellaneouS member upon
retirement at normaL retirement. age subject to the modification set forth
, in Paragr),i)h 5 beLow.
5. Beneftts on acCDU~t of each year of pri.or servLce for m,isceLl-
aneous tI:cIrlbers shall be 100 percent of the fraction of finaL compensation
pr~vid~d under Paragraph 4 above.
6, Any miscellaneou!l member who, upon retirement fDr service
before age 65, is fully insu.red under ,Federa,L Old-Age, Survivors, and
Disability Insurance may elect to receive the actuarial equivaLent of his
unmodified service retirement aLLowance in the form of an increased.
monthLy income until,. he reaches age 65 and a reduced incDme thereafter
in accordance with the provisions of Section 21703.
7. The foLLQwing provisiQU of the State Employees' Retirement
Law which apply only upon election of a contracting agency shall apply to the
Public Agency and its employees:
a. Secti.on 21252.001 (providing for a guaranteed percentage of finaL
19' cocpensation for each, year of current service).
20 b. Section 21252.5 (providing for a gqaranteed percentage of final
21 compensation for each year 'Of current. service fDr local firemen, locaL
22 policemen, or county peace officers).
c. Section 20024.01 (defining IlfinaL compensation" on the basis of a period
of 3 consecutive, years).
d. Section 2125B(b) (providing a minimum retirement allowance of
$720.00 per year).
e. Section 21367.51 (proviQing a $ :OJ;". 00 death b,enefit upon death after
retirement).
f. Section 20025 (providing for inclusion of c~nlpensation 'without limit in
computationo of benefits). '
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8. PubLic Agency shaLL contribute to said Retirement System
as foLLows:
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a. 4,870 percent each month of totaL salaries paid to members for 25 years
beginning with the effective date of this contract on account of the
liahi.ltty for prior service.
'b. 6.549 percent of totaL saLarie~ paid by PubUc Agency each month to its
employees who are and hereafter become members of ,said Retirement'
System, provided that onLy salary earned as members of said System
sl1aLl bc inc\uded in said total salaries.
c. A reasonabLe amount per annum, as fixed by Board to cover the costs
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of administering said System as.it affects the employ~es ?f,Public Agency
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not incLuding the costs of special va,Luations or of the ,per,iodicaL
invcstigatiDn and valuation required by law, prov.ided that said amount
shall be determined OQ the basis of the nl;ltI\ber of empLoyees of Public
Agency who are members on JuLy 1st of the respecti've fiscaL years, o~
with respect to the first year of participation, on the effective date of said
participation.
d. A reasonable amount as fixed by the Board, payable 'in one instaLLment
as the occasions arise, to cover costs of speciaL valuations on account of
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employees of PubLic Agency, and costs of the periodical investigation
and valuation required by Law.
9. Contributions required of Public Agency and its employees shaL
be subject to adjustmeFlt by Board on account of amendmellts to the State
Emp~oyees; Retirement Law, and on account of experience under the
Retirement System, as determined by the periodicaL investigation and
valuation required by said Retirement Law.
10. Contributions required of PllbLic AgeQcY and its employees
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shall be paid by Public Agency 10 the Retirement System within thirty
days, after the end of the period to ~hich said' contributions refer. If more
or less than the corr~ct amount of contr~~ution is paid for any period, proper
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adjustment shaLL be made in connecti9n with subsequent remittances, or
adjustments. on accDunt of errO'S in contributiQns required of any empLoyec
may be made by dirE!1::t cash payments between the employel(l and 'Board.
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Reso1utioh 'Nun'lber
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