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HomeMy WebLinkAbout94-68 - Intention to Amend Contract with PERS145 RESOLUTION NO. 94-68 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF COSTA MESA, CALIFORNIA, GIVING NOTICE OF INTENTION TO APPROVE AN AMENDMENT TO THE CONTRACT BETWEEN THE BOARD OF ADMINISTRATION OF THE PUBLIC EMPLOYEES' RETIREMENT SYSTEM AND THE CITY OF COSTA MESA. 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 contact; and WHEREAS, the following is a statement of the proposed change: To provide for a local safety category with the 2 percent at 50 Full formula; Section 20024.2 one-year final compensation; Section 20835.1 (Limit Prior Service to Members Employed on Contract Date); Section 20862.8 (Credit for Unused Sick Leave); Section 21361.5 (Local System Service Credit Included in the Basic Death Benefit); Sections 21263 and 21263.1 (Post -Retirement Survivor Allowance); 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 the said governing body 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 AND ADOPTED this 18th day of July, 1994. ATTEST: I � . Deputy City1 rk of the City of Costa Mesa STATE OF CALIFORNIA ) COUNTY OF ORANGE ) ss CITY OF COSTA MESA ) Mayor of the City of Costa Mesa I, MARY T. ELLIOTT, Deputy City Clerk and ex -officio Clerk of the City Council of the City of Costa Mesa, hereby certify that the above and foregoing Resolution No. 94-68 was duly and regularly passed and adopted by the said City Council at a regular meeting thereof, held on the 18th day of July, 1994. IN WITNESS WHEREOF, I have hereunto set my hand and affixed the Seal of the City of Costa Mesa this 19th day of July, 1994. Deputy Cit Clerk and ex -officio Clerk of the City Council of the City of Costa Mesa 146 MEASC DO NOT SIGN " EMBIT ONLY" AMENDMENT TO CONTRACT BL'I'vvM 1W BOARD OF ADME41STRATION OF THE PUBLIC EMPLOYEES' RETIREMENT SYSTEM AND THE CITY COUNCEL OF THE CITY OF COSTA MESA 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 August 13, 1978, and witnessed August 7, 19719, and to amended effective July 15, 1979, October 25, 1987 and October 30, 1992, 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 from said contract as executed effective October 30, 1992, and hereby replaced by the following paragraphs numbered 1 through 14 inclusive: 1. All words and terms used herein which are defined in the Public Employees' Re irement Law shall have the meaning as defined therein unless otherwise specifically provided. "Normal retirement age" shall mean age 60 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 August 13, 1978 making its eETioyees as hereinafter provided, members of acid System subject to all provisions of the Public Finployees' 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 membetx); b. Local Pollex Officers (herein referred to as local safety members); C. Employees other than local safety members (herein referrod to as local miscellaneous members). 4. In addition to the classes of employees excluded from membership by said Redremeat Law, the following classes of employees shall not became members of said Retirement System: NO ADDITIONAL EXCLUSIONS Exhibit Resolution No. 94-68 Page 1 of 3 r MUSE DO NMI' S�VOJN "'EXHIBIT MY* S. Assets heretofore accumWated with respect to safety members in the local retirement system have been transferred to the Public Employees' Retirameat Systems on the effective date of this amendment to contract and applied apinst the liability for prior service incurred thereunder. That portion of the assets so transferred which represent. the accumulated contributions (plus interest thereof) required of the employees under said local system has been credited to the individual rnen6erslup account of each such employee under the Public Employees' Retirement System. 6. Benefits paid to pensioners or annuitand under the local system on the effective date of this amerxlment to contract shall be eonim<ued and paid at their existing rates by the Public Employees' Retirement System as authorized by Section 20520 of the Government Code. The percentage of final compensation to be provided for each year of credited prior and current services as a local miscellaneous member shall be determined in accordance with Section 21251.13 of said Retirement Law (2% at age 60 Pau). 8. 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 Pull). 9. Public Agency elected and elects to be subject to the following optional provisions: a. Section 20024.2 (One -Year Final Compensation). b- Section 20862.8 (Credit for Unused Sick Leave). Sections 21263 and 21263.1 (Post -Retirement Survivor Allowance). d. Section 21382.4 (Third Level of 1959 Survivor Benefits), pursuant to Article 6, (commencing with Section 21380) for local miscellaneous members only - Section 20818 (Two Years Additional Service Credit) for load miscellaneous members only. f. Section 20835.1 (Limit Prior Service to Members Employed on Contract Date) for local safety members only. g. Section 21361.5 (Local System Service Credit Included in Basic Death Benefit) for local safety members only. 10. Public Agency, in accordance with Govern Code Section 20759, shall not be considered an "employer" for purposes of the Public Employees' Retirement Law. Conurib ions of the Public Agency shall be flxod and dere mbwd as provided in Governnoent Code Section 20759, and such contributions hereafter made shall be Tadd by the Board as provided in Government Code Section 20759. Exhibit Resolution No. 94-68 Page 2 of 3 148 11. 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 Rctirtnxmt System. 12. Public Agency shall also contribute to said Retirement System as follows: a. Public Agency shall contribute $2.00 per employee, per month on account of the Iiability 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 tts employer shall be pooled in a single account, based on term insurance rates, for survivors of all local miscellaneous members and local safety rnernbeas. b. A reasonable amount, as fixed by the Board, payable in one installment within 60 days of date of contract to cover the costa of Bald System as it affects the employees of Public Agency, not including the costs of special valuations or of the periodic invealgadon 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 cons of special valuations on account of employees of Public Agency, and costs of the periodic investigation and valuations required by law. 13. 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. 14. Contributions required of Public Agency and its employees shall be paid by Public Agency to the Rctirctnent System within fifteen days after the and 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 adjusunew 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 day of '19 BOARD OF ADMINISTRATION CITY CO PUB EMPLOYEES' RFTTREMENT SYSTEM OF THE CITY OF COSSA BY • BY ' CHIEF, CONTWT SERVICES DIVISION Presiding Officer PUBLIC EMPLOYWr RETIREMENT SYSTEM r witaeeta Date Attest - PERS -CON -702 (AMENDMENI) (Rev. 10/92) Clerk Exhibit Resolution No. 94-68 Page 3 of 3